Ichigo Green(9282)

FY23/6 Corporate Presentation
January
13,20232017
August 10,

Ichigo Green Infrastructure Investment Corporation
Ichigo Investment Advisors Co., Ltd.

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

www.ichigo-green.co.jp/en

Make The World
More SustainableContents
Mission & Deliverables to Shareholders
FY23/6 Results‒ Solar Power Plant Portfolio Details‒ Progress on Ten-Year Earnings Forecast‒ FY23/6 Highlights‒ FY23/6 Earnings‒ FY23/6 Events‒ FY23/6 Power Suspensions‒ Ichigo Nago Futami ECO Power Plant Panel Failure‒ Power Generation -2.2% vs. Forecast‒ Power Generation by Individual Power Plant‒ Financing Details‒ FY24/6 Forecast‒ Ichigo J.League Shareholder Program

Driving Shareholder Value‒ Ichigo (2337) Power Plant Performance Guarantee‒ Customized Solar Power Plant Builds‒ Fully-Networked Panel-Level Production Monitoring‒ World-Class Disclosure: Real-Time Power Production Data

Growth Strategy Leveraging Ichigo Strengths

Ichigo’s Sustainability Commitment (ESG)‒ Ichigo Sustainability Policy‒ Ichigo Climate Positive: CO2 Reduction vs.
Emissions‒ Renewable Energy Transition Towards a
Sustainable Society‒ Ichigo ESG – Environmental‒ Ichigo ESG – Social‒ Ichigo ESG – Governance

Solar Power Plant Data
‒ Geographically Diversified Portfolio‒ Power Generation (YOY)‒ Individual Solar Power Plant Earnings(July 2022 – June 2023)‒ FY24/6 Power Generation Forecast‒ Solar Power Plant Details‒ Individual Solar Power Plant Details

Appendix‒ Sponsor: Ichigo, A Sustainable Infrastructure Company‒ Synergies Between Ichigo Green and Ichigo‒ Ichigo & Ichigo Green Solar Power Plant Portfolio© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

5

Mission & Deliverables to Shareholders
Mission: To maximize shareholder value via a renewable energy portfoliothat provides both return stability and growth potential, along with offering
investors an opportunity to invest in Japan’s rapidly expanding green
infrastructure asset class
Ichigo Green’s Deliverables to its Shareholders

Stable &Growing EPS

・ Invests in solar power plants with 20-year FIT (Feed-In Tariff) power sale contracts.
・ Long-term and stable operation of robust plants with a comprehensive real-time monitoring system.
・ Geographically diverse power plant portfolio.
・ Earnings stability backed by performance guarantees from power plant operator.

Leverage Sponsor
Ichigo’s Strengths

・ Power plant operator is Ichigo (2337) subsidiary, Ichigo ECO Energy, with a strong track-record indeveloping and operating 64 solar and wind power plants nationwide.
・ Ichigo has extensive experience managing Ichigo Office (8975) and Ichigo Hotel (3463).

Maximize
Shareholder
Value・ Because solar power plants are depreciable, Ichigo Green has substantial non-cash depreciation
expenses that lower its accounting-based EPS. These additional cash earnings are deployed to
pay a higher dividend.

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

6

FY23/6 Results© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

7

Solar Power Plant Portfolio Details
as of June 30, 2023

No. Of Power Plants

Acquisition Price

Panel Output

15

JPY 11.4B

29.43MWAverage FIT (per kWh)

CO2 Reduction

Annual Power
Generation

JPY 38.7

15,839 Tons

10,660 Households* Annualized CO2 reduction relative to fossil-fuel-based power production of each plant’s forecast power generation amount. Annualized number ofhouseholds based on each plant’s projected forecast generation assuming annual power consumption per household is 3,000 kWh.

By Region

By Years in Operation

By FIT
JPY 32
4.6%

Okinawa
29.8%

Kyushu4.5%

7-8 yearsinoperation
21.8%

Hokkaido
30.2%

Shikoku
13.9% Chugoku
12.8%

Kanto
4.3%

>9 years inoperation
20.2%

8-9 years inoperation
58.0%

Chubu
4.6%

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

JPY 3622.3%

JPY 4073.1%* Data in graphs are on an acquisition price basis

8Progress on Ten-Year Earnings Forecast
Achieved Above-Forecast Dividends 7 Years Into 10-Year Forecast(JPY)

ActualForecast

FY17/6

FY18/6

FY19/6

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

FFO per Share

4,305

8,560

8,197

8,001

8,039

8,251

8.072

8,136

8,253

8,211

Dividend per Share

2,139

4,226

3,865

3,802

3,922

4,248

4,095

4,065

3,885

3,540

Forecast
Revision

+102

+303

+636

FFO = Funds From Operations

+305

+222

FY23/6 Actual
Forecast
ActualJPY 4,095
JPY 4,095

(JPY)

1,390

1,625

1,750

1,874

1,860

1,875

1,410

1,375

2,180

2,185

2,190

2,195

2,195

2,221

2,205

2,010

1,825

FY18/6
Actual

FY19/6
ActualFY20/6
Actual

FY21/6
Actual

FY22/6
Actual

FY23/6
ActualFY24/6

FY25/6

FY26/6

1,715

869
Dividend per Share (excluding DEE)
DEE per Share
DEE = Dividend in Excess of
Earnings

1,270
FY17/6
ActualAmortization of TSE listing &new share-issuance expenses(Completed)

Capex based onlong-term capex plan

Amortization of expenses related to
Ichigo Green establishment (Completed)* Two-for-one stock split on Jan 1, 2018 (record date: Dec 31, 2017).
* FY17/6 per share amounts have been adjusted to reflect stock split.
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

9

FY23/6 Highlights

Achievements

Details

Power
Generation

33.02M kWh(-2.2% vs. forecast)• Limited impact from lower-than-forecast power generation at
Nago Futami and Miyakonojo Yasuhisacho due to geographic
diversification

Operating
Revenue

JPY 1,048M(-JPY 16M vs. forecast)• -1.6% vs. forecast• Limited impact from power generation decrease due to basefee guarantee

Net Income

JPY 193M(-JPY 4M vs. forecast)• Does not cover operating revenue decrease

Dividend per
Share

JPY 4,095(+JPY 0 vs. forecast)• Dividend in line with forecast using cash-on-hand fromdepreciation• DEE JPY 2,221 (+JPY 21 vs. forecast, +1.0%)

FFO per ShareJPY 8,072(-JPY 179 YOY)

• Cash earnings from solar power production revenue
exceeded total dividends 2.0X

* DEE = Dividend in Excess of Earnings
FFO (Funds From Operations) = (Net Income + Depreciation + Amortization of Expenses Related to the Establishment of Ichigo Green + Amortization of Share
Issuance Expenses + Amortization of Start-up Expenses +/- Losses/Gains on Sales +/- Extraordinary Losses/Gains) / Total Shares Outstanding© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

10

FY23/6 Earnings– Lower-Than-Forecast Total Power Generation Due to Differences inPower Generation by Region– Dividend in Line With Forecast Using Cash From Depreciation(JPY million)

