Good morning, shareholders. My name is Craig Stobo, and I'm Chair of New Zealand Windfarms. It is my pleasure to welcome you all here today to the 2024 Annual Shareholders Meeting. A copy of this presentation and script has been released to the market earlier today on the NZX main board, and you may wish to download a copy of the script and presentation and follow along. The document should be read in conjunction with the 2024 AGM slide presentation released with this document, the annual report for FY 2024, the notice of meeting, and the virtual meeting guide. Just some housekeeping: toilets out the door to the left, health and safety, and unlikely event of emergency out the entrance to the side street where you came from and around the back of the hotel. If it's very, very windy, just be thankful because we're New Zealand Windfarms, and that's all good. Disclaimer: Before I start, I need to point out the disclaimer and fine print that accompanies this presentation. Please review this in your own time. In accordance with the company's constitution, a quorum for a meeting of shareholders is ten security holders having the right to vote at the meeting and are present in person or proxy. I can confirm that this requirement has been met. Therefore, I am able to declare that a quorum is present and so declare the 2024 Annual Shareholders Meeting of New Zealand Windfarms Limited is open. All shareholders and the auditor of the company have been sent a copy of the notice of meeting. In addition, shareholders who have requested a copy of the 2024 annual report should have received one. Approximately 103.2 million proxy votes have been cast for this resolution. There are approximately 2.4 million open proxies for the resolution. The New Zealand Shareholders Association holds roughly 2.3 million open proxies. Myself, Craig Stobo, as Chair, hold the balance of the open proxies, and as Chairman of the meeting, I intend to vote those in favor of the resolution. Pat Brockie, one of our directors, is unable to join us today in person but has joined the meeting online. I have received no other apologies prior to the start of this meeting. Are there any apologies from the floor, please? There are none, then I will continue. Shortly, I will introduce New Zealand Windfarms directors, staff, and advisers who are present in the room or online today. After that, I'll say a few words followed by a presentation from our Chief Executive, David Prentice, before the 2024 annual report and audit financial statements are presented to shareholders, followed by the opportunity to ask questions on these items. Following that, the business of the meeting will be discussed and votes cast. Those who have yet to cast a vote may do so by utilizing the online voting platform or by utilizing the card you received during registration if voting in person. I will notify shareholders once voting closes. If you have any queries in relation to casting a vote online or asking a question online, please refer to the online meeting guide or talk to the Link representative in the room, whose name has now changed to MUFG. Available in person are my fellow directors, Phil Cory-Wright, Christine Spring, and Pat Brockie, who is online. Our key executives, our Chief Executive, David Prentice, our operations general manager, Adam Plested, who's in the room, hands up at the back. Thank you, Adam. And our CFO, Melanie Strydom, who's also in the room. Thank you, Melanie. Auditors from BDO are available online, represented by Mark Nicholson. Mark will also act as the vote scrutineer in conjunction with MUFG Corporate Markets, as I said formerly, Link Market Services. Our corporate legal adviser from Wynn Williams, our partner there, Stephen Lowe, is also in attendance online. And our share registrar, MUFG Corporate Markets, Brendan Jarvis and his team are here today. So thank you for everyone for their presence. The virtual meeting guide has instructions for those online who may have questions in relation to the annual report, resolution, or general business sections. For those online or attending in person, questions of a similar nature or theme will be aggregated and answered together for ease of administration. Those attending in person can simply raise their hand to ask a question, and Heidi, one of our staff, will find you with a roving microphone. Please speak into the microphone so those online may hear the question. We will take questions from the floor before reviewing questions received from online. The online meeting guide also has instructions on how to cast your online votes. I'd now like to make a few comments on some important matters. I'll focus at a more macro level and let David, our CEO, provide more of a business update. So as you can see from the slides, excuse me, as you can see from the slides, we are working on several parts of our strategy. We believe we've got more regulatory clarity from our government, which confirms medium- and long-term policy settings underpinning the country's transition to a low-carbon economy. Some of you may have seen the directives to the Electricity Authority from the Minister of Energy, looking for enhanced improvements to our electricity system, and of course, the revisions to the RMA are also positive tailwinds. Transpower has estimated that there will be a 68% increase over current levels of demand for electricity over the next 30 years. We do have emissions reduction targets in 2050 as a focus for both governments, and while it has significant challenges for the transition, we believe that the incentive for new renewable development is stronger than ever. To put this in perspective, to achieve New Zealand's emission reduction targets, a new wind farm of scale needs to be built every year until 2050. As I said, regulatory and market trends continue to justify the strength of our company's position, justifying our continued investment and broadening of our platform. These market dynamics and macro trends