23-D-1092
November 30, 2023

Japan Credit Rating Agency, Ltd. (JCR) announces the following credit rating.

JRE Mega Solar Project Bond Trust 1 Class A Beneficial
Interest and Class A Trust ABL<Affirmation>
Beneficial Interest:
ABL:

AA-Rationale
This is a project finance for the mega solar project by Japan Renewable Energy Co., Ltd. (sponsor), which
is operated in Osaki City, Miyagi Prefecture. In the project, there has been a damage due to the theft ofcore cables between junction boxes and power collection boxes in May 2023, but it has been recovered
now. Until May 2023 when the damage of cable theft occurred, actual revenue from electricity sales had
been above the plan. In the first half of 2021, DSCR slightly declined due to a technical factor that thedates of receiving payments for electricity sold were moved back in relation to change of buyers, but is
kept at a favorable level after the resolution of the payment date issue. Although there was a damage ofthe cable theft, it was not significant as much as having a direct impact on the creditworthiness of theproject. JCR hence sees that cash flows from the project has a high margin for the redemption /repayment of the beneficial interest / trust ABL.
Kiichi Sugiura, Yudai Matsumoto
Rating<Affirmation>
Instrument NameClass A Beneficial Interest
Class A Trust ABL

Initial Execution/ Issue
AmountJPY 360,000,000
JPY 228,000,000

Trust Termination
Date
Mar. 31, 2033
Mar. 31, 2033

Coupon Type

RatingFixed
FixedAA-<Information on Outline of Issue>
Trust Establishment Date:
September 30, 2013
Beneficial Interest Assignment/ ABL Execution Date: September 30, 2013
Redemption/ Repayment Method:
Scheduled Redemption/ Repayment
Credit Enhancement & Liquidity Facility:NA* Cash Reserve and Senior-subordinated Structure as Credit Enhancement & Liquidity Facility withrespect to loan claims, which are the underlying assets.
<Information on Structure and Stakeholders>
Initial Entrustor:
Trustee:Mega Solar Project Company:
Sponsor:Asset Manager:
Arranger:<Information on Underlying Assets>
Outline of Underlying Assets:Goldman Sachs Japan Co., Ltd.
Shinsei Trust & Banking Co., Ltd.
GK JRE Iwadeyama
Japan Renewable Energy Co., Ltd.
JRE Operations Co., Ltd.
Goldman Sachs Japan Co., Ltd.

Loan claims against the Mega Solar ProjectCompany

Rating Assignment Date: November 28, 2023
The assumptions for the credit ratings and the definitions of the rating symbols are published as "Types of Credit Ratings and Definitionsof Rating Symbols" (January 6, 2014) in Information about JCR Ratings on JCR's website (https://www.jcr.co.jp/en/).
Outline of the rating methodology is shown as "Project Finance" (August 28, 2012) in Information about JCR Ratings on JCR'swebsite (https://www.jcr.co.jp/en/). Rating methodologies for other ancillary points such as eligible deposit accounts andbankruptcy remoteness are also shown within the same page.
The rating stakeholder participated in the rating process of the aforementioned credit ratings.
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