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MIIF» Investment portfolio» Miaoli Wind (formerly infraVest Wind)

Investment portfolio

Miaoli Wind (formerly infraVest Wind)

Overview
Financials

Miaoli Wind owns and operates 25 wind turbines with a combined capacity of 49.8MW, at two sites in Miaoli County, Taiwan. Miaoli Wind generates revenue by selling its entire energy production to Taipower under two 15 year fixed tariff PPA (one agreement per wind farm site) with an option to extend each PPA for an additional five years. The fixed tariff is NT$2.00/kWh.

Investment	Description
Date of acquisition	20 March 2008
Cost of acquisition⁽¹⁾	S$30.8 million
Valuation⁽²⁾	S$0.0 million
Distribution since acquisition	S$0.4 million
MIIF’s ownership	100.0% interest
% of MIIF portfolio	-%

Includes an equity injection of S$1.7 million made in March 2010 to avoid a breach of the 31 December 2009 debt service cover ratio. The low debt service cover ratio was caused by the poor wind conditions for the 12 months to 31 December 2009.
Based on 30 June 2012 valuations.

Financials

Financial highlights for the six months ended 30 June
NT$m	2012	2011	Variance Fav/(Adv)⁽¹⁾
Revenue	143.4	161.1	(11.0%)
EBITDA	117.7	133.8	(12.0%)
EBITDA margin	82.1%	83.1%	(1.0%)
Distributions to MIIF (S$m)	-	-	-%

Favourable/(Adverse)

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Did you know?

MIIF was the first infrastructure fund listed on the Singapore Exchange Securities Trading Limited (SGX).

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