suggest strong incentives for renewables development. As an experienced wind farm operator and now developer, this creates a number of opportunities for us. What are some of the highlights for the year to June 2024? Quite clearly, you'll be well aware of our partnership with Meridian Energy to deliver New Zealand's first wind farm repowering project behind us here at Te Rere Hau on the hills above Palmerston North. As part of that equity placement we did late last year, calendar year, we repaid bank debt in full, and the remainder is being used for operational needs and the strategic growth opportunities that we'll continue to highlight during the course of the presentation today. So we are transitioning from a pure owner-operator to an owner-operator and full-scale renewable energy developer. We had your approval for this process of repowering and the repositioning of the business at a successful special shareholders meeting last year, and I thank you for that. That mandate gives us the courage to continue with our pipeline. The Aokautere Extension project, we got an expert consenting panel decision to approve the project, which enables us to establish at least 39 new bigger turbines on our project. The pipeline developments have moved quite quickly since we last met with you late last year formally. Agreement in principle, the development partner to explore two further major wind farm opportunities, including the Class 1 site Motorimu, which is to the south on the hills behind us. Recently, we announced last week in an NZX announcement that we had purchased Hau Nui, in the Wairarapa, a wind farm that was run by Genesis Energy, which we expect to settle on later this month. In summary, since we met you formally late last year, you now have three Class 1 development sites in your NZ Wind Farms portfolio. Just an update on how we're going to finance our developments. In August this year, we launched an expression of interest, EOI, phase to seek responses in relation to equity investment in the project and potentially the company. The EOI phase saw strong interest from a number of potential equity investors. A small number of parties have been selected to be part of the detailed due diligence process. The response from the potential equity investors has been very positive. While the equity process and wider procurement process is ongoing, at this stage, we expect the equity to be secured at an implied premium to the current share price. New Zealand Windfarms are working through potential structures for funding such equity. This will be developed during the detailed due diligence phase. However, we expect most of the equity will be invested at the TRH, i.e., the subsidiary repower project level, which is 50% owned by New Zealand Windfarms' parent company. The detailed due diligence phase is planned to conclude in early 2025, at which point we expect to select a preferred party. This year has also seen further change in development in the governance and management of our business. In particular, the board thanks Neil Barclay, Meridian's CEO, for his short but impactful tenure on the board from December last year to June this year. We were delighted that David Prentice accepted the role of Chief Executive when Warren Koia resigned the role in March 2024 after five years at the helm. I'd like to extend my thanks once again, as per my commentary in the annual report, to former CEO Warren Koia. During his five years, the business grew strongly, including implementation and development of the company's corporate strategy, which led to the successful fast-track consent of Te Rere Hau wind farm and our development pipeline. So in summary, this has been a pivotal year for us, and we look forward to continuing our transition into an owner-operator and full-scale developer of renewable electricity and keeping our shareholders informed as we bring forward new opportunities for investment and growth. I'd like now to hand across to David, our CEO. David. Thank you, Craig. I'll grab that pointer off you. Yes, you don't need that. I mean, I mean need that. You don't want to be stuck in that slide for the whole presentation, I can tell you that. Well, look, good morning, everybody. It's an absolute pleasure to be here to present at my first AGM for New Zealand Windfarms, and I guess especially to provide an update on what has been, certainly from my perspective, a very strong performance over the year. Now, to make it clear, I can take absolutely no credit for that whatsoever, even although I'd like to do that, because I only started here in April. And really, as you can see there from the metrics, which basically have gone up right across the board, that really is testament to the fantastic team that we've got here, led by Adam and Mel and the fantastic team of technicians and engineers that we've got up running Te Rere Hau. But in particular, I do want to talk about from a financial perspective. If you look at that there, I'd like to highlight our EBITDA, or essentially our profit. So our profit, which is actually up 17% on prior year to NZD 5.4 million. Now, while this was primarily underpinned by strong generation, it was also supported by far higher machine availability as well, which is entirely within our control, and I'd like to talk to that in a minute. But let's talk a little bit about Te Rere Hau wind farm. Craig, the repowering, Craig actually mentioned a little bit about that earlier, so let's dive down a bit. So we continue to make really, really good progress on the repower project. Now, as you'll be aware, as Craig said, New Zealand Windfarms and Meridian are jointly developing the project, which effectively involves replacing the existing 91 two-bladed Windflow turbines with much, much larger three-bladed turbines. Now, interestingly, this is actually one of the best onshore sites in the world. You probably don't know well, you probably do if you live in Palmerston North, you know how much it's windy here. But