FY23/6 Forecast(A)

FY22/6 Actual

FY23/6 Actual(B)vs. Forecast

vs. Forecast(B) - (A)Operating Revenue

1,083

1,065

1,048

98.4%

-16

Operating Expenses

807

805

794

98.7%

-10

(Depreciation)

637

641

638

99.5%

-3

Operating Profit

276

260

254

97.5%

-6

Recurring Profit

212

198

194

97.9%

-4

Net Income

211

197

193

97.9%

-4

Dividend

JPY 4,248

JPY 4,095

JPY 4,095

100.0%–(excluding DEE)

JPY 2,053

JPY 1,895

JPY 1,874

98.9%-JPY 21(DEE)

JPY 2,195

JPY 2,200

JPY 2,221

101.0%+JPY 21

15

15

15

–

–

34.09M kWh

33.77 M kWh

33.02M kWh

97.8%-0.74M kWh

Number of Power Plants
Power Generation
DEE = Dividend in Excess of Earnings© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

11

FY23/6 Events– Lower-Than-Forecast Portfolio Power Generation (-2.2% vs. Forecast)
Factor Analysis
 Inclement weather– Impact from inclement weather varies each fiscal year, cumulative power
generation since listing exceeds forecasts
 Power suspensions– Increase in areas subject to power suspensions, power suspensions
occurred more frequently than expected during March – May 2023
– Converted to online grid control systems, implemented initiatives tominimize power generation loss
 Ichigo Nago Futami panel failure: guaranteed by panel manufacturer– Considering panel replacement due to 10-20% power generation decrease– Established Ippan Shadan Hojin Listed Infrastructure Fund Council(March 2023)
 An industry organization established by asset management companies oflisted infrastructure funds
 Objective is to contribute to growth & development of infrastructure funds andlisted infrastructure market© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

12

FY23/6 Power Suspensions
Installing Online Grid Control Systems to Limit Lost Power Generation During
Power Suspensions− Installed in Shikoku (Iyo/Takamatsu) in Dec 2022 & Chubu (Toyokawa) in July 2023;
Installed in 4 (6 plants) out of 7 regions (15 plants)− Contributing to the reduction in power generation loss despite increased number of
power suspensions− Scheduled to install online grid control systems in Okinawa & Hokkaido
Power
FY22/6
FY23/6
Utility2022/072022/082022/092022/102022/112022/122023/01
2023/022023/032023/04
2023/05
2023/06
Total(Actual)
Co.
0
0
0
0
0
0
0
0
0
0
0
0
0
0
TEPCO

Ichigo Kiryu Okuzawa(Proxy Power Suspension)
Ichigo Motomombetsu
Hokkaido(Proxy Power Suspension)
Ichigo Muroran Hatchodaira
Hokkaido(Proxy Power Suspension)
Ichigo Engaru Kiyokawa
Hokkaido(Proxy Power Suspension)
Ichigo Iyo Nakayamacho Izubuchi
Shikoku(Proxy Power Suspension)
Ichigo Nakashibetsu Midorigaoka
Hokkaido(Proxy Power Suspension)
Ichigo Abira Toasa
Hokkaido(Proxy Power Suspension)
Ichigo Toyokoro
Hokkaido(Proxy Power Suspension)
Ichigo Nago Futami
Okinawa(Proxy Power Suspension)
Ichigo Engaru Higashimachi
Hokkaido(Proxy Power Suspension)
Ichigo Takamatsu Kokubunjicho Nii
Shikoku(Proxy Power Suspension)
Ichigo Miyakonojo Yasuhisacho
Kyushu(Proxy Power Suspension)
Ichigo Toyokawa Mitocho Sawakiham
Chubu(Proxy Power Suspension)
Ichigo Yamaguchi Aionishi
Chugoku(Proxy Power Suspension)
Ichigo Yamauchi Sayama
Chugoku(Proxy Power Suspension)

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1

0

0

0

0

0

0

0

0

0

1

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

6
(1)
0

4
(1)
0

2
(1)
0

13
(4)
0

2

0

1
(1)
0

0

0

0

1

0

0

0

0

0

0

0

0

0

1

0

0

0

1

0

0

0

0

0

0

0

0

0

1

0

0

0

0

0

0

0

1

0

1

1

0

0

3

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

1

1

1

0

2

3

5
(2)
15

4
(1)
13

3
(1)
3

14
(5)
55

2

0

2
(1)
16

18

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

4
(2)
2
(2)

13
(4)
15
(9)

9
(4)
13

3
(2)
5

30
(13)
36
(12)

1

0

1
(1)
1
(1)

1

1 Power plants equipped with online grid control systems are suspended on an hourly basis at the request of regional electricity companies
2 April – June 2023 Miyakonojo Yasuhisacho includes proxy power suspensions

3 Proxy power suspension is conducted by an online power suspension company in place of an offline company and is later reimbursed
4 Includes days when power suspensions and proxy power suspensions are conducted on the same day© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

13

Ichigo Nago Futami ECO Power Plant Panel Failure
Confirmed Failure of Half of Panels− Plant uses panels made by 2 manufacturers (Toshiba 47%, Yingli 53%);
Failure in Yingli panels− Conducted negotiations with manufacturer regarding panel guarantee,
and agreed to cash reimbursement instead of panel replacements− Reason for power generation decrease due to panel failure is PID(potential-induced degradation) & further power generation loss notexpected1− Limited earnings impact due to operator base fee guarantee− Considering panel replacement to capture long-term power generation
upside− Maintaining current dividend forecast in case of panel replacements

1 PID (potential-induced degradation): A phenomenon where power loss of solar panels under high voltage stress occurs when certain conditions

and circumstances are met© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

14

Power Generation -2.2% vs. Forecast
FY23/6 Power Generation and Power Production Revenue(kWh)
5,000,000(JPY million)

Forecast Power Production (left axis)
128

150

Actual Power Production (left axis)

Power Production Revenue (right axis)

129

125
119

4,000,000
109

112

109

3,000,000

120

115

82

79

90

84

69
2,000,000

60

1,000,000

30

0July 2022

AugustSeptember

OctoberNovember

DecemberJanuary 2023

February

March

April

May

June

0

* Power production revenue is total power sales to power purchasers (electric power utilities).
* Power production is seasonal, being lower in June due to Japan’s rainy season and in September through February due to fewer productive
daylight hours during autumn/winter.
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

15

Power Generation by Individual Power Plant
No.

