Infratil Renewable Projects Leap to 755 MW Over Interim Period

As shares climb over 33 percent over the year, the company also acquired Vodaphone NZ for AU$1.02 billion.

Infratil (ASX:IFT), a company that invests across renewable energy, mobile and data companies announced its interim report ending 30 September 2019. During the reporting period, Infratil invested in three wind and solar projects that amounted to 755 megawatts in renewable energy. In addition, it underwent the acquisition of Vodaphone (NASDAQ:VOD) NZ for AU$1.02 billion, one of the largest deals it has witnessed in over ten years.

As quoted in the press release:

The acquisition of Vodafone represented the largest corporate transaction in New Zealand for over a decade when Infratil acquired a 49.9% stake alongside global infrastructure investor Brookfield Asset Management. The acquisition is transformational for Infratil and significantly strengthens the cash generative core of the portfolio while increasing Infratil’s exposure to long-term data and connectivity growth. The deal was well supported by shareholders, reflected by the strong backing of the NZ$400 million capital raise undertaken to as part of the acquisition.

Just as significant as the investment that was made during the period were the announcements around future investment and the momentum within Infratil’s existing platforms:

  • Tilt Renewables and Longroad Energy announced three new renewable generation projects over the period amounting to 755MW of capacity at a total cost of $1,470 million. In aggregate these two companies are now building 712MW of wind and 379MW of solar generation at a total cost of $2,070 million;
  • RetireAustralia is in the process of taking delivery of 70 new care-units at its Glengarra Village, while construction is underway on 177 units at The Verge village adjacent to the Burleigh Golf Club in Queensland;

Click here to read the full press release.

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

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Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

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Highlights

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FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

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Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

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