it's effectively one of the best onshore sites in the world with a capacity factor of around 50%, which is truly exceptional. Now, it will also be the first substantial wind farm decommissioning and repower project ever undertaken in New Zealand. So it's very important from that perspective as well, as there are going to be several other wind farms over the next few years that will likely need repowering. So there'll be a lot of parties actively watching our progress and success on this project. Excuse me. Now, we were also really pleased to announce recently that our application for the fast-track consent for the Aokautere Extension project was granted, which is great. This will further increase the generation capacity through the construction of up to nine additional turbines, which are capable of delivering additional 46 megawatts of installed capacity, and once constructed, here's the point. The combination of the Te Rere Hau repower site and the Aokautere Extension will enable us to generate at significantly lower wind speeds and potentially increase our annual output by sevenfold. Now, progress continues at pace, and we are currently working with Meridian to fine-tune the detailed design to kind of further optimize the layout. We're optimistic that we could even see an increase in turbines from the planned 39 at present up to 41. We're aiming for final investment decision in June 2025, which is a slight delay of kind of six to eight weeks over our original plan, but nothing too drastic when you consider the scale of the project that we're undertaking. Moving on to Hau Nui. As Craig mentioned earlier, hopefully most of you will be aware that we recently announced the acquisition of Hau Nui Wind Farm from Genesis Energy in the last couple of weeks. Now, Hau Nui, which effectively means big wind in Te Reo Māori, consists of 15 turbines, and it's located approximately 21 kilometers southeast of Martinborough. It was actually the first ever wind farm built in New Zealand. Now, why would we be interested in acquiring this? Well, there's a number of key reasons. Number one, first and foremost, it is a top-class wind resource, Class 1 site with an operational wind farm where we can run the existing fleet while exploring repower options. And there are very, very few Class 1 sites left around the country, let alone that are operational and consented. So really, really, really important. In terms of that repowering, there are a number of options to repower and increase the output, ranging from a simple small repower within the existing consent, footprint, and transmission constraints to a far larger repower with many more turbines, which would also involve an upgrade to the transmission line as well. And we're actively exploring all these options at present and will provide more information as and when we're able. The third point is it creates diversity in our portfolio and maintains a revenue stream during the decommission and repower of Te Rere Hau, and finally, it's a unique opportunity to align the experience we've got from the ongoing maintenance at Te Rere Hau and the decommission of Te Rere Hau and take that and leverage across economies of scale and look for positive economic outcomes on Hau Nui, so for all those four reasons, it was a bit of a no-brainer when we actually came to look at this project, and finally, we're also currently exploring options around securing long-term offtake agreements, such as a PPA for the site, and we'll update you all as if and when that occurs, so we've gone to wider development opportunities. So as I said, this time last year, I wasn't here, but as Craig said, this time last year, you as shareholders had ownership in one wind farm. You've now got potential ownership in three Class 1 wind farms. As Craig mentioned, we continue to identify and scope additional renewable energy opportunities and have MoUs signed with a significant development partner on two major wind farm projects. Now, one of these sites is the previously consented unbuilt Class 1 site Motorimu. And that's just, you can see it from the map there. It's located in the Tararua Range, as Craig said, just out the back here, just south of Mercury's Turitea Farm there. And we're planning to have that at final investment decision by 2029, which I appreciate sounds like a long time out, but in the grand scheme of things, thank you for shaking your head, is not at all. So we are moving at pace to get this developed. We actually lodged applications for both of these to be listed under Schedule 2A of the new fast-track consenting bill, but unfortunately, they didn't make the final list as many of our competitors' wind farms did as well. And this in no way is a reflection of the quality of these projects at all. And we will continue to work toward consenting these at pace using the most appropriate and efficient pathway to enable that. So you can probably tell we're pretty excited about particularly these two opportunities, but some others we've got in the pipeline as well, but also particularly Motorimu, which is a fantastic site. And as I said, we are moving at pace to develop in that. And we'll provide, I know you might have a whole bunch of questions on that today, and there's probably only limited stuff we can say. We'll provide as much information on that as we develop those opportunities, as and when we can. So let's move on to a bit more of an operational update. So first and foremost, it goes without saying, health and safety is absolutely critical. The health and safety well-being of our people is always and will always be a key focus for everyone in the company, from the board and the senior leadership team through to our team members and our external suppliers and partners, and last year, I'm absolutely stoked to report that there were no recordable lost-time injuries, which was exactly the same as the year before, and is a further demonstration of our very strong health and safety culture, and we'll