Investment Opportunity
for Richard Milsom
A NZ$15 million equity investment in New Zealand's leading solar infrastructure platform — backed by freehold land, contracted cash flows, and institutional-grade counterparties.
Richard, this is an opportunity to own New Zealand farmland generating solar infrastructure returns.
As CEO of Allied Farmers, you understand the enduring value of New Zealand land. Harbour Infrastructure Limited is offering you a NZ$15 million allocation in a NZ$25 million equity raise to fund the development of 163MW of consented, ready-to-build solar farms across New Zealand.
What makes this opportunity distinctive is the freehold land ownership underpinning every major asset. Your investment directly funds the acquisition of prime rural land at Naseby, Waimate, and Ashley — land that appreciates materially once solar infrastructure is developed, while generating contracted cash flows above it from day one.
With PPAs secured from investment-grade counterparties including Mercury Energy, Woolworths, McCain Foods, and major universities, the cash flow profile is predictable, CPI-linked, and designed to deliver high dividends that grow over time.
Freehold Land Across New Zealand
Every major HIL asset is underpinned by freehold land ownership — the same enduring asset class that has built Allied Farmers' success.
Tararua
North Island100% owned by HIL subsidiary. Leased to Akuo Green Energy on a 35-year triple-net lease with CPI escalation and bank guarantee. Adjacent to Mangamaire substation. Akuo has obtained all consents including OIO approval. Cash flowing now.
Naseby
Central Otago, South IslandTwo-stage development (40MW + 40MW) on freehold land to be acquired with raise proceeds. Central Otago offers 2,000+ annual sunshine hours — home to NIWA's Lauder station with the "cleanest air on Earth." MOUs signed with Oceania Gold and Otago University, sleeved through Genesis Energy. Strategic location near Macraes load centre.
Waimate
South Canterbury, South IslandFreehold land to be acquired with raise proceeds. 20-year PPA with McCain Foods (NZ) via Meridian Energy sleeving arrangement. Supporting McCain's target of 100% renewable electricity by 2030. EPC by Chint Green Energy NZ. Strong solar resource in South Canterbury.
Ashley
Canterbury, South IslandFreehold land option to be settled with raise proceeds. Transformative data centre partnership: sovereign AI data centre co-location with 10MW baseload demand and 30-year PPA for 100% output. Direct GXP adjacency in high-growth region. Council zoning changes increasing site value. NZ's first renewable-powered digital infrastructure hub.
Maungaturoto
Northland, North Island16.7ha freehold land owned. Operational since November 2025. 10-year PPA with Mercury Energy (NZX listed, BBB+ rated) on behalf of Ryman Healthcare. $27M project debt from Westpac. $40M total build cost. Additional farmer land available to purchase (26.3ha). Generates 32 GWh annually.
Freehold Land Portfolio Summary
| Property | Location | Tenure | Land Area | Status | Revenue p.a. | $/ha p.a. |
|---|---|---|---|---|---|---|
| Tararua | North Island | Freehold | 92 ha | Operational | $385K | $4,185 |
| Maungaturoto | North Island | Freehold | 16.7 ha | Operational | $871K | $52,156 |
| Naseby | South Island | Freehold (to purchase) | ~128 ha | Development | $7.6M (FY29) | $59,375 |
| Waimate | South Island | Freehold (to purchase) | ~15 ha | Development | $777K (FY29) | $51,800 |
| Ashley | South Island | Freehold (option) | ~105 ha | Development | $6.5M (FY29) | $62,190 |
Contracted, CPI-Linked, Growing
Forecast operating cash flows grow from $1.6M today to over $17M annually once the full pipeline is operational — all secured by long-term PPAs with investment-grade counterparties.
