Ichigo Green(9282)

FY22/6 Corporate Presentation
January
13,20222017
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

We would like to express our deepest condolences
to all those affected by the global Covid pandemic
and by the war and humanitarian crisis in Ukraine,
along with our heartfelt wish for the immediate
cessation of hostilities in Ukraine and the earliest
and fullest possible recovery for all.
Take care, be safe.

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

2

Make The World
More SustainableContents
Mission & Deliverables to Shareholders
FY22/6 Results‒ Solar Power Plant Portfolio Details‒ FY22/6 Highlights‒ FY22/6 Earnings‒ FY22/6 Events‒ Power Generation +0.4% vs. Forecast‒ Power Generation by Individual Power Plant‒ Financing Details‒ FY23/6 Forecast‒ Japan’s First Ten-Year Earnings 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

Ichigo’s Sustainability Commitment (ESG)‒ Ichigo Sustainability Policy‒ Delivering on Sustainability‒ 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 2021 – June 2022)‒ FY23/6 Forecast Power Generation‒ Solar Power Plant Portfolio‒ Individual Solar Power Plant Details

Appendix

Growth Strategy Leveraging Ichigo Strengths‒ 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.

6

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 65 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.

7

FY22/6 Results© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

8

Solar Power Plant Portfolio Details
as of June 30, 2022

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

17,082 Tons

11,257 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

Okinawa
29.8%

Kyushu4.5%

By Years in Operation

6-7 years>8 years ininoperation
operation
20.2%
21.8%

Hokkaido
30.2%

Shikoku
13.9% Chugoku
12.8%

Kanto
4.3%

7-8 yearsinoperation
58.0%

By FIT

JPY 32
4.6%
JPY 3622.3%
JPY 40
73.1%

Chubu
4.6%
* Data in graphs are on an acquisition price basis© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

9

FY22/6 Highlights
Achievements

Details

Power
Generation

34.09M kWh(+0.4% vs. forecast)• Higher-than-forecast power generation for the whole portfolio
due to a graphically diversified portfolio.

Operating
Revenue

JPY 1,083M(+JPY 11M vs. forecast)• +1.1% vs. forecast due to above-forecast power generation

NOI

JPY 1,007M(+JPY 11M vs. forecast)• Slight NOI decrease due to decrease in Operating Revenue

EPS

JPY 2,052(+JPY 282 vs. forecast)• Net Income +16.0% vs. forecast due to higher-than-forecast
Operating Revenue, and lower-than-forecast Operating
Expenses, SG&A, and Non-Operating Expenses

Dividend per
Share

JPY 4,248(+JPY 303 vs. forecast)• Dividend (ex-DEE) JPY 2,053(+JPY 303 vs. forecast, +17.3%)• DEE JPY 2,195 (in line with forecast)

FFO per ShareJPY 8,251(+JPY 212 YOY)

• Cash earnings from solar power production revenue exceeded
total dividends 1.9X

* 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

FY22/6 Earnings– Operating Revenue: JPY 1,083M (+1.1% vs. Forecast) Due to AboveForecast Power Generation– Net Income: JPY 211M (+16.0% vs. Forecast) Due to Cost Reduction(JPY million)

FY22/6 Forecast(A)

FY21/6 Actual

FY22/6 Actual(B)vs.
Forecast

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

1,074

1,072

1,083

101.1%+11

Operating Expenses

816

822

807

98.2%

-15

(Depreciation)

637

640

637

99.5%

-3

Operating Profit

257

249

276

110.6%+26

Recurring Profit

179

183

212

115.9%+29

Net Income

177

182

211

116.0%+29

Dividend

JPY 3,922

JPY 3,945

JPY 4,248

107.7%+JPY 303(excluding DEE)

JPY 1,727

JPY 1,750

JPY 2,053

117.3%+JPY 303(DEE)

JPY 2,195

JPY 2,195

JPY 2,195

100%

–

15

15

15

–

–

33.76M kWh

33.94M kWh

34.09M kWh

100.4%+0.15M 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

FY22/6 Events− Received JPY 19.8M Operator-Guaranteed Base Revenue Despite Lower-ThanForecast Power Generation at Ichigo Nago Futami ECO Power Plant
 Impacted by low productive daylight hours (July 2021) & rainy season with
2.9X average rainfall (May – June 2022)
 Detected failure of some solar panels; To be replaced sequentially during FY23/6− Power Purchase Suspension
Power
Utility Co.