continue to support our people to ensure they go home safely at the end of every day, and our commitment is to do everything we can to continually improve our processes and ensure safety and well-being remain at the core of our operating practice. Now, as mentioned earlier, there's a bunch of graphs here, but I'll try and pick out the key points. As mentioned earlier, continued focus last year was on efficient and sustainable operations, and it's delivered a fantastic result in 2024. As I said, we achieved a strong financial performance that was underpinned by effectively two things: higher generation, i.e., more wind, but the thing that was in our control was higher machine availability. So generation increased by 8% to 105.6 megawatt, sorry, gigawatt hours, supported by an increase in the average wind speed from 9 to 9.3. However, we were also able to achieve higher availability through the year at 96.9%, which is above the manufacturer's benchmark. And on this point, I really would like to acknowledge the hard work and dedication of our team of wind technicians and engineers who work tirelessly to make sure those turbines keep spinning. So a bit of a progress update and kind of a September quarter. This provides a brief high-level update on trading results. I do need to note that these are unaudited, but it gives you a snapshot nonetheless. However, it's great to see that the strong performance from last year is continuing with a nearly 5% increase in net electricity revenue driven primarily by stronger prices despite, in this case, lower generation volumes. As I said, that middle line there, revenue up by 5% for the first three months of the year. Finally, you may have seen the NZX release we had a couple of weeks back where we announced Hau Nui. We also produced and provided updated EBITDA guidance, and I'll just talk to you about this now. A couple of things to note. So as mentioned earlier, the Te Rere Hau wind, sorry, the Te Rere Hau repower project continues to make really good progress, and we're currently targeting to make our final investment decision in June 2025, which, as I said, is around six to eight weeks later than originally envisaged. So as a result, we've updated our EBITDA guidance to allow for the extra generation from the existing Te Rere Hau wind farm, as well as the impact of Hau Nui. But it needs to be noted that for Hau Nui, we've assumed that this will not contribute any EBITDA in this financial year in FY25, as we do need to do some initial refurbishing and maintenance work. But we expect this to contribute around 12 to 15 gigawatt hours from 2026 onwards. And to put that in perspective, that's around about 10%-15% of the output from Te Rere Hau. Okay? So it's reasonably sizable. So based on our EBITDA forecast for FY25, we previously estimated the range to be between NZD 3 million and NZD 5.5 million, and the board now expects a higher FY25 EBITDA of being between NZD 4.5 million and NZD 6 million. And of course, the usual caveats apply with any forecasting, as outlined on this slide. So in summary, we will continue to efficiently operate our existing assets and seek to maximize returns for our shareholders while we transition from being solely an owner-operator to now a wind farm developer as well. Te Rere Hau is going really well. It is a top-class wind site, and we're very, very excited about the opportunities around the recent Hau Nui extension and some of the repower potential there. Our other wind farm opportunities are truly top-class, particularly Motorimu, and as I said earlier, we now have three Class 1 wind sites, so we anticipate some pretty bloody exciting years ahead as we look to develop these, so the board presented an updated strategy to shareholders last year, and we're delivering on it, so thank you. I'd now like to hand back to Craig to continue the rest of the meeting. Thank you very much, David. I'll now move on to the formal business of the meeting. The first formal item is the annual report, which includes written reports from the Chairman and the CEO and the audited financial statements for the financial year ended 30 June 2024. This has been circulated and is taken as read. I now invite questions and comments in respect of the 2024 annual report and the presentations today. I have received no written questions prior to this meeting in regards to the annual report. But if anyone has any questions on the report, audited statements, or the presentations, please submit them now. I'll ask Adam to read out any online questions. Please note that there'll be an opportunity to raise wider questions in the general business section, and I do have some emails from shareholders and business owners which I will read out and answer in the general business section that are more general in nature and do not pertain to the annual report or the statements per se. I'll wait for a few moments for anyone to complete their questions, but in the meantime, I'm happy to start with questions from the floor. Heidi has the mic. Does anyone have any questions on the statements or presentations today? Not so far. Okay. Do we have any online, Adam? No, nothing online. Okay. Well, that's great. Well, maybe that means we're delivering the information that you need, which is great. I'll now move into the resolutions. The resolution we'll now be voting on is as follows. Resolution One, appointment and remuneration of auditors. It should be noted that none of the directors of the company is required to cease to hold office and be re-elected at this meeting under the company's constitution or the NZ listing rules, and thus no resolution is offered on this matter. In my capacity as chair, I direct that a poll be held for the resolution, and I have appointed our audit representative to be the scrutineer for this resolution. There will be an opportunity to ask questions on the resolution being put to shareholders, and time will be provided at the completion of the questions to complete your