Forecast Operating Cash Flows (NZ$'000)
| Source | FY26 | FY27 | FY28 | FY29 | FY30 |
|---|---|---|---|---|---|
| Operational Assets | |||||
| Countdown + Yealands | 290 | 296 | 303 | 310 | 317 |
| Tararua Real Estate | 388 | 396 | 406 | 414 | 423 |
| Maungaturoto Solar Farm | 871 | 854 | 835 | 824 | 818 |
| Tatuanui Solar Farm | 95 | 163 | 181 | 199 | 218 |
| Operational Subtotal | 1,644 | 1,709 | 1,724 | 1,746 | 1,776 |
| Development Pipeline | |||||
| Massey University | — | 336 | 610 | 844 | 881 |
| Lincoln University | — | 11 | 17 | 74 | 81 |
| Waimate | — | 266 | 462 | 777 | 821 |
| Naseby Stage 1 | — | 1,282 | 2,273 | 3,589 | 3,787 |
| Ashley | — | 2,442 | 4,373 | 6,530 | 6,850 |
| Naseby Stage 2 | — | 1,482 | 2,650 | 3,969 | 4,164 |
| Head Office Costs | (1,814) | (1,681) | (1,211) | (1,236) | (1,264) |
| Total Cash Flow | (170) | 5,848 | 10,897 | 16,294 | 17,095 |
High & Growing Dividends
After initial debt repayment, equity distributions are forecast to grow significantly — reaching over $23M annually by FY39.
Indicative Equity Cash Flows (NZ$M)
Debt repayment + dividend distributions to equity holders
| Year | Debt Repayment | Dividends | Total |
|---|---|---|---|
| FY28 | 3.5 | 9.2 | 12.7 |
| FY29 | 13.1 | 3.1 | 16.2 |
| FY30 | 13.1 | 3.9 | 17.0 |
| FY31 | 13.1 | 4.8 | 17.9 |
| FY32 | 13.0 | 5.9 | 18.9 |
| FY33 | 13.0 | 7.3 | 20.3 |
| FY34 | 13.0 | 8.6 | 21.6 |
| FY35 | 13.0 | 10.0 | 23.0 |
| FY36 | 13.0 | 11.9 | 24.9 |
| FY37 | 12.9 | 12.3 | 25.2 |
| FY38 | 12.8 | 20.2 | 33.0 |
| FY39 | 12.8 | 23.5 | 36.3 |
Illustrative Returns
Additional Value Drivers
Freehold land purchased at rural rates appreciates significantly once solar farms are developed and generating income. Tararua valued at $7.5M on a 5.2% cap rate.
HIL earns development fees and ongoing asset management fees on third-party equity projects, providing additional income streams.
At 13x EV/LTM EBITDA exit multiple, a 5-year exit delivers 20.8% IRR — reflecting the premium infrastructure investors pay for de-risked, contracted solar portfolios.
163MW Ready to Build
All projects have land secured, geotech completed, and resource consents in place or well progressed. PPAs identified and negotiated across almost the entire pipeline.
| Solar Farm | MWp | Cost ($M) | Equity IRR | Counterparty | FY29 CF ($M) | Land |
|---|---|---|---|---|---|---|
| Lincoln University | 1.4 | 2.0 | 12.9% | Lincoln University | 0.1 | Licence |
| Massey University | 7.0 | 11.4 | 24.9% | Massey University | 0.8 | Licence |
| Waimate | 9.4 | 15.9 | 15.0% | McCain Foods (NZ) | 0.8 | FREEHOLD |
| Naseby Stage 1 | 40.0 | 64.5 | 19.8% | Oceania Gold / Genesis | 3.6 | FREEHOLD |
| Ashley | 65.6 | 106.3 | 20.2% | Data Centre Operator | 6.5 | FREEHOLD |
| Naseby Stage 2 | 40.0 | 65.6 | 21.2% | Otago Uni / Genesis | 4.0 | FREEHOLD |
| Total Pipeline | 163.3 | $266.8 | — | 15.8 |
Investment-Grade Offtakers
Why This Fits Allied Farmers
Richard, as someone who has built Allied Farmers into one of New Zealand's leading rural services companies, you understand that the best investments combine productive land with contracted income streams.
HIL offers exactly that — freehold New Zealand farmland generating infrastructure-grade returns through long-term, CPI-linked power purchase agreements with blue-chip counterparties. The land itself provides downside protection, while the solar infrastructure above it generates cash flows that grow over time.
Your $15M allocation in this $25M raise positions Allied Farmers as a cornerstone investor in New Zealand's renewable energy transition — a sector with strong tailwinds from government policy, corporate decarbonisation mandates, and growing electricity demand from data centres.
Confirmation of Interest
We invite Allied Farmers to confirm interest in a NZ$15 million allocation. Following confirmation, we will provide full dataroom access, draft subscription and shareholders agreements, and progress toward binding commitment.