Jul
2021

Aug

Sep

Oct

Nov

Jan
2022

Dec

Feb

Mar

Apr

May

Jun

Total

Ichigo Kiryu Okuzawa

TEPCO

–

–

–

–

–

–

–

–

–

–

–

–

–

Ichigo Motomombetsu

Hokkaido

–

–

–

–

–

–

–

–

–

–

–

–

–

Ichigo Muroran Hatchodaira

Hokkaido

–

–

–

–

–

–

–

–

–

–

–

–

–

Ichigo Engaru Kiyokawa

Hokkaido

–

–

–

–

–

–

–

–

–

–

–

–

–

Ichigo Iyo Nakayamacho Izubuchi

Shikoku

–

–

–

–

–

–

–

–

–

1

1

–

2

Ichigo Nakashibetsu Midorigaoka

Hokkaido

–

–

–

–

–

–

–

–

–

–

–

–

–

Ichigo Abira Toasa

Hokkaido

–

–

–

–

–

–

–

–

–

–

–

–

–

Ichigo Toyokoro

Hokkaido

–

–

–

–

–

–

–

–

–

–

–

–

–

Ichigo Nago Futami

Okinawa

–

–

–

–

–

–

–

–

–

–

–

–

–

Ichigo Engaru Higashimachi

Hokkaido

–

–

–

–

–

–

–

–

–

–

–

–

–

Ichigo Takamatsu Kokubunjicho Nii

Shikoku

–

–

–

–

–

–

–

–

–

1

1

–

2

Ichigo Miyakonojo Yasuhisacho

Kyushu

–

–

1

4

–

1

1

2

4

4

1

–

18

Ichigo Toyokawa Mitocho Sawakihama

Chubu

–

–

–

–

–

–

–

–

–

–

–

–

–

Ichigo Yamaguchi Aionishi

Chugoku

–

–

–

–

–

–

–

–

–

–

1

–

1

Ichigo Yamaguchi Sayama

Chugoku

–

–

–

–

–

–

–

–

–

1

–

–

1

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

12Power Generation +0.4% vs. Forecast
FY22/6 Power Generation and Power Production Revenue(JPY million)(kWh)5,000,000

Forecast Power Production (left axis)
133

Power Production Revenue (right axis)
120

4,000,000

150

Actual Power Production (left axis)

115

118

135

127
118

120

111

3,000,000

88

83
77

90

73

2,000,000

60

1,000,000

30

0July 2021

AugustSeptember

OctoberNovember

DecemberJan 2022

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.

13

Power Generation by Individual Power Plant
Geographically Diverse Portfolio Supports Earnings Stability
No.

Solar Power Plant

Forecast Power
Generation (A)(kWh)

Actual Power
Generation (B)(kWh)

Difference(B) - (A)(kWh)

Actual PowerOperating
Production
Revenue*
Revenue(JPY thousand)(JPY thousand)E-01