online voting forms or cards. If anyone is unsure how to complete the voting form, I will ask you to speak to one of the MUFG Corporate Markets staff in this room. The proxies received as indicated on the slide and as discussed at the opening of the meeting, so resolution one is that the board are authorized to fix the remuneration of the company's auditors for the forthcoming financial year. I move as an ordinary resolution that the board is authorized to fix the remuneration of the company's auditors for the forthcoming financial year. Can I please have a seconder and a name, please? A shareholder, please second the resolution. Thank you, sir. Your name is? Joseph Poth. Joseph Poth. Thank you very much. Is there any discussion on this resolution, please? Either in the... Thank you, sir. Yes. How do you go about fixing the fees? Do you put it out to tender, or how does it actually work with the auditors, and who actually fixes the fees? Is it a quote, or is it time? It's a discussion between the board and BDO in this case. We look at the work done last year, the work required this year. Is it more complex work than last year, for example? Is it more difficult with the new structure we have put in place, with the company now having a 50% owned subsidiary, which is the repower project, which is more complicated than was the case in the past? We look at work done on a business-as-usual basis, then adjust for the complexity going forward and as a negotiation. Yep. Thank you, sir. Any other questions from online, Adam? No questions online. There appears to be no further discussion. If you wish to vote on this motion and have not cast your vote already, please follow the instructions on your individual screen or in the virtual meeting guide or from MUFG Corporate Markets staff dotted around this room. When you cast your vote, please check one box, either for, against, or abstain alongside each resolution, or in this case, the only resolution, and the section marked voting instructions. Once all the votes have been cast, they'll be counted by the company's share registrar, MUFG Corporate Markets, and scrutineered by the company's auditor, BDO. The results of today's resolutions will be released to the NZX on the completion of verification voting later on today. Now that you have heard the resolution and have had time to consider, I will now instruct the share registrar to close voting in five minutes' time. Please make your choice before the expiration of that time period. MUFG staff are here if you'd like to collect staff, if staff would like to collect voting forms from the assembled guests. We clicked everything from the floor, Brendan. We're all good from the floor. Okay. Would you like to keep it open for another four minutes while I keep going, or do you want to wait? Keep going. Excellent. Okay. So I did say in five minutes, we're now four minutes' time, the registrar will close the votes. In the meantime, I'll continue with the meeting. General business and Q&A. At this point, I'll open the floor to general business questions. As mentioned before, I do have some questions from our business owners, our shareholders from email. I'd like to ask Adam to read those out, please. Thank you, Craig. With the new board and management, I'm keen to hear how the company plans to build value and/or income over the next three years. As per our mandate given to you, given to us by you late last year, we're transitioning to an owner-operator developer and now have a pipeline of projects which we're actively developing, as mentioned in David's presentation. That is how we will build value. Thank you, Craig. The JV with Meridian seems to have potential to add value, but the market doesn't yet agree. A large capital raise is looming. At the SGM, please explain why the Meridian JV hasn't resulted in a more significant increase in price. The fast-track consenting for this repowering extension seems like an excellent result. And in my view, the Meridian JV is positive. Will any value adds show up at business case approval 2025, at completion of construction 2028, or once that's proven, circa 2030, potentially another long wait with multiple risks? Thank you. While the equity raising process and wider procurement process with Meridian are both ongoing, at this stage, we expect equity to be secured at an implied premium to the share price. Shareholders will be advised of the business case at FID at final close in June 2025 or the final investment decision in June 2025. But it should be noted that the target price IRR for the project is approximately 9% post-tax, and that's what we're moving towards. We will keep you informed of progress on this development phase with Te Rere Hau and the projects as commercials become more evident. What you need to know at the beginning is that we're building value through the creation of development opportunities, which result in income streams in the far date. For example, we expect on current timelines, Te Rere Hau to be starting to be commissioned in calendar 2027 when the first of the wind turbines are stood up, and then we move into the completion phase with all the turbines on that Te Rere Hau site generating income and paid for by an off-take agreement with Meridian. And as you know from last year, that's a long-term off-take agreement where you'll have secure income. So it's a question of us providing you with the information and confidence as we move forward, as we can release commercial information, you knowing that we're on track and that those far-date revenues become much more transparently in sight. Thank you, Craig. The value of Greenfield and other sites, while commercially sensitive, also seems to lack transparency. Please share more information on these options and strategy or show an outlined business plan of potential. Yes, thank you. I understand the frustrations around visibility. David has given a very good account of the existing development opportunity with Te Rere Hau