January 30, 2024

For Reference OnlyAcquisition of Equity Interest in Portfolio of Solar Power Plants in the United Kingdom
Tokyo Century Corporation (Tokyo Century) will co-invest in 34 operating solar power plants (total output of 303 MW) in theU.K. with Schroders Greencoat-managed funds. Schroders Greencoat is the specialist infrastructure renewables manager ofSchroders Capital, the private markets platform of the Schroders Group, a global investment firm with headquarters in theUK.
Tokyo Century and Schroders Greencoat managed funds will co-invest in 34 plants out of a portfolio of 53 subsidized solarpower plants that began commercial operation between 2014 and 2017 in various locations in the U.K. The remaining 19
plants will also be acquired, by funds managed by Schroders Greencoat.
In the U.K., certain renewable energy power producers can generate ample revenue not only from electricity sales but also
through the Renewable Obligation Certificates (ROC) scheme*1, which assigns value to environmental benefits while
promoting the widespread use of renewable energy. 31 of the 34 solar power plants are entitled to receive ROCs in theaforementioned acquisition, with the other power plants benefiting from a Feed-in-Tariff. Moreover, solar power generationis considered a primary energy source in the U.K., and its government plans to increase output five-fold from the current 14
GW to 70 GW by 2035.
Since 2012, Tokyo Century has actively participated in solar power generation projects in Japan, and it is aiming to expand
overseas renewable energy projects as a growth strategy of its Medium-Term Management Plan 2027. Schroders Greencoat,a leading manager in the U.K., boasts an impressive 5.6GW of renewable energy generation assets spread across 301 sites,and partnering with the company aligns with Tokyo Century’s objective of a full-scale entry into the solar power generation
business in the U.K. Additionally, Tokyo Century will further concentrate its resources on expanding renewable energy
projects in Europe and North America toward achieving its financial targets outlined in the Medium-Term Management Plan
2027 and contributing to the widespread use of clean energy.
Outline of Schroders Greencoat LLP(1) Company name(2) Assets under management(3) Number of assetsSchroders Greencoat LLP (head office: London, U.K.)
JPY1,540 billion
301 sites (wind: 146, solar: 134, biomass: 18, geothermal: 3)(4) Business

Renewable energy in Europe and North America

Outline of Tokyo Century’s renewable energy business as of September 30, 2023
(1) Number of plants
146(2) Energy generation capacity*2(3) Projected energy generation capacity
at the end of FY2024

758 MW (including 398 MW of solar power generated by Kyocera TCL Solar
LLC)
1 GW

*1 Under the scheme, certified power producers can sell environmental certificates issued in proportion to the amount of electricitygenerated at a price set by the government, while power suppliers are required to procure a certain amount of electricity derived
from renewable energy (new applications for the scheme ended in 2017).

-1-*2 Calculated based on equity interest in operational plants and excludes power generated through leasing and financing of solar
panels.

About Schroders Greencoat
Schroders Greencoat LLP, formerly Greencoat Capital LLP, is a specialist manager dedicated to the renewableenergy infrastructure sector. With teams in London, Dublin, Frankfurt, Amsterdam, Copenhagen, and Madrid, as
well as in New York and Chicago, and over £8.6 billion under management*, Schroders Greencoat is one of thelargest dedicated managers in Europe. It was founded in 2009 and currently has fund mandates with strategies
investing into wind, solar, and energy transition assets including bioenergy, renewable heat and hydrogen in theUK, Europe and the United States. In total, the company manages renewable infrastructure assets with anaggregate net generation capacity of over 5.6 GW*.
For more information, please visit https://www.schrodersgreencoat.com.
* as of 30 June 2023

For further information from Schroders Greencoat, please contact:
Rachael Dowers, PR Manager+44 20 7658 2086

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rachael.dowers@schroders.com