March 22, 2024
Japan Renewable Energy Corporation
Iberdrola Renewables Japan K.K.
Tohoku Electric Power Co., Inc.
The Akita Bank,Ltd.

GK Happo Noshiro Offshore Wind Selected as Offshore Wind
Power Producer for Project Offshore Happo and Noshiro, Akita
GK Happo Noshiro Offshore Wind (“the Operating Company”) applied for the publictender for an offshore wind power generation project off the coast of Happo Town andNoshiro City in Akita Prefecture implemented in accordance with the Act on Promoting
the Utilization of Sea Areas for the Development of Marine Renewable Energy Power
Generation Facilities and on March 22, 2024, was selected as the appointed business
operator by the Minister of Economy, Trade and Industry and the Minister of Land,
Infrastructure, Transport and Tourism of Japan. The Operating Company is composedby three companies: Japan Renewable Energy Corporation (“JRE”; headquartered in
Minato-ku, Tokyo; Kazuhiro Takeuchi, CEO), Iberdrola Renewables Japan K.K.（“IRJ”,headquarterd in Chuo-ku, Tokyo; Jose Oriol Hoyos, CEO）, and Tohoku Electric Power
Co., Inc. (“Tohoku Electric Power”; headquartered in Sendai City, Miyagi Prefecture;
Kojiro Higuchi, President), and JRE serves as the lead company. The Akita Bank,Ltd.（”Akita Bank”; headquartered in Akita City, Akita Prefecture; President and Representative
Director Akihiro Araya）holds a stake in the Operating Company.
The project will construct a fixed-bottom offshore wind farm comprising 25 monopilefoundation turbines, each with a nameplate capacity of 15,000 kW, offshore of Happo
Town in Yamamoto-gun and Noshiro City, both in Akita Prefecture. The output capacityof the power generation facility will be 375,000 kW, making it one of the largest in Japan.
The Operating Company aims to commence construction in 2026 after necessary
preparations have been completed and commence operations in 2029. During the 30year exclusive occupancy and use period of the sea area, it will contribute to the longterm growth of the region and the development of the offshore wind industry in Japanthrough stably long term operations of the power plant and building a supply chain. The
three companies that make up the Operating Company—JRE, IRJ, and Tohoku ElectricPower—will be involved in all facets of the project’s execution, including development
and operation, and Akita Bank will provide support to them for collaborating with local

companies and organizations and implementing regional development measures.
The Operating Company will take into consideration and carry out measures to ensure
mutual prosperity with the regional community through close communication with local
stakeholders, and contribute to the realization of a carbon neutral society in 2050 byproviding a large-scale stable supply of clean energy through offshore wind power forthe coming generations.

About JRE
Founded in 2012 with a mission “Changing the world with renewable energy.” With theunderstanding of the local community, JRE currently has more than 100 renewable
power plants (including solar, wind and biomass) in operation and construction, plus a
number of large-scale offshore wind farms and other renewable projects at thedevelopment stage. JRE is committed to addressing environmental and social challenges
through renewable energy and working towards a decarbonized and fully sustainable
society.
https://www.jre.co.jp/english/
About IRJ
Iberdrola is the largest utility in Europe and one of the two largest globally, serving a
population of more than 100 million people around the world. The company has €150
billion of total assets, 42 GW of renewables in operation and 1.2 million kilometres ofnetworks globally.
Iberdrola has offshore wind projects worth more than 10 billion euros under construction
globally, with a capacity of 4.8 GW of operational offshore wind expected by 2026/27.
Iberdrola Renewables Japan was established in 2020, and is Iberdrola’s Japaneserenewable energy development platform, committed to powering a cleaner future inJapan.
https://www.iberdrola-renewables.jp/
About Tohoku Electric PowerWith ‘Prosper with Local Communities’ as the Group’s Management Philosophy, theTohoku Electric Power Co., Inc., as an energy services company, engages in businessbased on its commitment to maximize value for the customer by supplying power,
primarily in the Tohoku and Niigata region, as its main business area.
The company is striving to achieve carbon neutrality by accelerating CO2 emission
reduction through three main pillars: maximum use of renewable energy and nuclear
power, decarbonization of thermal power sources, and electrification and realization ofa smart society. Among these efforts, we recognize the need to assign a major role torenewable energy as an important power source and are currently working towards atarget of developing 2,000 MW in new renewable energy sources centered on the six

Tohoku prefectures and Niigata Prefecture.
https://www.tohoku-epco.co.jp/english/
About Akita BankAkita Bank has formulated the Akita Bank Group Sustainability Management Policy basedon its philosophy of regional prosperity. As one of the key issues in the policy isaddressing environmental problems, the company will drive efforts to create GreenValues, or environmental value. It will continue to help regions and clients decarbonize,with the aim of achieving sustainable regional communities.
https://www.akita-bank.co.jp/Inquiries:
Japan Renewable Energy Corporation
Corporate Communications & CSR Department
Tel: 03-6455-4905 Email: pr@jre.co.jp

Appendix【Project overview】 ※As of the date of announcement and may be subject to change in the future.
Offshore wind power generation project off the coast ofProjectHappo Town and Noshiro City

Operating company

GK Happo Noshiro Offshore Wind
Japan Renewable Energy Corporation（the lead company）

Members※

Iberdrola Renewables Japan K.K.
Tohoku Electric Power Co., Inc.
Installation of up to 25 Vestas wind turbines, each with aCapacity

15,000 kW capacity

Scheduled commercial
operation dateJune 2029※Akita Bank participates in the project as investor.
【Map of promotion zone】

HappoNoshiro

Port zone of Noshiro PortAkita（Created based on Guidelines for Public Tender of Exclusive Occupancy and Geospatial Information
Authority of Japan map）