Ann: Infigen Appoints New Independent Directors, page-14

Thanks for the back-of-envelope, Mutant Slab, your outline may well be right, seeing no refi and slow commissioning of new projects.

On refinancing, I note from the annual report that IFN last year repaid all the Euro debt and shrunk the $US debt to $A91.8m, with minimal change to $A debt in the global facility ($A529m). The multiple currencies secured on $A assets has been an expensive bug-bear since the US assets were sold. High electricity and LGC prices are unchecked, so repayment from cashflows continues. Meanwhile, the CR funds allow new projects and a path to 'grow around' the restrictive global facility. Refinancing is complicated further by IFN's understandable desire to take advantage of cheap money from the Clean Energy Finance Corporation - but those funds have to be seen to catalyse fresh investment.

The slow progress of new projects is for good reason: I think IFN is negotiating with governments to up-scale all its shovel-ready projects. Recent wind turbine designs are much bigger (3.5Mw+) and mounted on taller towers to intercept stronger winds higher up and efficiently deliver more energy more reliably and consistently These turbines are BIG. The rotors are over 90m in diameter.

Cherry Tree is ready to go, except it makes sense to build a significantly larger farm than 45-50MW. The problem is, tall towers will be visible for a lot further. Victoria's Andrews government is very keen on wind, but wary of fights with rural landowners upset their view of the gum trees may be marred by turbines. Should the entire planning process be repeated for up-sized towers?

Same in NSW with the Flyers Creek project.

Same in ACT for the Capital windfarm extensions.

Forsayth is advantaged by the Qld government's proposal to link it to Townsville and Cairns with the Powering North Queensland Plan. Qld is paying for the powerline which is very welcome and has prompted IFN to grow the project. That means back to the drawing board and delay - but for a superior outcome.

Bodangora will be operational in 10 months, adding 20% to capacity and 24% to output. This addition should start being factored into the SP anytime.

Ash