and the two new sites that were mentioned today. It is too early to comment in detail, but we're confident around the viability, partly because of the capacity factors, partly because they're already consented in some cases, and because we have the opportunity to repower those sites to make them much more productive in terms of electricity generation. We're very excited about the Motorimu site, and we believe that that world-class or that class one status and the Hau Nui status, class one, means that we are one of the very few wind developers and owners in New Zealand, or you are, one of the very few owners of three class one wind sites. Thank you, Craig. Has the board considered an outright sale of a 50% share in the JV, either to Meridian or other such party as Superfund Private Equity? How much would this realize? Manawa recently sold to Mercury. Is the board open to a sale? Alternatively, can development projects be tendered out? (Meridian, Mercury, etc.) Look, directors have a duty of care to the company and its shareholders, so we'll always consider all options and act in your best interests. As you are aware, we're working with potential equity investors at the project level for up to half the share of the project. So we realize that we can't do everything 100%. That's why we are sharing the JV with Meridian, and we're able to find and hopefully communicate to you the final outcome of equity interest in half of our half share of the project, and we, as I said, hope to be able to talk to you about that in early 2025. Thank you. Have you had discussions with Meridian about a share swap pre or post-capital raise? I'd be keen to receive Meridian shares instead. No, no, we haven't. I do realize we can sell out at any time, but loyalty to New Zealand Windfarms remains. With hope, its underbelly will come right. Look, we appreciate your loyalty. Investors have been with us at different stages of our journey. Our role is to provide you with as much information as we can about progress on our approved pathway that you gave us late last year and to show you the value that we are creating. Thank you for your support. That's the end of the early questions, Craig. Was there one from Bruce Walker in the last page? It's a second email. Correct, there was. When will there be a dividend? The directors have had an increase in fees at the expense of the shareholders. Thank you for that question, Bruce Walker. At this stage, subject to Te Rere Hau repower final investment decision in June 2025, as I said before, we expect revenue to start flowing from commissioned turbines in calendar 2027, and that will then flow into wider revenue stream and therefore the ability to be able to give you secure dividends from that cash flow. That's just the Te Rere Hau site. I don't yet know because of the early days of the discussions and commercial opportunities with Motorimu and with Hau Nui and other development sites how fast we can accelerate that opportunity. But as we said before at previous AGM and the special meetings late last year, we are reinvesting our cash flow into these projects to build value for you over time. Thank you. Right. Any other questions from the floor? Yes. Look, I've been an inaugural shareholder. I've been here a long time. Lost a lot of faith in the whole concept. Can you explain Te Rere Hau, like I've actually not even up to date with it, we've got 91, 93 turbines. Not all of them are operating. No, 91 are operating. 91 are operating. Okay. So there's going to be a total repower. So we're going from. And will be decommissioned and pulled to bits. So the pathway is 91 two bladers producing just over 100 gigawatt hours, going to at least 39, potentially 41, three bladers, more modern technology, generating seven times that amount of power. Of power. So all the foundations of footings, that's all going to be scrapped. So the footings are suitable for much smaller two-bladers, not for the new technology. So there's extensive civil works and electrical works and connection to the grid that needs to be done. And we have got that in plan. Roaring is pretty noisy up there, if I remember rightly from my best years. Fortunately, we have road access there already. Because the neighboring wind farm required access through our farm for their rebuild, we have a large number of already built roads. That's less of a concern. It's not brownfield, sorry, it's not greenfield development. It's brownfield. We do have some existing infrastructure. There will be some cost savings from that. The routing there at the moment is fine, pretty much. We still need to build roads at each of the different nodes, right? But the main roads, yes. We will need to think carefully how to transport on trucks the length of those turbines. But that is not an issue that concerns us, as would be the case with a greenfield site. So we own that land up there, don't we? Yes. 1,000 acres, 400 hectares or what? Oh, you got me on how much? What's the area? Here we go, Adam. What's the area, including our Aokautere? We own four parcels of land up there, approximately sort of 400 hectares. Including the extension? The extension land isn't owned by us, but it is part of the new development site, which is a sort of circa approximately 400 hectares just because of how the turbines are built. What is the actual extension? What is it? Is it a neighboring farm or is it a neighboring farm? It's a neighboring land. That's right where we're going to lease the site. You're leasing it at the moment or then you? We don't own it. Don't lease it. The consent has been given to develop the site, but we don't own that site. But you will own it? No, we won't own it. Oh, you'll lease it? We have wind rights agreements in place with the current landowners, so essentially it'll be a royalty scheme. Yes. So we'll retain ownership of what we have today. Yes. The new sites will also be leasing arrangements. We will not necessarily own those. So basically, it's one for