Ichigo Kiryu Okuzawa

1,533,411

1,627,702+94,291

62,90749,578

E-02

Ichigo Motomombetsu

1,532,496

1,643,188+110,692

64,256

51,914E-03

Ichigo Muroran Hatchodaira

1,424,248

1,519,314+95,066

59,124

48,330E-04

Ichigo Engaru Kiyokawa

1,210,405

1,212,999+2,59447,88337,483E-05

Ichigo Iyo Nakayamacho Izubuchi

1,405,088

1,415,173+10,085

56,79046,664E-06

Ichigo Nakashibetsu Midorigaoka

2,203,898

2,321,324+117,426

90,32274,908

E-07

Ichigo Abira Toasa

1,302,008

1,348,212+46,204

53,18742,608

E-08

Ichigo Toyokoro

1,272,213

1,275,698+3,48550,32841,367

E-09

Ichigo Nago Futami

9,546,641

8,470,133-1,076,508

343,017

302,096

E-10

Ichigo Engaru Higashimachi

1,330,234

1,287,307-42,927

50,226

41,328

E-11

Ichigo Takamatsu Kokubunjicho Nii

3,021,957

3,189,763+167,806

114,069

103,453

E-12

Ichigo Miyakonojo Yasuhisacho

1,702,223

1,677,712-24,51159,032

46,638

E-13

Ichigo Toyokawa Mitocho Sawakihama

2,139,436

2,251,597+112,161

71,51049,336

E-14

Ichigo Yamaguchi Aionishi

1,477,395

1,561,926+84,531

63,19850,840E-15

Ichigo Yamaguchi Sayama

2,845,385

3,296,216+450,831

116,21796,88233,947,048

34,098,270+151,222

1,302,071

1,083,433

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

14

Financing Details
Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps
as of June 30, 2022

Interest Rate(% )Fixed/Floating

Borrowing Date

Maturity

Loan
Term

4,402

0.760%Fixed

Dec 1, 2016

Nov 30, 2026

10 yearsMizuho Bank333

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Yamaguchi Bank702

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

5,438

0.770%

Loan

LenderTerm Loan I

Mizuho Bank, SMBC

Term Loan II
Term Loan III

Amount(JPY million)

Total(Weighted Average)

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

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

FY24/6

FY25/6

FY26/6

57.4%

58.5%

57.8%

57.8%

57.2%

56.4%

55.6%

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

FY24/6

FY25/6

FY26/6

15.5X

8.1X

8.0X

7.7X

7.1X

6.6X

5.9X

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.

15

FY23/6 Forecast
Forecast Dividend JPY 4,095 (-3.6% vs. FY22/6 Actual)
FY21/6
Actual

FY22/6
Forecast(JPY million)

FY22/6
Actual

FY23/6
Forecast

Operating Revenue

1,074

1,072

1,083

1,065

Operating Expenses

816

822

807

805

(Depreciation)

637

640

637

641

Operating Profit

257

249

276

260

Recurring Profit

179

183

212

198

Net Income

177

182

211

197

Dividend

JPY 3,922

JPY 3,945

JPY 4,248

JPY 4,095(excluding DEE)

JPY 1,727

JPY 1,750

JPY 2,053

JPY 1,895(DEE)

JPY 2,195

JPY 2,195

JPY 2,195

JPY 2,200

15

15

15

15

33.76M kWh

33.94M kWh

34.09M kWh

33.77M kWh

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

16

Japan’s First Ten-Year Earnings Forecast
Above-Forecast Dividend 6 Years in a Row Since Establishment
Actual(JPY)

Forecast

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

8,146

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

FY22/6 Actual
Forecast
JPY 1,750
Forecast Revision +JPY 303
ActualJPY 2,053

(JPY)

1,390

1,625

1,750

1,895

1,860

1,875

1,410

1,375

2,180

2,185

2,190

2,195

2,195

2,200

2,205

2,010

1,825

FY18/6
Actual

FY19/6
ActualFY20/6
Actual

FY21/6
Actual

FY22/6
Actual

FY23/6

FY24/6

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.

17

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 YieldCo that it manages, in its shareholder program(70,000 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 development.

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

18

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

19

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.

20

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)

21

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

22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.

23

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

24

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)
TSE Prime, JPX-Nikkei 400 Member
Deeply committed to CSR and Sustainability
Japan’s first zero-carbon listed real estate company
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 for every guest, becausethat particular moment will only exist once andmust 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 Office (8975)
Ichigo Hotel (3463)

Sustainable
Real Estate

Clean Energy
Other

Ichigo Estate

Miyako City

Ichigo Owners

CentroIchigo Land Shinchiku

Storage Plus

Ichigo Real Estate Services
Fukuoka

Ichigo Animation

Ichigo Marché

Hakata Hotels

Ichigo ECO Energy

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

25

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.

