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Renewable Energy:
Miaoli Wind (formerly infraVest Wind)

 
Investment Description
Date of acquisition 20 March 2008
Cost of acquisition S$29.1 million
Valuation(1) S$16.4 million
MIIF's ownership 100% interest
% of MIIF portfolio 1.4%

(1) Based on 30 June 2009 valuations.

Asset overview

Miaoli Wind owns and operates 25 wind turbines with a combined capacity of 49.8MW, at two sites in Miaoli County, Taiwan. All power generated is sold to Taiwan Power Company, the state-owned power utility in Taiwan, under a long-term power purchase agreement. The tariff under this agreement is currently fixed at NT$2 per kWh.

Miaoli Wind benefits from strong government support for renewable energy in Taiwan and the long-term power purchase arrangement with Taiwan Power Company underpins the stable cash flows expected to be derived from this investment.

Financial highlights for the
six months ended 30 June 2009
NT$m 2009 2008
Variance Fav/(Adv)(1)
Revenue 127.1 157.8 (19.5%)
EBITDA 96.8 120.2 (19.5%)
EBITDA margin 76.2% 76.2% -
Distributions to MIIF (S$m) - 0.4 -

(1) Favourable/(Adverse)


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