Solar Power Plant

Forecast Power
Generation (A)(kWh)

Actual Power
Generation (B)(kWh)

Difference(B) - (A)(kWh)

Actual Power
Production
Revenue(JPY thousand)Operating
Revenue*(JPY thousand)E-01

Ichigo Kiryu Okuzawa

1,525,433

1,583,339+57,907

61,20345,233

E-02

Ichigo Motomombetsu

1,524,534

1,640,092+115,558

64,11850,981

E-03

Ichigo Muroran Hatchodaira

1,416,851

1,485,129+68,279

57,87445,747

E-04

Ichigo Engaru Kiyokawa

1,204,118

1,252,547+48,42949,471

38,327

E-05

Ichigo Iyo Nakayamacho Izubuchi

1,397,794

1,362,617-35,177

54,90643,819E-06

Ichigo Nakashibetsu Midorigaoka

2,192,494

2,315,810+123,316

90,12675,866

E-07

Ichigo Abira Toasa

1,295,274

1,358,916+63,642

54,266

43,604E-08

Ichigo Toyokoro

1,265,634

1,221,399-44,235

48,13739,090E-09

Ichigo Nago Futami

9,497,315

8,193,458-1,303,857

333,729

297,483

E-10

Ichigo Engaru Higashimachi

1,323,359

1,305,778-17,581

50,94541,262

E-11

Ichigo Takamatsu Kokubunjicho Nii

3,006,364

3,019,732+13,367

108,023

97,317

E-12

Ichigo Miyakonojo Yasuhisacho

1,693,446

1,512,948-180,498

54,49943,654

E-13

Ichigo Toyokawa Mitocho Sawakihama

2,128,413

2,196,729+68,316

69,75845,614

E-14

Ichigo Yamaguchi Aionishi

1,469,797

1,471,125+1,32859,73248,053

E-15

Ichigo Yamaguchi Sayama

2,830,766

3,108,809+278,043

110,200

92,74833,771,592

33,028,429-743,163

1,266,993

1,048,805

Total* Operating Revenue = Actual Power Production Revenue – Operating Expenses© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

16

Financing Details
Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps
as of June 30, 2023

Amount(JPY million)

Interest
Rate(%)

Fixed/
Floating

Borrowing Date

Maturity

Loan
Term

Loan

LenderTerm Loan I

Mizuho Bank, SMBC

4,049

0.760%Fixed

Dec 1, 2016

Nov 30, 2026

10 years

Term Loan II

Mizuho Bank303

0.815%Fixed

Jul 3, 2017

June 30, 2027

10 years

Term Loan III

Yamaguchi Bank

638

0.815%Fixed

Jul 3, 2017

June 30, 2027

10 years

4,990

0.770%

Total(Weighted Average)

LTV (Forecast)
FY17/6(Actual)FY18/6(Actual)FY19/6(Actual)

FY20/6(Actual)FY21/6(Actual)FY22/6(Actual)FY22/12(Actual)FY23/6(Actual)FY24/6

FY25/6

FY26/6

57.4%

58.5%

57.8%

57.8%

57.2%

56.4%

56.4%

55.8%

54.7%

53.7%

52.3%

Interest Bearing Liabilities ÷ FFO (Forecast)

Outstanding
Loan Amount(JPY)

FY17/6(Actual)FY18/6(Actual)FY19/6(Actual)

FY20/6(Actual)FY21/6(Actual)FY22/6(Actual)FY23/6(Actual)FY24/6

FY25/6

FY26/6

15.5X

8.1X

8.0X

7.7X

7.1X

6.6X

6.0X

5.4X

4.8X

4.3X

6,858M

7,160M

6,733M

6,309M

5,875M

5,438M

4,990M

4,543M

4,090M

3,636M

FFO = Funds From Operations© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

17

FY24/6 Forecast
Forecast Dividend JPY 4,065 (-0.7% vs. FY23/6 Actual)
FY22/6
Actual

FY23/6
Forecast(JPY million)

FY23/6
ActualFY24/6
Forecast

Operating Revenue

1,083

1,065

1,048

1,059

Operating Expenses

807

805

794

805

(Depreciation)

637

641

638

643

Operating Profit

276

260

254

253

Recurring Profit

212

198

194

194

Net Income

211

197

193

193

Dividend

JPY 4,248

JPY 4,095

JPY 4,095

JPY 4,065(excluding DEE)

JPY 2,053

JPY 1,895

JPY 1,874

JPY 1,860(DEE)

JPY 2,195

JPY 2,200

JPY 2,221

JPY 2,205

15

15

15

15

34.09M kWh

33.77 M kWh

33.02M kWh

33.59M kWh

Number of Power Plants
Power Generation© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

18

Ichigo J.League Shareholder Program
Represents Two Firsts for a Shareholder Program in Japan− First Japanese company to include not just its own shareholders, but also theshareholders of the REITs and solar power producer that it manages, in its
shareholder program (76,000 shareholders total)− First company to offer shareholders free tickets to every J.League game at every
J.League club

Ichigo is deepening its partnership with the J.League and working tofurther Ichigo’s mission of promoting local community developments.
J.League 30th Anniversary Event(May 14, 2023)

Invited shareholders to participate inopening ceremony as flag bearers
and watch a special match

Ichigo J.League Shareholder Program Website Landing Page
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

19

Driving Shareholder Value© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

20

Ichigo (2337) Power Plant Performance Guarantee
Further Supports and Solidifies Long-Term Returns− Power Generation Operating Revenue fully distributed to Ichigo Green
shareholders− Above-forecast Operating Revenue also fully distributed
 Guaranteed base revenue (FIT electricity sales revenue) from Ichigo (2337) based on the annual P85
production forecast regardless of actual power generation
 Power plants carry P&C, earthquake, and operating performance insurance* Earthquake insurance only purchased for power plants where third-party
assessment concludes earthquake risk warrants

Operator-Guaranteed Base Revenue

Annual P85
Production Forecast

Annual P50 Production Forecast(basis for Ichigo Green earnings forecast)

Ichigo-Guaranteed
Base Revenue
FIT power production revenue (lessoperating expenses) based on
annual P85 production forecast

Operating Expenses

Additional
Revenue

Additional Revenue (>P85 forecast)fully distributed as dividend

Incremental operating expenses© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

21

Customized Solar Power Plant Builds
Optimized to Local Climate & Topography to Maximize Power Production
Efficiency− Snow (Hokkaido): High mounting racks and 30 degree panel inclination to
avoid and displace snow coverage (vs. 10 degree in other areas)− High winds (Kagawa): Mounting racks closely fit to site inclines− Typhoons (Okinawa): Mounting racks with extra load capacities capable ofwithstanding wind velocities of 60m per second

Ichigo Engaru Higashimachi ECO Power Plant Ichigo Takamatsu Kokubunjicho Nii ECO Power Plant(Hokkaido)(Kagawa)© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Ichigo Nago Futami ECO Power Plant(Okinawa)

22

Fully-Networked Panel-Level Production Monitoring
Real-Time Monitoring System Immediately Detects Any Failures at
the Panel Level
Power Plant B

Power Plant A
InverterPower Plant C

Connection Unit

Solar Panel

String Monitoring

Monitoring System

Power Plant DInternet

Comprehensive Monitoring System
Schematic

Comprehensive Monitoring
SystemMonitoring & Analysis• Real-time monitoring• Immediate response
capability• Real-time analysis ofproduction data for early
detection of malfunctions

