Ann: Infigen Energy FY19 Full Year Results, page-7

This FY report is a major inflection point for IFN, IMHO.

While IFN paid down debt by ~$40m, it added significant assets in Bodangora, Smithfield and BESS, so the balance sheet is bigger and stronger and the debt ratios improved. Effectively, it bought this additional kit from cashflow.

Each of these new assets contributes in a different way to strengthening IFN.

Bodangora adds geographical diversity to the WF portfolio, increasing the likelihood of the wind blowing somewhere in the portfolio. Kiama, though small, also contributes real value to this diversification of risk.

Smithfield will be a 'firming' powerhouse providing provable backup even if it is rarely used. With it, IFN can upgrade another 300-400Mw of NSW variable wind power to firm with a striking improvement to NSW margins.

Surprised BESS is not yet connected. It will provide a genuine alternative destination for SA wind when prices are low or generation intermittent, and sell into peaks. Widest arbitrage/value uplift on the grid - real $$$.

And the Flyers Creek NSW WF comes forward. 145Mw near Orange, including transmission lines, planning approved.

The commencement of dividends will go down a treat with the divvy-hunters.

BUY

Ash