three, isn't it? Every three will have one big turbine put on there, I guess. I'm sorry, say that again. So it's one for three, isn't it, in theory? One new turbine for every three existing ones. Oh, yes. Yes. Any resale value on these units? Do you want to buy some? Any resale value? Would you like to buy some? No. I own them already. I'll go with the question. We've got choices around recycling. The technology is older technology than the new technology. So you need, if you're going to sell them who wants to operate them, they need to have the skills to be able to refurb and look after them as Adam and his team are looking after those two-bladed today. Or we look at scrap metal. The scrap. Right. Or we look at potentially other uses, but that's part of our decommissioning process. We are the first wind farm to decommission, so finding these solutions is pretty important. Yeah. Yeah. So when you think about it, it's not that green, is it, when you think about the carbon footprint? Like how old are these mills now? 15, 15 years? 2008 they started, yeah. 2008, 15 years. 15 years. Yeah. And so the board faced the decision around refurbishment. We do have a diminishing, we have depreciation on this equipment. They've got to be replaced. You cannot keep looking after them forever, but the guys and girls have done a great job of maintaining them. But they do have an end of their useful lives. So we either go now, as we're doing, and decided to move now, or you wait and take some risks with declining equipment. And we started with, from memory, 97 turbines. We're now down to 91. So some are being used for spares, but there's no new manufacturing of these turbines. So yeah, so that's. We have to move. Yeah. So useful life's all over, basically, unless you've got an engineer for it, for the turbine engineer or whatever. So you can't go to the islands. It's too hard for them, isn't it, basically? We've looked at islands off New Zealand. We've looked at islands Pacific. We've looked at Antarctica. But you've got to maintain the older technology. And we're confident that we can maintain it for a longer period of time, but you face an end of life at some point. It's going to take, what's it? We start in 2027 and it goes to, what is it? Five years ago, is it? 32, is it? The new. Yeah, the timeframe. It's while you've got new, brand new equipment, so you've got equipment that could last 25 years. Hopefully. Yeah. So we start in 2027. So when will Te Rere Hau, when will the end date be when it's? Oh, the commissioning will be done by the following year. All done in a year? Once you've built all the systems, so they're standing up the masts, standing up the equipment in 2027. And it's going to take us another year to finish all that. But that requires all the bases and all the roads and all electrical to be in place. So it'll be fully operational by what year then? Calendar 28 is my understanding. 28? Yeah, calendar 28. Oh, yeah. So you're basically. I can take advice from staff, but that's the target. You're basically doing a turbine a week, aren't you? We would look to. Commissioning first powers for some of the commissioning of the fleet would be in mid-2027. And as Craig said, we'll be looking to be fully operational in calendar year 2028. We're now 2024. And as you'll appreciate, weather's important. It's a very windy site. Good conditions, we go faster. So it's not one a week or one every two weeks. It's likely to be a different schedule than that. 52 weeks in a year, so it's. There is. Yeah. Okay. Hey, thank you. No, thank you for your queries. Any more queries from the floor? Any queries online, Adam? Yes, Craig, we have four questions online so far. First one from John White. Is the company assisting in broker research coverage? No one seems to cover the company at present, and it explains the share price. Yes, we are a small company on the exchange. We are mentioned in dispatches by research analysts in discussion on the sector, but no one to date is covering our stock specifically. We discussed this at our board and strategy meeting yesterday around that coverage and to start discussions with analysts around our story, and so with the announcements last week and post the AGM today, we intend to do that. Thank you, Craig. A question from Ian Baxter. Mr. Prentice mentioned that the new turbines would start generating at lower wind speed. Any change to the high cutout wind speed? Potentially best to answer that. The cutout wind speed will be very similar to the current fleet. Thanks, Adam. Question from Michael Connor online. If the sale of part of a JV allows New Zealand Windfarms to pay up the remaining capital due for its share to the JV, does this mean the need for New Zealand Windfarms to issue new shares to raise cash be reduced? Hello, Michael. Good to hear from you and thank you for your question. I think you asked a similar question last year. So as I mentioned in my notes and reinforced by David, it is our intention that the equity interests at the project level form the substantial part of our capital needs to fund the project. We don't yet know the size of the residual that the company may need to raise from shareholders. But I can't emphasize enough, we expect the substantial amount of the equity required to fund our portion of the project will come from third parties who are interested, very interested in assisting with us. So we will try and communicate that, as I said earlier on, at some point before very early in 2025. Thank you, Craig. A bit of a question from Ian Baxter. How did the board evaluate the trade-off between using the fast-track consenting process and possible loss of social license to operate from using that fast-track consenting process? I mean, you might be able to answer that yourself, Adam. I'm sure you can answer that. Yeah. You You did all the terrific work around our community, so perhaps you can answer directly. I guess the key thing here, Ian, and thank you for your question, is