Operator:
Ichigo ECO Energy
System maintenanceRepair & Maintenance
Service Providers© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

On-site inspection and repairs

23World-Class Disclosure: Real-Time Power Production Data
Real-Time Individual Power Plant Data and Live Video Feeds

Live Video Feed

Ichigo Green Website
www.ichigo-green.co.jp/en© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

24

Growth Strategy Leveraging Ichigo Strengths© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

25

Sponsor: Ichigo, A Sustainable Infrastructure Company
Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy‒ Manages Ichigo Office (8975), Ichigo Hotel (3463), and Ichigo Green (9282)‒ Sustainable Real Estate business adds value to existing buildings bydrawing upon its real estate technologies and expertise‒ Deeply committed to CSR and Sustainability
Hiromi Miyake

Ichigo(Weightlifting)(TSE Prime 2337)

Ichigo Green (9282)

Ichigo Preserves andImproves Real Estate

The word “Ichigo” comes from the ancientJapanese proverb, Ichigo Ichie, literally meaning“One lifetime, one encounter.” The phrase was
first used by a 16th century master of the tea
ceremony, Sen no Rikyu. He called upon his
disciples to give total focus and sincerity to eachact of the tea ceremony, because that particular
moment will only exist once and must be fully
lived and realized.
Ichigo embraces the Ichigo Ichie philosophy ofsincerity and service, and works to build strong
long-term relationships to support the success of
our clients, shareholders, and all stakeholders.

AssetManagement

Ichigo Investment Advisors

Ichigo Hotel (3463)
Ichigo Office (8975)

Sustainable
Real Estate

Clean Energy
Other

Ichigo Estate

CentroIchigo Owners

Storage Plus

Ichigo Marché

Ichigo Animation

Miyako City

OneFive Hotels

Ichigo ECO Energy

Ichigo Si© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

26

Synergies Between Ichigo Green and Ichigo− Ichigo-provided solar and wind power plant pipeline− Power plant technical capabilities backed by Ichigo ECO Energy’s
nationwide solar power operating track record− Ichigo Investment Advisor’s deep asset management capabilities
Sustainable Real Estate Business Model
Green
Infrastructure

Solar Plants

Buy

Ichigo Green(9282)
OfficeIchigo Office(8975)
Hotel

Ichigo Hotel(3463)

Sell

Sustainable
Real Estate
Real不動産
EstatePreserve &ImproveReal
EstateThirdParty
Investors

Sell

Buy

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

27

Ichigo & Ichigo Green Solar Power Plant Portfolio
Serving Local Communities and the Environment
Total Operating and In-Development
Ichigo Power Plants

64 Plants (188.2MW)
Currently Operating

63 Plants (174.1MW)
Okinawa
Ichigo Nago Futami

8.44MW

KyushuChugoku

1.16MW

Ichigo Yonago Izumi

2.61MW

Ichigo Kasaoka Takumicho

1.11MW

Ichigo Fuchu Jogecho Yano

0.99MW

Ichigo Sera Tsukuchi

2.54MW

Ichigo Sera Aomizu
Ichigo Higashi-Hiroshima Saijocho
Taguchi
Ichigo Kasaoka Iwanoike

2.87MW

2.64MW

Ichigo Toyokoro Sasadamachi

0.60MW

Ichigo Kure Yasuuracho Nakahata

2.90MW

Ichigo Memuro Nishi-Shikari

1.32MW

Total

13.57MW2.72MW

Ichigo Kasaoka Osakaike

2.66MW

Ichigo Kasaoka Idachiike

2.66MW

Ichigo Itoshima Iwara

1.48MW

Ichigo Sera Shimotsuda

2.93MW

2.96MW

Total

30.28MW

Ichigo Muroran Hatchodaira

1.24MW

Ichigo Toyokoro

1.02MW

Ichigo Nakashibetsu Midorigaoka

1.93MW

Ichigo Yubetsu Barou

0.80MW

Ichigo Betsukai Kawakamicho

0.88MW

Ichigo Akkeshi Shirahama

0.80MW

TohokuIchigo Hamanaka Bokujo Tsurunokotai
Ichigo Hamanaka Bokujo Kajibayashi(Wind) Ichigo Yonezawa Itaya
Total

Kansai

2.31MW
2.31MW
7.39MW
12.01MW

Ichigo Sennan Kitsuneike

2.86MW

Ichigo Takashima Kutsuki

3.74MW

Ichigo Kobe Pompuike

2.73MW

Ichigo Toyokawa Mitocho Sawakihama

1.80MW

Total

9.34MW

Ichigo Toki Oroshicho

1.39MW

Kanto

Ichigo Tsu

2.94MW

Ichigo Kiryu Okuzawa

1.33MW

Ichigo Toki Tsurusatocho Kakino

1.31MW

Ichigo Maebashi Naegashima

0.67MW

Ichigo Sakahogi Fukagaya
Ichigo Toki Tsurusatocho
Kakino Higashi
Ichigo Minokamo Hachiyacho
Kamihachiya
Ichigo Seto Jokojicho

2.89MW

Ichigo Showamura Ogose

43.34MW

1.45MW

Ichigo Hitachiomiya

2.99MW

Ichigo Tatsunomachi Sawasoko

0.74MW

Ichigo Hokota Aoyagi

2.48MW

Ichigo Komagane Akaho Minami

0.74MW

2.84MW

68.78MW

Ichigo Green (9282)
IchigoIn-Development(as of July 13, 2023)

1.12MW

Ichigo Abira Toasa

2.35MW

0.89MW

20.78MW

Ichigo Engaru Kiyokawa

Ichigo Yamaguchi Sayama

1.44MW

13.99MW

1.24MW

1.24MW

Ichigo Kijo Takajo

Total

1.40MW

Ichigo Engaru Higashimachi

Ichigo Yamaguchi Aionishi

Ichigo Miyakonojo Yasuhisacho

Ichigo Miyakonojo
Takazakicho Tsumagirishima
Ichigo Ebino Suenaga

Hokkaido
Ichigo Motomombetsu

Shikoku

Chubu

1.67MW
1.29MW

Ichigo Toride Shimotakai Kita

1.03MW

Ichigo Toride Shimotakai Minami

0.54MW

Ichigo Minakami Aramaki

12.02MW

Ichigo Takamatsu Kokubunjicho Nii

2.43MW

Ichigo Komagane Akaho Kita

0.39MW

Ichigo Iyo Nakayamacho Izubuchi

1.23MW

Ichigo Obu Yoshidamachi

1.00MW

Ichigo Tokushima Higashi-Okinosu

2.52MW

Ichigo Ueda Yoshidaike

1.16MW

Ichigo Toride Shimotakai Nishi
Ichigo Chiba Wakaba-ku
Omiyacho Nishi
Ichigo Chiba Wakaba-ku
Omiyacho Higashi

Total

6.19MW

Total

18.85MW

Total© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

0.74MW
0.74MW

28

Ichigo’s Sustainability Commitment (ESG)© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

29

Ichigo Sustainability Policy
Harmony with the Environment
Ichigo actively monitors and minimizes the environmental impact of its business operations.

