Keppel Infrastructure Trust : Proposed Investment in European Onshore Wind Platform

Proposed Investment in European Onshore Wind Platform

13 July 2022

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KIT's maiden renewable energy investment

Sponsored by FORAS and investing alongside leading European asset managers

• Jointly investing with KLP and MEAG to acquire a 49% stake in a diversified portfolio of three operating onshore wind energy assets in Norway and Sweden (Initial Portfolio) from FORAS; FORAS will hold the remaining 51%
• 5-yearexclusive right and obligation to further co-invest in 49% of FORAS' pipeline of onshore wind energy assets in Sweden and the UK which are brought to final investment decision (FID), with minimal development risk to investors

33.3%		33.3%	33.3% (1)

		FundCo
	51%	49%

AssetCos(2)

Key Terms of Proposed Investment

Seller	Fred. Olsen Renewables AS (FORAS)
Equity Commitment	Commitment of €160m (S$233.6m)(3) for KIT and KRI, of
which €58.7m (S$85.7m)(3) for Initial Portfolio
Expected Completion	3Q 2022 for Initial Completion

• One of the largest renewable energy Independent Power Producers in Northern Europe
• Early mover in renewables with 25 years of established track record in the development, construction and operation of wind power projects

Kommunal Landspensjonskasse (KLP)

• Norway's largest pension company with more than NOK900b (approx. S$127b(3)) in AUM as of 31 Mar 2022; invested in over 8,000 companies globally

MEAG MUNICH ERGO AssetManagement GmbH (MEAG)

• Asset Manager with EUR330b (approx. S$482b(3)) in AUM as of 31 Mar 2022; acting on behalf of Munich Re Group, which is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions

1. KIT will be co-investing with Keppel Renewable Investments Pte. Ltd. (KRI), a wholly-owned subsidiary of Keppel Corporation Limited through a JV company, with KIT holding an 82% stake and KRI holding the remaining 18% stake.

2. FORAS and FundCo will indirectly hold Wind Farm SPVs through joint venture holding companies.	3
3. Assuming an SGD:EUR exchange rate of 1.46 and a NOK:SGD exchange rate of 7.1.

Attractive portfolio of windfarm assets across the Nordics and UK

258MW of operating projects + 1.3GW of pipeline potential(1)

Attractive Risk Profile

5-year exclusive right to

FORAS' eligible pipeline

No development or construction capex risk

Purchase price adjustment to mitigate wind resource projection risk

No decommissioning liabilities

Geographical diversification mitigates pricing and generation risk of a specific region

					Högaliden
	Fäbodliden
					107.5 MW		NO4
					COD 2021
	79.2 MW
	COD 2015
						SE1
	Lista
	71.3 MW
	COD 2012				SE2
		NO3			FI
			NO1
	NO5
	NO2	SE3
							EE
			DK1	SE4		LV
	Operational Assets			LT
			DK2

Initial portfolio

Projects with combined capacity of 258MW

Consented portfolio(2)

Projects with combined capacity of 305MW, expecting to reach FID within next 3 years(3)

Additional pipeline(4)

Additional eligible Projects with combined capacity of 955MW

1. As of 31 Mar 2022. FORAS is committed to inject, and investors are committed to invest in 49% of eligible FORAS pipeline projects, up to the FundCo capital commitment of EUR480m or within 5 years from the entry into the Subscription Agreement.
2. As of 31 Mar 2022. Consented projects are pipeline projects that obtained all permits.
3. Based on current expectations.
4. As of 31 Mar 2022. Include other onshore wind development projects in Sweden or the UK owned and controlled directly or indirectly 100% by FORAS which have a reasonable prospect of reaching FID within 5 years from the entry into the Subscription Agreement.

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Key investment highlights

1 Beachhead platform in a mature renewable energy market

2 FORAS a strong and reputable operating partner

3 Prudent transaction structure with attractive risk allocation

4 Accretive investment with attractive cash flows

5 Grow portfolio with maiden investment in Europe

6 Supports KIT's environmental targets

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