26

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

65 Plants (195.2MW)
Currently Operating

62 Plants (173.1MW)
Okinawa
Ichigo Nago Futami

8.44MW

KyushuChugoku
Ichigo Yamaguchi Aionishi

1.24MW

Ichigo Yamaguchi Sayama

2.35MW

Ichigo Yonago Izumi

2.61MW

Ichigo Kasaoka Takumicho

1.11MW

Ichigo Fuchu Jogecho Yano

0.99MW

Ichigo Abira Toasa

1.16MW

Ichigo Muroran Hatchodaira

1.24MW

Ichigo Toyokoro

1.02MW

Ichigo Nakashibetsu Midorigaoka

1.93MW

Ichigo Yubetsu Barou

0.80MW

Ichigo Betsukai Kawakamicho

0.88MW

2.72MW

Ichigo Akkeshi Shirahama

0.80MW

2.64MW

Ichigo Toyokoro Sasadamachi

0.60MW

Ichigo Kure Yasuuracho Nakahata

2.90MW

Ichigo Memuro Nishi-Shikari

1.32MW

Total

13.57MW

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

TohokuKansai

Chubu

Ichigo Sennan Kitsuneike

2.86MW

Ichigo Takashima Kutsuki

3.74MW

Ichigo Toyokawa Mitocho Sawakihama

1.80MW

Ichigo Kobe Pompuike

2.73MW

Ichigo Toki Oroshicho

1.39MW

Total

9.34MW

Ichigo Tsu

2.94MW

Ichigo Green (9282)
IchigoIn-Development(as of July 14, 2022)

1.12MW

2.54MW

0.89MW

20.78MW

Ichigo Engaru Kiyokawa

2.87MW

Ichigo Kijo Takajo

13.99MW

1.24MW

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

1.44MW

Total

1.40MW

Ichigo Engaru Higashimachi

Ichigo Sera Tsukuchi

Ichigo Miyakonojo Yasuhisacho

Ichigo Miyakonojo
Takazakicho Tsumagirishima
Ichigo Ebino Suenaga

Hokkaido
Ichigo Motomombetsu

Ichigo Hamanaka Bokujo Tsurunokotai

2.31MW

Ichigo Hamanaka Bokujo Kajibayashi

2.31MW(Wind) Ichigo Yonezawa Itaya

7.39MW

Total

12.01MW(Wind) Ichigo Takashinoyama

6.99MW

Kanto
Ichigo Kiryu Okuzawa

1.33MW

Ichigo Maebashi Naegashima

0.67MW

Ichigo Showamura Ogose

43.34MW

Ichigo Toki Tsurusatocho Kakino

1.31MW

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

2.89MW

1.45MW

Ichigo Hitachiomiya

2.99MW

Ichigo Tatsunomachi Sawasoko

0.74MW

Ichigo Hokota Aoyagi

2.48MW

Ichigo Komagane Akaho Minami

0.74MW

2.84MW

0.39MW

68.78MW

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

Ichigo Iyo Nakayamacho Izubuchi

1.23MW

Ichigo Obu Yoshidamachi

1.10MW

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

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

0.74MW
0.74MW

27

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

28

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.

29

Delivering on Sustainability
CO2 Reduction: +19% YOY (FY21 CO2 Reduction 115,884 tons) Clean Energy Business Growth Addressing Critical Environmental Issues
Total Ichigo Power Plant CO2 Reductions

Total Ichigo CO2 Emissions■ Ichigo (115,342 tons)■ Ichigo Green (22,506 tons)■ Ichigo (28,763 tons)■ Ichigo Office (22,727 tons)■ Ichigo Hotel (7,745 tons)

54,802

137,848

tons

tons

FY22 Actuals** March 2021 – February 2022 Actuals© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

30

ESG Initiatives: Environmental
Sustainability-Driven & Climate Positive
Towards a Net Zero Carbon Society

Effective Use of Existing Real Estate

J-REIT Initiatives

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

Preserve & Improve Real Estate
to End Wasteful Demolition

Pro-Active Environmental
Certifications

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

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.

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.
Ichigo Office(8975)

Ichigo Hotel(3463)

Ichigo’s Sustainable Real Estate
Preserve & Create Value

Certifications• 20 (19 assets)• 33.3% of total leasable
office area
GRESB (Since 2016)• Received Green Star
for 5 years in a row.
Evaluated for ESG,
management, &performance
Transition to Renewable
Energy• Completed at all 74
assets in April 2022

Certifications• HOTEL EMITSHIBUYA(BELS, 4 stars)
GRESB (Since 2021)• Received Green Star.
Evaluated for ESG,
management, &performance
Transition to Renewable
Energy• Completed at 9 hotels• To be transitioned
sequentially at otherhotelsAnnual Power Production