Energy Conservation, CO2 Reduction, and Recycling
Ichigo seeks to contribute to a low-carbon, low-waste society by reducing energy
consumption, extending the useful life of assets, actively recycling, reducing waste
production and water consumption, and implementing green procurement measures.

Regulatory and Environmental Compliance
Ichigo complies with all environmental laws and regulations and Ichigo’s own independentlyestablished environmental rules. Ichigo also carefully monitors and complies with all applicablechanges in laws and regulations.

Training and AwarenessIchigo promotes understanding of its Sustainability Policy and works to increase sustainability
awareness among all Ichigo employees.

Sustainability Performance Communication and Disclosure
Ichigo communicates its Sustainability Policy and Ichigo’s sustainability initiatives to society atlarge. Ichigo also obtains certifications for its sustainability activities on an ongoing basis.

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

30

Ichigo Climate Positive: CO2 Reduction vs. Emissions
Ongoing Ichigo Clean Energy Production Growth (CO2 Reduction Increase) &Renewable Energy Transition & Carbon Offsets (CO2 Emissions Reduction)
CO2 Reduction vs. CO2 Emissions(tons)■ Total Ichigo Power Plant CO2 Reduction1■ Total Ichigo CO2 Emissions (Scope 1+2)

CO2 Emissions
Reduction Measures

Impact ofReduction
Measures-250-7,07098,647

95,47875,42575,80883,41259,445-34,470

54,80326,000FY20/2

FY21/2CO2 Reduction Base Year

Start RE100

FY22/2

Ongoing Initiatives
Switch to Renewable
Energy28,900 tons
Decreased Energy
Consumption
870 tons
New Initiatives
Non-Fossil Certificate
Tracking for Ichigo Power
Plants4,700 tons

FY23/22© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

31

Renewable Energy Transition Towards a Sustainable Society
Ichigo RE100 Progress (as of FY24/2 Q1)

100%

FY24/2 Renewable Energy Transition Impact

RE100 Target: 2025

85%

CO2 Reduction

FY24/2
Target71%

Renewable
EnergySwitch49%

35,000 tons p.a.

CO2 Emissionsof Cars

× 15,200 cars p.a.

22%
Non-Fossil Certificate
Tracking for Ichigo Power
PlantsIncludes all Ichigo, Ichigo Office (8975), andIchigo Hotel (3463) assets© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

32

ESG Initiatives: Environmental
Climate Positive & Sustainability-Driven
Preserve & Improve Real Estate
to End Wasteful Demolition

Community-Based, Productive Use of
Idle Land for Clean Energy

Pro-Active Environmental
Certifications

Ichigo's Sustainable Real Estate businesshas a proven track record of preserving andimproving existing real estate. Ichigo willbuild on this long-standing commitment tosustainability by developing newtechnologies to extend the lives of buildings
and other social infrastructure 100 years
and beyond.

Ichigo will not build power plants that require
the clearing of wooded land or the altering of
the landscape in a way that increases the riskof floods, landslides, or other water-related
disasters, or that face opposition from local
communities.

By obtaining certifications such as GRESB,CASBEE, BELS, and DBJ Green Building,
Ichigo is demonstrating our long-standing
commitment to sustainability via initiatives
that benefit investors, tenants, clients, andother stakeholders.

Annual Power Production

222,927,029 kWh
Ichigo’s Sustainable Real Estate
Preserve & Create Value
Sustainable
Real Estate

Increase
Quality ofTenantServices+

Renovate &RepairIncrease= Tenant
Satisfaction

Improve aesthetics and comfort
Seismic reinforcements
Regulatory compliance
Increase energy efficiency

Equivalent to annual energy
consumption of 51,600 households
Annual Energy Consumption(Japan Average) 4,322kWh/household(Ministry of Environment document)

Annual CO2 Reduction

98,647,576 tons
Equivalent to annual CO2 emissionof 43,000 cars
Gasoline Passenger Cars 2,300kg/car
per year(Ministry of Environment document)*Ichigo, Ichigo Green FY23/2 Actuals© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Ichigo Group-Wide
Ichigo & Ichigo Office (8975)
Total 16 Assets
Ichigo Office (8975)
3 Stars / Green Star
Ichigo Hotel (3463)
2 Stars / Green Star
BELS
3 Assets
DBJ Green Building 2 Assets
Tokyo Low-Carbon
Small and Medium-Sized
Model Building
8 Assets
33

ESG Initiatives: Social
Contributing to Society
Contributing to Regional Revitalization

Ichigo University

Sports Initiatives

Ichigo works to revitalize local communities
and promote regional economic
development. Ichigo’s model of preserving
and improving existing real estate creates
jobs and supports businesses, and ourrenewable energy power plants also
support their host communities by providing
new and sustainable sources of income.

Ichigo established Ichigo University in May
2013 to support employees’ continuing
education and personal growth.

As a top partner of the J.League
professional soccer league, we support theleague’s mission to promote community
development. Ichigo supports outstanding
athletes in weightlifting, rifle shooting, andtrack and field.

Ichigo University courses are taught byemployees and external professionals whoare specialists in their fields and have deep
experience.
Average Annual Number of Courses: 30◀ Miyako City

Ichigo University Classes

Retail Asset / Miyazaki
www.miyakocity.com

Chisato Kiyoyama(Track and Field)
Hiromi Miyake(Weightlifting)

THE KNOT TOKYO ▶
Shinjuku
Hotel / Tokyo
https://hotel-theknot.jp/tokyoshinjuku/en

OnlineIn-Person

Certified as a Sports Yell
Company & Tokyo Metropolitan
Government Sports
Promotion Company for 6th year in a row
Ichigo Sports Site (Japanese only)
www.ichigo.gr.jp/ichigosports© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

34

ESG Initiatives: Governance
Global Best Practice Governance
Ichigo Green

Asset Management Company

Monitors Asset Management Company

Global Best Practice Governance− All Ichigo Green Directors are Independent of the AssetManagement Company and the Ichigo Group− Active Board discussion results in effective supervision of
the Asset Management Company− Majority of Directors (2 of 4) are Independent Directors− Exclusive asset management team ensures best-practice execution on
behalf of Ichigo Green− The Risk & Compliance and Audit groups report directly to the
President− Further ensure objectivity and independence by including third-party,
independent lawyers and accountants in the Investment Committee
and Risk & Compliance Committee

Investment Corporation
Ichigo Green(TSE 9282)
Shareholder Meeting
Board of Directors

AGM

Executive Director
Nanako Ito
Supervising Director Arata Nomoto
Supervising Director Kiyofumi Fujita

Corporate Auditor
Board of Directors

External Auditor
Grant Thornton Taiyo LLC
Risk & Compliance Committee

Asset Management
Agreement

Asset Management Company
Ichigo Investment Advisors© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

PresidentInternal Audit
Risk & Compliance

Investment Committee(Ichigo Green)

Ichigo Green
Asset Management

35Solar Power Plant Data

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

36

Geographically Diversified Portfolio(as of June 30, 2023)