that it didn't remove our social license to operate. The key thing here is we did the upfront consultation work early. We'd built a social license to operate with our near neighbors. We'd worked on that existing relationship. So the fact that we were already in the community and active, we saw this as positive. And the new turbines actually had positive effects for the near neighbors in terms of noise reduction, which had been the bugbear for a number of years. Thank you, Adam. And just to reinforce, we want to use that same community engagement model with our new development opportunities. You might recall that our purpose, New Zealand Windfarms' purpose, starts with the word empowering our communities. We cannot do this work without having communities come with us as they see the benefits of wind farm power coming off their neighborhoods. And we need their support. So thank you for the question. Are there any more questions, Adam? Thank you, Craig. A bit of a question from Michael Connor. Will New Zealand Windfarms need to wait until a final investment decision before any such potential news of the sale of the JV can be announced? It's not a sale of the JV per se. It's a third-party equity investment in the slice, half of the slice that we own. So we own 50% of the JV. We're looking for third parties to finance half of our half-share. And we don't yet know because we're still going through commercial discussions exactly how that will pan out in terms of both the residual equity required at the company level, the parent level, but also how that fits in with the FID process. But what we do want to secure is certainty around third-party funding. Thank you, Craig. A bit of a question from Michael Connor, and you've sort of answered part of it here. Just to clarify, did you say that up to 25% of the JV is potentially up for sale? No. Be careful what you say about the JV. So we own 50% of the JV. What we'll be doing is looking at third-party interest to take up to 25%, i.e., half of our ownership. So it's their ownership of that 24.9%. We still retain control of 25.1% and therefore decision-making over the project, our share of the project. It's a slightly different concept between control and sale. So we will control our 50% share, but equity investors will come up for 24.7% or 24.9%. Thank you, Craig. No further questions from this stage. Thank you, Michael, for those queries. Are there any other items of general business from anybody else? There appears to be no further discussion. Oh, sir. Sorry, but being a shareholder in quite a few companies, I always like to see directors have a bit of skin in the game. Like it's all right going to the shareholders asking for capital re-raise and things like that. But why don't you directors have some shares? Show us some faith. Yeah. No, correct question. Is that a hard question to answer? No, it's not a hard question to answer. We discussed this at length yesterday. Yeah. NZD 0.13, you're on good wage most of you guys here for a little company. It's our money. We're paying you. So I'd like a bit of faith shown by you guys. No, I don't disagree. We discussed this at length yesterday. It's not a good look. Yeah. Discussed this at length yesterday. The issue is we're in possession right now of very sensitive commercial information. We just cannot talk about. How long have you been chairman for? Since 2022. Yeah. Well, there you go. You've had plenty of time to buy shares in my books. I keep coming to that same point. The amount of information we have is an issue. And I don't want to be in a position where I'm compromised by the knowledge that we have. At some point when that's clear, we get, sorry about the analogy, clear wind. Happy to do that. But aren't there windows open all the time? Not at the moment. No. Not for you guys? No. Oh, yeah. We're in the middle of an equity-raising process. We have information that's not in the marketplace. It's very difficult. And we have to. How do we look at it? We're going to be severely diluted again, you know, at the end of the day. As I've tried to indicate, our intention is to have a substantial amount of our contribution to the project come through third-party equity. So it's just the amount of residual equity that will be required to be raised at the parent level, which I don't know yet because we haven't finished the commercial discussions by way of selecting one of the very interested equity parties. But additional equity, like you're doing, we are being severely diluted. That's my whole crux of the thing. Yeah. I think then comes down to the commercial aspects of what type of commercial transaction that looks like. In other words, will they provide equity at a much cheaper, call it price, than you ever can because of their cost of capital themselves? So you'll find if we can engineer this correctly because they want to be involved in the project, it'll be a more efficient, better structure for all shareholders. Thank you. No, great questions. Thank you. We're mindful of that, so we're working through that as we speak now. All right. Any more questions? If there's no further discussion, we'll go through to the meeting closure. So we'll declare the formal proceedings of the meeting closed. Thank you all for your attendance. I'd like to invite you who are here today to remain with us, enjoy some light refreshments outside, and talk informally with us, which I'd like to do. Just want to remind you of some key points today, which is the purpose of the meeting from our perspective. The value we are creating at Te Rere Hau will lift New Zealand Windfarms' EBITDA from approximately, so earnings, from approximately NZD 3-NZD 6 million to approximately NZD 25-NZD 30 million as we discussed late last year with you. We are on track to delivering that. And since last year, you've also become shareholders in three Class 1 wind sites ready for development. That, ladies and gentlemen, is value creation. Thank you very much for your time.