217,758,958 kWh
Equivalent to annual
energy consumption of
72,586 households
Annual CO2 Reduction

124,281,000 kg
Equivalent to annual
CO2 emission of
54,035 cars
* July 2021 – June 2022 Actuals

Sustainable
Real Estate

Increase
Quality ofTenantServices+

Renovate &RepairIncrease= Tenant
Satisfaction

Improve aesthetics and comfort
Seismic reinforcements
Regulatory compliance
Increase energy efficiency(excludes partially-owned
assets)(as of July 31, 2022)© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

31

ESG Initiatives: Social
Contributing to a Sustainable Society
Contributing to Regional Revitalization

Ichigo University

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 ourclean energy plants also support their hostcommunities by providing new andsustainable sources of income.

Ichigo established Ichigo University in May
2013 to support employees’ continuing
education and personal growth.
Ichigo University courses are taught byemployees and external professionals whoare specialists in their fields and have deep
experience.

Sports Initiatives

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.

Average Annual Number of Courses: 30
THE KNOT TOKYO
Shinjuku

Ichigo University Classes

Hotel / Tokyo
https://hotel-theknot.jp/tokyoshinjuku/en

Miyako City
Retail Asset / Miyazaki
www.miyakocity.com

Chisato Kiyoyama(Track and Field)
OnlineIn-Person

Hiromi Miyake(Weightlifting)
Ichigo Sports Site (Japanese only)
www.ichigo.gr.jp/ichigosports© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

32

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 (3 of 5) 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

33

Solar Power Plant Data

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

34

Geographically Diversified Portfolio(as of June 30, 2022)

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)
35

Power Generation (YOY)Power Generation +1.0% YOY
Power Generation: FY22/6 vs. FY21/6(kWh)
5,000,000■ FY21/6 Actual (15 Power Plants)■ FY22/6 Actual (15 Power Plants)

FY21/6 Actual: 33.76M kWh
FY22/6 Actual: 34.09M kWh (+0.33M kWh. +1.0% YOY)

4,000,000

3,000,000

2,000,000

1,000,000

0July 2021

AugustSeptember

OctoberNovember

DecemberJan 2022

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

March

April

May

June

36

Individual Solar Power Plant Earnings (July 2021 – June 2022)(JPY thousand)Leaseholder
No.

Solar Power Plant

Power
Production
Revenue

Ichigo Green

OperatingExpenses

Operating
Revenue

Expenses

NOI

Depreciation
ExpenseIncomeE-01

Ichigo Kiryu Okuzawa

62,907

13,32849,5783,018

46,56029,795

16,765

E-02

Ichigo Motomombetsu

64,256

12,342

51,914

3,077

48,83729,496

19,340E-03

Ichigo Muroran Hatchodaira

59,124

10,793

48,3302,902

45,42827,71917,709E-04

Ichigo Engaru Kiyokawa

47,883

10,39937,4832,473

35,01023,618

11,391

E-05

Ichigo Iyo Nakayamacho Izubuchi

56,79010,126

46,6642,889

43,774

27,82915,944E-06

Ichigo Nakashibetsu Midorigaoka

90,322

15,41374,908

5,072

69,836

43,766

26,070E-07

Ichigo Abira Toasa

53,187

10,57842,6082,888

39,72025,048

14,672

E-08

Ichigo Toyokoro

50,3288,961

41,3672,849

38,51824,652

13,865

E-09

Ichigo Nago Futami

343,01760,753302,096*

22,578279,517

190,733

88,784

E-10

Ichigo Engaru Higashimachi

50,226

9,314

41,328

3,055

38,272

26,158

12,114

E-11

Ichigo Takamatsu Kokubunjicho Nii

114,069

10,615

103,453

6,842

96,61054,46642,144

E-12

Ichigo Miyakonojo Yasuhisacho

59,032

12,393

46,6383,361

43,27628,514

14,762

E-13

Ichigo Toyokawa Mitocho Sawakihama

71,51022,17349,336

3,598

45,73828,477

17,261

E-14

Ichigo Yamaguchi Aionishi

63,19812,66650,8404,243

46,59726,31820,278

E-15

Ichigo Yamaguchi Sayama

116,217

19,33596,882

7,191

89,69050,82938,861Total

1,302,071

239,195

1,083,433

76,043

1,007,390

637,424

369,966* Ichigo Nago Futami ECO Power Plant (E-09): Lower-than-forecast power generation resulted in Ichigo Green receiving operator-guaranteed baserevenue of JPY 19.8M.
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