Ichigo Motomombetsu
1.40MW

Ichigo Nago Futami
8.44MW

Ichigo Iyo Nakayamacho Izubuchi
1.23MW
Ichigo Yamaguchi Aionishi
1.24MW

Ichigo Engaru Higashimachi
1.24MW

Ichigo Abira Toasa
1.16MW

Ichigo Engaru Kiyokawa
1.12MW

Ichigo Muroran Hatchodaira
1.24MW

Ichigo Nakashibetsu Midorigaoka
1.93MW
Ichigo Kiryu Okuzawa
1.33MW

Ichigo Toyokoro
1.02MW

Ichigo Yamaguchi Sayama
2.35MW

Ichigo Toyokawa Mitocho Sawakihama
1.80MW

Ichigo Miyakonojo Yasuhisacho Ichigo Takamatsu Kokubunjicho Nii
2.43MW
1.44MW© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

15 Plants (29MW)
37

Power Generation (YOY)Power Generation -3.1% YOY(kWh)5,000,000■ FY22/6 Actual (15 Power Plants)■ FY23/6 Actual (15 Power Plants)

FY22/6 Actual: 34.09M kWh
FY23/6 Actual: 33.02M kWh (-1.06M kWh, -3.1% YOY)

4,000,000

3,000,000

2,000,000

1,000,000

0July 2022

AugustSeptember

OctoberNovember

DecemberJan 2023

February© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

March

April

May

June

38

Individual Solar Power Plant Earnings (July 2022 – June 2023)(JPY thousand)Leaseholder
No.

Solar Power Plant

Power
Production
Revenue

Ichigo Green

OperatingExpenses

Operating
Revenue

Expenses

NOI

Depreciation
ExpenseIncomeE-01

Ichigo Kiryu Okuzawa

61,203

15,96945,233

2,556

42,67729,806

12,870E-02

Ichigo Motomombetsu

64,11813,13650,981

2,614

48,36729,59918,767

E-03

Ichigo Muroran Hatchodaira

57,874

12,12645,7472,465

43,282

27,81815,463

E-04

Ichigo Engaru Kiyokawa

49,471

11,49338,327

2,093

36,234

23,618

12,616

E-05

Ichigo Iyo Nakayamacho Izubuchi

54,906

11,08643,8192,457

41,361

27,92013,441

E-06

Ichigo Nakashibetsu Midorigaoka

90,126

14,26075,866

4,347

71,51843,76627,752

E-07

Ichigo Abira Toasa

54,266

10,66243,6042,470

41,13325,04816,085

E-08

Ichigo Toyokoro

48,137

9,046

39,0902,438

36,651

24,652

11,998

E-09

Ichigo Nago Futami

333,729

63,904297,483*

19,358278,124

190,759

87,365

E-10

Ichigo Engaru Higashimachi

50,945

9,704

41,262

2,618

38,644

26,15812,486

E-11

Ichigo Takamatsu Kokubunjicho Nii

108,023

10,70597,317

5,932

91,38454,57636,807

E-12

Ichigo Miyakonojo Yasuhisacho

54,49912,55543,654*

2,887

40,76628,558

12,208

E-13

Ichigo Toyokawa Mitocho Sawakihama

69,75824,14345,614

3,138

42,47628,714

13,761

E-14

Ichigo Yamaguchi Aionishi

59,732

11,67848,053

3,715

44,33826,31818,019

E-15

Ichigo Yamaguchi Sayama

110,200

17,452

92,7486,162

86,58550,86635,718

Total

1,266,993

247,929

1,048,805

65,258983,547

638,183

345,363* Ichigo Nago Futami ECO Power Plant (E-09): Recorded operator-guaranteed base fee (JPY 27.7M) due to actual power generation lower thanforecast based on minimum guarantee hourly solar intensity* Ichigo Miyakonojo Yasuhisacho ECO Power Plant (E-12): Recorded operator-guaranteed base fee (JPY 1.7M) due to actual power generation
lower than forecast based on minimum guarantee hourly solar intensity© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

39

FY24/6 Power Generation Forecast
FY24/6 Forecast 33.59 million kWh(FY23/6 Actual 33.02 million kWh)
(kWh)
5,000,000■ FY23/6 Actual (15 Power Plants)■ FY24/6 Forecast (15 Power Plants)

FY23/6 Actual: 33.02M kWh
FY24/6 Forecast: 33.59M kWh (+0.56M kWh, +1.7% YOY)

4,000,000

3,000,000

2,000,000

1,000,000

0July 2022

AugustSeptember

OctoberNovember

DecemberJan 2023

February© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

March

April

May

June

40

Solar Power Plant Portfolio
as of June 30, 2023
No.

Solar Power Plant

Location

Acquisition
Date

Book
Value
(JPY
million)Appraisal
1

Panel

Value
(JPY
million)

Output
(MW)

2

3

FIT
(JPY)

Portfolio
4WeightE-01

Ichigo Kiryu Okuzawa

Kiryu City, Gunma

Dec 2016

306

359

1.33

40

4.02%

E-02

Ichigo Motomombetsu

Mombetsu City, Hokkaido

Dec 2016

316

380

1.40

40

4.15%

E-03

Ichigo Muroran Hatchodaira

Muroran City, Hokkaido

Dec 2016

299

356

1.24

40

3.93%

E-04

Ichigo Engaru Kiyokawa

Mombetsu County, Hokkaido

Dec 2016

253

292

1.12

40

3.33%

E-05

Ichigo Iyo Nakayamacho Izubuchi

Iyo City, Ehime

Dec 2016

302

372

1.23

40

3.97%

E-06

Ichigo Nakashibetsu Midorigaoka

Shibetsu County, Hokkaido

Dec 2016

499

607

1.93

40

6.56%

E-07

Ichigo Abira Toasa

Yufutsu County, Hokkaido

Dec 2016

288

352

1.16

40

3.78%

E-08

Ichigo Toyokoro

Nakagawa County, Hokkaido

Dec 2016

283

352

1.02

40

3.72%

E-09

Ichigo Nago Futami

Nago City, Okinawa

Dec 2016

2,225

2,716

8.44

40

29.19%

E-10

Ichigo Engaru Higashimachi

Mombetsu County, Hokkaido

Dec 2016

305

361

1.24

40

4.00%

E-11

Ichigo Takamatsu Kokubunjicho Nii

Takamatsu City, Kagawa

Dec 2016

788

914

2.43

36

10.35%

E-12

Ichigo Miyakonojo Yasuhisacho

Miyakonojo City, Miyazaki

Dec 2016

345

416

1.44

36

4.53%

E-13

Ichigo Toyokawa Mitocho Sawakihama

Toyokawa City, Aichi

Dec 2016

353

387

1.80

32

4.63%

E-14

Ichigo Yamaguchi Aionishi

Yamaguchi City, Yamaguchi

Jul 2017

404

450

1.24

40

5.31%

E-15

Ichigo Yamaguchi Sayama

Yamaguchi City, Yamaguchi

Jul 2017

648

757

2.35

36

8.51%

7,621

9,075

29.43

38.7

100%

Total (15 Solar Power Plants)

