Press Release
March 13, 2024
Shizen Energy Inc.

Shizen Energy Secures Full Ownership of JUWI Joint Ventures,Marking a Significant Milestone Towards a Sustainable Future
Shizen Energy Inc. (Shizen Energy), a leader in renewable energy solutions, proudly
announces the successful conclusion of a share transfer agreement with JUWI GmbH(JUWI) of Germany. This landmark agreement solidifies Shizen Energy's commitment to its
Purpose of "We take action for the blue planet" by acquiring full ownership of juwi Shizen
Energy Inc. (JSE) and JUWI Shizen Energy Operation Inc. (JSEO), both pivotal joint ventureswith JUWI.
Established in 2013, JSE and JSEO were collaborative efforts between Shizen Energy andJUWI, with a focus on the development, engineering, procurement, construction, operation,and maintenance of solar and other renewable energy power plants in Japan. Today, JSE
boasts a track record of 758.4 MW (as of June 2023) in completed EPC projects, while
JSEO has achieved 933.0 MW in cumulative O&M contracts (as of June 2023).
Shizen Energy's decision to acquire JUWI's shares stems from its commitment to buildinga more agile, flexible, and robust organization capable of advancing business operations
with greater speed, crucial for realizing a decarbonized society. The acquisition signifies astrategic move towards efficiency and strength in Shizen Energy's value chain.
Expressing gratitude for more than a decade of collaboration, Shizen Energy acknowledges
the pivotal role played by JUWI since their partnership began in 2012. The technologicalknow-how shared by JUWI has been instrumental in the growth of Shizen Energy Group,
which is currently engaged in renewable energy projects across 9 countries, including
Japan.
The strategic acquisition positions Shizen Energy to accelerate the expansion of key
project pipelines, seize Corporate Power Purchase Agreement (PPA) growth opportunities,and bolster its presence in the burgeoning battery storage business. This significant step
forward aligns with Shizen Energy's overarching goal of promoting sustainability andaddressing the urgent environmental challenges facing our planet.
Shizen Energy expresses sincere thanks to JUWI and our valued customers for theirsteadfast support over the years. The enduring partnership with JUWI remains strong, andShizen Energy looks forward to continuing collaborative efforts to advance renewableenergy growth and achieve a decarbonized society.

As Shizen Energy Inc. takes this remarkable step towards realizing a more sustainable
future, the organization remains steadfast in its commitment to taking decisive actions forthe well-being of the blue planet.
Some details are still under discussion, but will be announced as soon as they arefinalized.
Overview of the joint ventures
1. juwi Shizen Energy Inc.
(1) Company Name

juwi Shizen Energy Inc.

(2) Headquarters

Engo Building, 2-4-7 Nihonbashi Honcho, Chuo-ku, Tokyo(3) Representative Director

Jan Martin Warzecha(4) Description of BusinessDevelopment and EPC (engineering, procurement, andconstruction) of solar and other renewable energy power
plants(5) Capital

102 million JPY (as of end-July, 2023)(6) Shareholders Before
Transaction

Shizen Energy Inc. 50%、JUWI GmbH 50%(7) Shareholders After
Transaction

Shizen Energy Inc. 100%

2. JUWI Shizen Energy Operation Inc.
(1) Company NameJUWI Shizen Energy Operation Inc.

(2) Headquarters

Fukuoka Ohori Building, 1-1-6 Arato, Chuo-ku, Fukuoka City,Fukuoka(3) Representative Director

Jan Martin Warzecha(4) Description of Business

Operation & Maintenance of renewable energy powerplants(5) Capital

20 million JPY (as of end-July, 2023)(6) Shareholder Before
Transaction

Shizen Energy Inc. 70%、JUWI GmbH 30%(7) Shareholder After
Transaction

Shizen Energy Inc. 100%

Comments from the Representative Directors of Shizen Energy(Ken Isono, Kenji Kawado and Masaya Hasegawa)With deep gratitude, we extend our heartfelt appreciation to JUWI for over a decade oftransformative collaboration since our humble beginnings together in 2012. Our journey,initiated during our visit to JUWI's headquarters as 3 young pioneers, symbolizes the birthof a shared vision for a sustainable future. In those early days, when our expertise inrenewable energy was budding, JUWI's invaluable guidance and technological capabilities
laid the cornerstone for Shizen Energy Group's remarkable growth. As we look ahead, ourenduring bond with JUWI fortifies our purpose as we jointly champion the expansion ofrenewable energy and the cause of a decarbonized society. To our valued customers ofJSE and JSEO, your unwavering support has been greatly appreciated, and we guarantee toremain steadfast in our commitment to serve and surpass expectations. Together, weembark on a future led by innovation, collaboration, and a shared commitment tosafeguarding our blue planet for future generations.
Comments from the COO International of the JUWI Group (Stephan Hansen)
The success of our joint venture was based on the strong cultural fit between bothcompanies with their unwavering commitment to improving our blue planet byimplementing utility scale renewable energy power plants as well as the excellent strategic
fit of joining the international RE experience of JUWI with the Japanese market insights
and local expertise of Shizen Energy in 2013.
But the third key column we built and grew over these 10 years was the ability to evolve ourpartnership within the ever changing market conditions based on mutual trust, respect andcommitment to joint success. My sincere thanks go to the Shizen Energy Management
together with all the best wishes for the future.
【About Shizen Energy Inc.】
Founded in June, 2011. With the company purpose of “We take action for the blue planet”,
the company’s business includes development, financing, and asset management ofrenewable energy power plants using solar power, wind power, small-scale hydroelectric
power, and biomass. Since 2016, the company has also been focusing on its overseasoperations, expanding its development and power generation projects in areas such as
Southeast Asia and Brazil. In 2019, the company also entered the energy tech business,offering micro-grid and VPP construction, smart charging and discharging services forEVs, and other services through its self-developed EMS (energy management system).
Shizen Energy Group has been involved in more than 1 GW of renewable energy generationin Japan and overseas.
・Headquarters: Fukuoka Ohori Bldg. 1-1-6 Arato, Chuo Ward, Fukuoka City, Fukuoka
・Representative Directors: Ken Isono, Kenji Kawado, Masaya Hasegawa
・URL: http://www.shizenenergy.net/en/<For inquiries regarding this press release>
Shizen Energy Group, Public Relations Department
E-mail: se-comm@shizenenergy.net