37

FY23/6 Forecast Power Generation
FY23/6 Forecast 33.77 million kWh(FY22/6 Actual 34.09 million kWh)
FY22/6 Actual Power Generation and FY23/6 Forecast Power Production(kWh)5,000,000■ FY22/6 Actual (15 Power Plants)■ FY23/6 Forecast (15 Power Plants)

FY22/6 Actual: 34.09M kWh
FY23/6 Forecast: 33.77M kWhkWh (-0.32M kWh, -1.0% YOY)

4,000,000

3,000,000

2,000,000

1,000,000

0July 2021

AugustSeptember

OctoberNovember

DecemberJan 2022

February

March

April

May

June

Forecast power generation is a 50% probability mean annual production forecast (P50 forecast), calculated by an independent, third-party technicalconsulting firm, that serves as the base forecast for each solar power plant’s operating plan.
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

38

Solar Power Plant Portfolio
as of June 30, 2022
Location

Acquisition
Date

Book
Value
(JPY
million)Appraisal Value1(JPY
million)E-01 Ichigo Kiryu Okuzawa

Kiryu City, Gunma

Dec 2016

335

E-02 Ichigo Motomombetsu

Mombetsu City, Hokkaido

Dec 2016

E-03 Ichigo Muroran Hatchodaira

Muroran City, Hokkaido

E-04 Ichigo Engaru Kiyokawa

Panel
Output2
(MW)

FIT3
(JPY)

Portfolio
Weight4

394

1.33

40

4.06%

344

402

1.40

40

4.17%

Dec 2016

325

379

1.24

40

3.95%

Mombetsu County, Hokkaido

Dec 2016

277

314

1.12

40

3.37%

E-05 Ichigo Iyo Nakayamacho Izubuchi

Iyo City, Ehime

Dec 2016

329

383

1.23

40

3.99%

E-06 Ichigo Nakashibetsu Midorigaoka

Shibetsu County, Hokkaido

Dec 2016

543

628

1.93

40

6.59%

E-07 Ichigo Abira Toasa

Yufutsu County, Hokkaido

Dec 2016

313

363

1.16

40

3.80%

E-08 Ichigo Toyokoro

Nakagawa County, Hokkaido

Dec 2016

308

359

1.02

40

3.74%

E-09 Ichigo Nago Futami

Nago City, Okinawa

Dec 2016

2,415

2,917

8.44

40

29.30%

E-10 Ichigo Engaru Higashimachi

Mombetsu County, Hokkaido

Dec 2016

331

375

1.24

40

4.02%

E-11 Ichigo Takamatsu Kokubunjicho Nii

Takamatsu City, Kagawa

Dec 2016

841

915

2.43

36

10.20%

E-12 Ichigo Miyakonojo Yasuhisacho

Miyakonojo City, Miyazaki

Dec 2016

374

428

1.44

36

4.54%

E-13 Ichigo Toyokawa Mitocho Sawakihama Toyokawa City, Aichi

Dec 2016

377

409

1.80

32

4.58%

E-14 Ichigo Yamaguchi Aionishi

Yamaguchi City, Yamaguchi

Jul 2017

430

469

1.24

40

5.23%

E-15 Ichigo Yamaguchi Sayama

Yamaguchi City, Yamaguchi

Jul 2017

698

798

2.35

36

8.48%

8,246

9,537

29.43

38.7

100%

No.

Solar Power Plant

Total (15 Solar Power Plants)

1 Appraisal Value is from PwC Sustainability LLC’s Valuation Report using values as of June 30, 2022. 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.