1 Appraisal Value is from PwC Sustainability LLC’s Valuation Report using values as of June 30, 2023. The values are medians of the appraisal value ranges shown in

the Report.
2 Panel Output is derived by multiplying the maximum output of a single solar panel by the total number of panels
3 FIT (Feed-In Tariff) is the purchase price, per kWh, agreed in the respective Power Purchase Agreements for each solar power plant
4 Portfolio Weight is based on book value© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

41

Individual Solar Power Plant Details
E-01 Ichigo Kiryu Okuzawa
Location

Gunma

Area

27,588m2

Operation
Start Date

Sep 30, 2013

Panel
Output

1.33MW

FIT

JPY 40 / kWh

FIT Period

Sep 29, 2033

Power
Purchaser

TEPCO Energy
Partner

FY23/6 Actual Power Generation: +3.8% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,0000Jul
2022

E-02 Ichigo Motomombetsu

Aug

Sep

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

FY23/6 Actual Power Generation: +7.6% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

Hokkaido

Area

48,947m2

Operation
Start Date

Feb 3, 2014

200,000

Panel
Output

1.40MW

150,000

FIT

JPY 40 / kWh

100,000

FIT Period

Feb 2, 2034

50,000Power
Purchaser

Hokkaido Electric(kWh)250,000

0

Jul
2022

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

42

Individual Solar Power Plant Details
E-03 Ichigo Muroran Hatchodaira
Location

HokkaidoArea

35,801m2

Operation
Start Date

Mar 3, 2014

Panel
Output

1.24MW

FIT

JPY 40 / kWh

FIT Period

Mar 2, 2034

Power
Purchaser

Hokkaido Electric

FY23/6 Actual Power Generation: +4.8% vs. Forecast
Forecast Power Generation
Actual Power Generation
200,000

150,000

100,000

50,0000E-04 Ichigo Engaru Kiyokawa
Location

HokkaidoArea

27,164m2

Operation
Start Date

Mar 4, 2014

Panel
Output

1.12MW

FIT

JPY 40 / kWh

FIT Period

Mar 3, 2034

Power
Purchaser

Hokkaido Electric

(kWh)

Jul
2022

Aug

Sep

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

FY23/6 Actual Power Generation: +4.0% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2022

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

43

Individual Solar Power Plant Details
E-05 Ichigo Iyo Nakayamacho Izubuchi
Location

Ehime

Area

26,261m2

Operation
Start Date

Apr 2, 2014

Panel
Output

1.23MW

FIT

JPY 40 / kWh

FIT Period

Apr 1, 2034

Power
Purchaser

Shikoku Electric

FY23/6 Actual Power Generation: -2.5% vs. Forecast
Forecast Power Generation
Actual Power Generation
200,000

150,000

100,000

50,0000E-06 Ichigo Nakashibetsu Midorigaoka
Location

HokkaidoArea

54,870m2

Operation
Start Date

Nov 4, 2014

Panel
Output

1.93MW

FIT

JPY 40 / kWh

(kWh)

Jul
2022

Aug

Sep

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

FY23/6 Actual Power Generation: +5.6% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)

300,000
250,000
200,000
150,000
100,000

FIT Period

Nov 3, 2034

Power
Purchaser

Hokkaido Electric

50,000
0

Jul
2022

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

44

Individual Solar Power Plant Details
E-07 Ichigo Abira Toasa
Location

HokkaidoArea

29,731m2

Operation
Start Date

Dec 2, 2014

Panel
Output

1.16MW

FIT

JPY 40 / kWh

FIT Period

Dec 1, 2034

Power
Purchaser

Hokkaido Electric

FY23/6 Actual Power Generation: +4.9% vs. Forecast
Forecast Power Generation
Actual Power Generation
200,000

150,000

100,000

50,0000Jul
2022E-08 Ichigo Toyokoro
Location

HokkaidoArea

29,004m2

Operation
Start Date

Dec 4, 2014

Panel
Output

1.02MW

FIT

JPY 40 / kWh

FIT Period

Dec 3, 2034

Power
Purchaser

Hokkaido Electric

(kWh)

Aug

Sep

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

FY23/6 Actual Power Generation: -3.5% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2022

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

45

Individual Solar Power Plant Details
E-09 Ichigo Nago Futami

FY23/6 Actual Power Generation: -13.7% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

OkinawaArea

146,217m2

1,500,000

Operation
Start Date

Feb 2, 2015

1,200,000

Panel
Output

8.44MW

900,000

FIT

JPY 40 / kWh

600,000

FIT Period

Feb 1, 2035

300,000

Power
Purchaser

Okinawa Electric0E-10 Ichigo Engaru Higashimachi
Location

HokkaidoArea

46,329m2

Operation
Start Date

Feb 3, 2015

Panel
Output

1.24MW

FIT

JPY 40 / kWh

FIT Period

Feb 2, 2035

Power
Purchaser

Hokkaido Electric

Jul
2022

Aug

Sep

Oct

Nov

(kWh)

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

FY23/6 Actual Power Generation: -1.3% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2022

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

46

Individual Solar Power Plant Details
E-11 Ichigo Takamatsu Kokubunjicho Nii
Location

KagawaArea

79,340m2

Operation
Start Date

Jun 2, 2015

Panel
Output

2.43MW

FIT

JPY 36 / kWh

FIT Period

Jun 1, 2035

Power
Purchaser

Shikoku Electric

FY23/6 Actual Power Generation: +0.4% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)400,000

300,000

200,000

100,000

0
Jul
2022

E-12 Ichigo Miyakonojo Yasuhisacho

Aug

Sep

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

FY23/6 Actual Power Generation: -10.7% vs. Forecast
Forecast Power Generation
Actual Power Generation

LocationMiyazakiArea

94,165m2

Operation
Start Date

Jul 8, 2015

200,000

Panel
Output

1.44MW

150,000

FIT

JPY 36 / kWh

100,000

FIT Period

Jul 7, 2035

50,000Power
Purchaser

Kyushu Electric(kWh)250,000

0

Jul
2022

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

47

Individual Solar Power Plant Details
E-13 Ichigo Toyokawa Mitocho Sawakihama

FY23/6 Actual Power Generation: +3.2% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

Aichi

Area

19,393m2

300,000

Operation
Start Date

Sep 16, 2015

250,000

Panel
Output

1.80MW

FIT

JPY 32 / kWh

FIT Period

Sep 15, 2035

Power
Purchaser

Chubu Electric Miraiz(kWh)200,000
150,000
100,000
50,0000Jul
2022E-14 Ichigo Yamaguchi Aionishi
Location

YamaguchiArea

19,815m2

Operation
Start Date

Dec 7, 2015

Panel
Output

1.24MW

FIT

JPY 40 / kWh

FIT Period

Dec 6, 2035

Power
Purchaser

Chugoku Electric

Aug

Sep

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

FY23/6 Actual Power Generation: +0.1% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2022

