24-D-0480
July 8, 2024

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

Amp Green Project Bond Trust (Miyazaki) Trust ABL<Credit Monitor Placement>
ABL:from BBB to #BBB/NegativeRationale(1) This is project finance for a solar power generation project in Kushima City, Miyazaki Prefecture, forwhich Amp Co., Ltd is the asset manager, and the trust ABL backed by a project loan to the projectcompany is the subject of the rating. The solar power plant has been in commercial operation sinceJanuary 2024, but due to the need for additional construction work such as ground reinforcement,
the EPC company will not be able to deliver the plant to the project company until 2025.
(2) JCR placed the rating on this trust ABL under credit monitor with Negative direction because theproject company failed to make the necessary accumulation in the reserve account for the principal
and interest payments with respect to the project loan, which constituted a forfeiture event due tobreach of contract in the loan agreement. JCR will follow the progress of an agreement to be reachedby the parties involved in the structure to resolve the forfeiture event, as the funds to be used for
immediate payments, such as the accumulation of the reserve above and the repayment of theconsumption tax loan that will become due in September 2024, are retained in the lender reserve
account and others for the project loan.
Tetsuya Nakagawa, Emi Koyama
Rating<Credit Monitor Placement>
Instrument Name Initial Execution Amount

Trust Termination Date

Coupon TypeRating

Trust ABLJPY 9,230,000,000
Apr. 1, 2043
Fixed
#BBB/Negative<Information on Outline of Issue>
Trust Establishment Date:
December 22, 2021
ABL Execution Date:
December 22, 2021
Repayment Method:
Scheduled Repayment
Credit Enhancement & Liquidity Facility:
NACash Reserve and Senior-subordinated Structure as Credit Enhancement & Liquidity Facility withrespect to loan claims, which are the underlying assets<Information on Structure and Stakeholders>
Entrustor:
Trustee:Mega Solar Project Company:
Asset Manager:
Arranger:Mizuho Securities Co., Ltd.
Mitsubishi HC Capital Trust Corporation
AC23 G.K.
Amp Co., Ltd.
Mizuho Securities Co., Ltd.

<Information on Underlying Assets>
Outline of Underlying Assets:

Loan claims against the mega solar projectcompanyRating Assignment Date: July 8, 2024
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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