Keppel Infrastructure Trust : KIT 1H FY22 Results Presentation

1H 2022 Financial Results

27 July 2022

Outline

1H 2022 Highlights	3
Business Updates	7
Finance and Capital Management	12
Commitment to Sustainability	16

Constituent of:

Awards and Accreditations:

MSCI Singapore	FTSE ST Large
Small Cap Index	& Mid-Cap Index

2

1H 2022 Highlights

Aramco Gas Pipelines Company

1H 2022 Highlights

Declared 2.7% year-on-year growth in DPU to 1.91 cents for 1H 2022

EBITDA (S$m)

Strengthening cash flow resiliency through portfolio growth and optimization

156.61

10% 172.61,2

▪ Making headway into the renewables sector

̶ Proposed investment in a European onshore wind platform,

growing KIT's renewables exposure to approx. 4% of AUM

̶ Exploring solar farm and energy storage projects with Jinko Power

in developed APAC and EMEA markets

	1H 2021		1H 2022
	Distribution & Storage		Energy Transition
	Environmental Services		KIT and Holdco

• Steady portfolio performance, driven by robust operations and growth across the
  Trust's portfolio
• Portfolio well-positioned against inflation and higher energy prices with cost pass through mechanism and availability-basedrevenue model

▪ Adding new income streams to the Environmental Services sector

̶ Signed term sheet with sponsor to acquire 50% stake in the

Keppel Marina East Desalination Plant

̶ Completed the acquisition of the remaining 30% interest in the

SingSpring Desalination Plant

▪ Strategic review of Ixom: To potentially unlock value and redeploy capital

for growth; target completion in 1H 2023

1. Excluding Basslink's EBITDA contribution
2. Excludes gain on Ixom's divestment of Fiji business (S$0.5m) and one-off acquisition related cost incurred for new investments (S$31.8m). Group EBITDA is S$141.2m without the adjustments.

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Making Headway in the Renewable Energy Market

Jointly investing with KLP, MEAG and Keppel Corp to acquire 49% stake in onshore wind platform

• Initial Portfolio with 258MW of operating projects and 1.3GW of pipeline potential1 across the Nordics and UK
• Grow KIT's portfolio with maiden investment in Europe
• Prudent transaction structure with attractive risk allocation
• Accretive investment that enhances cash flow resiliency

Key Terms of Proposed Investment

Initial Portfolio

Lista,		Högaliden,		Fäbodliden,
Norway		Sweden		Sweden

71.3 MW	107.5 MW	79.2 MW
COD 2012	COD 2021	COD 2015

Seller

Equity Commitment

Expected Completion

Fred. Olsen Renewables AS (FORAS), a strong and reputable operating partner

Proposed Investment of €160m (S$233.6m) for KIT and KRI, of which €58.7m (S$85.7m) for Initial Portfolio

3Q 2022 for Initial Completion

Consented portfolio2

Projects with combined capacity of 305MW, expecting to reach FID within next 3 years3

Additional pipeline4

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.

Additional eligible Projects with combined capacity of 955MW

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