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

48

Individual Solar Power Plant Details
E-15 Ichigo Yamaguchi Sayama
Location

YamaguchiArea

43,621m2

Operation
Start Date

Apr 6, 2016

Panel
Output2.35MW

FIT

JPY 36 / kWh

FIT Period

Apr 5, 2036

Power
Purchaser

Chugoku Electric

FY23/6 Actual Power Generation: +9.8% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)400,000

300,000

200,000

100,000

0
Jul
2022

Aug

Sep

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Oct

Nov

Dec

Jan
2023

Feb

Mar

Apr

May

Jun

49

Appendix© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

50

Reference: Japan’s Feed-In Tariff (FIT)
What is a FIT?
‒ A policy mechanism designed to accelerate the deployment of renewableenergy such as solar and wind, guaranteeing a long-term fixed sale price forelectricity (in Japan, 20 years).
‒ Japan’s FIT is updated every year.
Solar Power FITWind Power FIT

Contract Date

FIT / kWhGuarantee
PeriodContract Date

FIT / kWhGuarantee
PeriodFY2012

JPY 4020 years

FY2017 (4/1 ~ 9/30)

JPY 2220 years

FY2013

JPY 3620 years

FY2017 (10/1 ~ 3/31)

JPY 2120 years

FY2014

JPY 3220 years

FY2018JPY 2020 years

FY2015 (4/1 ~ 6/30)

JPY 2920 years

FY2019JPY 1920 years

FY2015 (7/1 ~ 3/31)

JPY 2720 years

FY2020

JPY 1820 years

FY2016

JPY 2420 years

FY2021 ~(Note 2 )20 years

FY2017 ~(Note 1 )20 years

Note: FY starts on April 1 and ends on March 31 of the following year
1 2017, 2018 FIT for >2MW non-residential, 2019 FIT for >0.5MW

non-residential, and 2020, 2021, 2022 FIT for >0.25MW nonresidential solar power production

2 2021 FIT for >0.25MW wind power generation

2022, 2023 FIT for >0.05MW wind power generation

Pre-consumption tax FIT for power plants with output of >10kW
Source: METI, Agency for Natural Resources and Energy

Average Ichigo Green FIT: JPY 38.7 / kWh© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

51

Shareholder Composition
Major Shareholders (as of June 30, 2023)

Name
1 Ichigo Trust Pte. Ltd.

Shareholdings by Shareholder TypeNo. OfSharesShare

22,677

22.0%

6,000

5.8%

3,850

3.7%

1,323

1.3%

5 Otani Asset Management, K.K.

870

0.8%

6 Fuji Dempa Kogyo Co., Ltd.

676

0.7%

7 Progression Ltd.

653

0.6%

3

The Master Trust Bank of Japan, Ltd.
(Trust Account)

4 Bank of Fukuoka, Ltd.

Domestic Financial Institutions

Non-Financial Domestic Corporations

Domestic Individuals

100%
80%

2 Ichigo Inc.

Foreign Corporations & Individuals

60%

24,938 shares(24.2%)
11,796 shares(11.5%)
8,141 shares(7.9%)

25,404 shares(24.7%)

24,657 shares(23.9%)

11,750 shares(11.4%)
8,990 shares(8.7%)

11,051 shares(10.7%)
12,450 shares(12.1%)

56,822 shares(55.2%)

54,808 shares(53.2%)

58,091 shares(56.4%)

June 30, 2022 *(102,966 shares)

Dec 31, 2022 *(102,966 shares)June 30, 2023 *(102,966 shares)

40%
20%
0%

* Number of shares outstanding

8 WU ASSETS PTE. LTD.

600

0.6%

Shareholders by Shareholder Type
June 30, 2022 Dec 31, 2022

9 Rakuten Securities, Inc.

567

0.6%

Shareholders Shareholders Shareholders
Domestic Individuals

10 Individual Shareholder
Total

520
37,7360.5%
36.6%

Jun 30, 2023
Share

7,896

7,778

8,039

98.1%

Domestic Financial Institutions

20

18

19

0.2%

City banks, regional banks

2

2

1

–

3
15
104

3
13
95

3
15
91

–
0.2%
1.1%

Trust banks
Other (including securities companies)
Non-Financial Domestic Corporations
Foreign Corporations & Individuals
Total© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

39

40

46

0.6%

8,059

7,931

8,195

100%

52

Share Price (Dec 1, 2016 to Jul 31, 2023)
Listed on the TSE on Dec 1, 2016
(JPY)

(Shares Traded)

90,0003,000

80,000

Final trading date forsettlement
before the two-forone stock split
Dec 26, 2017

Ichigo Green(left axis)

TSE REIT Index(left axis)

TSE Infrastructure Fund Index(left axis)

Trading Volume(right axis)
2,500

70,0002,000

60,0001,500

50,0001,000

40,000500

30,0002016/120
2017/62017/122018/62018/122019/6

2019/122020/62020/122021/6*Share price and shares traded from Dec 1, 2016 to Dec 26, 2017 have been adjusted to reflect stock split.

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

2021/122022/62022/122023/6

Source: Bloomberg

53

Ichigo Green Overview
Investment Corporation
Name

Ichigo Green Infrastructure Investment Corporation

Securities Code9282

Address

1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo

Executive Director

Nanako Ito

Fiscal Year

July 1 – June 30 (Half-Year is July 1 – December 31)

Asset Management Company
Name

Ichigo Investment Advisors Co., Ltd.

President & Executive Officer

Hiroshi Iwai

Registration & Membership

Financial Instruments Dealer License (Investment Management Services,
Investment Advisory & Agency Services, and Type II Financial Instruments
Services): Minister of Finance, Kanto Financial Bureau #318

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

54

These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as,
an offer to sell or buy securities of Ichigo Green Investment Corporation (Ichigo Green).
These materials may contain forward-looking statements regarding the intent, belief or current expectations of Ichigo Green
with respect to financial condition and future results. These statements are based on certain assumptions founded on
currently available information. Accordingly, such statements are subject to risks and uncertainties, and there is no assurance
as to actual financial conditions or future results. Actual results may vary from those indicated in the forward-looking
statements.
In creating these materials, Ichigo Green and Ichigo Investment Advisors Co., Ltd. (IIA) have sought to provide accurate
information. However, there can be no assurance given as to the accuracy, certainty, validity or fairness of any suchinformation. The content of these materials is also subject to revision or retraction without prior notice.
This document is a translation. If there is any discrepancy between the Japanese version and the English translation, theJapanese version shall prevail.

Make The World
More Sustainable

Contact:
Ichigo Green IR Desk (9282)
TEL: +81-3-3502-4854
E-mail： ir_green@ichigo.gr.jp
www.ichigo-green.co.jp/en
Ichigo is Japan’s first zero-carbon listed real estate company. We are taking
responsibility for our environmental footprint by offsetting our carbon emissions andinvesting in low-carbon technologies such as solar energy.

© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.