Infratil benefits from revised US renewable energy legislation

Infratil announced positive impacts to its portfolio company, Longroad Energy, following the enactment of the One Big Beautiful Bill Act in the United States. The legislation, signed into law on July 4, 2025, extends the safe harbor provisions, giving projects a longer period to commence construction and be placed into service. Projects that have started construction within 12 months of enactment maintain full eligibility to tax credits. Longroad has ~2.6GW of projects already safe harboured and is targeting additional safe harbouring by the end of the year to enable it to meet its target of 1.5 GW on average per year of new project starts (FNTP) across 2025 - 2027. FEOC restrictions now apply only to projects that begin construction after 31 December 2025. The legislation also allows for increased domestic manufacturing. Infratil sees the bill as a strategic opportunity and anticipates continued value generation for shareholders.