39

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

FY22/6 Actual Power Generation: +6.1% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,0000Jul
2021

E-02 Ichigo Motomombetsu

Aug

Sep

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

FY22/6 Actual Power Generation: +7.2% 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
2021

Aug

Sep

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

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

40

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

FY22/6 Actual Power Generation: +6.7% 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
2021

Aug

Sep

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

FY22/6 Actual Power Generation: +0.2% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2021

Aug

Sep

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

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

41

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

FY22/6 Actual Power Generation: +0.7% 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
2021

Aug

Sep

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

FY22/6 Actual Power Generation: +5.3% 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
2021

Aug

Sep

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

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

42

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

FY22/6 Actual Power Generation: +3.5% vs. Forecast
Forecast Power Generation
Actual Power Generation
200,000

150,000

100,000

50,0000Jul
2021E-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
2022

Feb

Mar

Apr

May

Jun

FY22/6 Actual Power Generation: +0.3% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2021

Aug

Sep

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

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

43

Individual Solar Power Plant Details
E-09 Ichigo Nago Futami

FY22/6 Actual Power Generation: -11.3% 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

Power
Purchaser

Okinawa Electric

300,000
0E-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

(kWh)

Jul
2021

Aug

Sep

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

FY22/6 Actual Power Generation: -3.2% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2021

Aug

Sep

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

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

44

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

FY22/6 Actual Power Generation: +5.6% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)400,000

300,000

200,000

100,000

0
Jul
2021

E-12 Ichigo Miyakonojo Yasuhisacho

Aug

Sep

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

FY22/6 Actual Power Generation: -1.4% 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
2021

Aug

Sep

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

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

45

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

FY22/6 Actual Power Generation: +5.2% 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
2021E-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
2022

Feb

Mar

Apr

May

Jun

FY22/6 Actual Power Generation: +5.7% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2021

Aug

Sep

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

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

46

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

FY22/6 Actual Power Generation: +15.8% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)400,000

300,000

200,000

100,000

0

Jul
2021

Aug

Sep

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

Oct

Nov

Dec

Jan
2022

Feb

Mar

Apr

May

Jun

47

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

48

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 sale price forelectricity (in Japan, 20 years) at a fixed price.
‒ 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

JPY 1720 years

FY2017

JPY 21 1

20 years

FY2022

JPY 1620 years

FY2018JPY 18 1

20 years

FY2019JPY 142

20 years

FY2020

JPY 12~13

3

20 years

FY2021

JPY 11~12

3

20 years

JPY 10~11

3

FY202220 years

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

Note: FY starts on April 1 and ends on March 31 of the following year
1 FIT for >2MW non-residential solar power production determined

via auction process in 2017 and 2018
2 FIT for >0.5MW non-residential solar power production determined

via auction process in 2019
3 FIT for >0.25MW non-residential solar power production determined

via auction process in 2020, 2021, and 2022

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

49

Shareholder Composition
Major Shareholders (as of June 30, 2022)

Shareholdings by Shareholder TypeName

No. OfSharesShare

1 Ichigo Trust Pte. Ltd.

22,677

22.0%

100%

2 Ichigo Inc.

6,000

5.8%

80%

2,389

2.3%

60%

2,340

2.3%

40%

3

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

4 The Fukuho Bank, Ltd.
5 Bank of Fukuoka, Ltd.
6 Otani Asset Management, K.K.
7 Fuji Dempa Kogyo Co., Ltd.

1,323

1.3%

20%

870

0.8%

0%

676

0.7%

Foreign Corporations & Individuals

Domestic Financial Institutions

Non-Financial Domestic Corporations

Domestic Individuals

23,428 shares(22.8%)
11,366 shares(11.0%)
8,241 shares(8.0%)

24,376 shares(23.7%)

25,404 shares(24.7%)

11,673 shares(11.3%)

11,750 shares(11.4%)

10,774 shares(10.5%)

8,990 shares(8.7%)

59,931 shares(58.2%)

56,143 shares(54.5%)

56,822 shares(55.2%)

June 30, 2021
(102,966 shares)*Dec 31, 2021
(102,966 shares)*

June 30, 2022
(102,966 shares) ** Number of shares outstanding

8 LGT BANK LTD.
9 Individual Shareholder
10 CLEARSTREAM BANKING S.A.
Total

600
520

0.6%

Shareholders by Shareholder Type
June 30, 2022
Jun 30, 2021 Dec 31, 2021
Shareholders Shareholders Shareholders Share

0.5%

507

0.5%

37,90236.8%

Domestic Individuals
Domestic Financial Institutions
City banks, regional banks

7,937
21
4

7,738
19
2

7,896
20
2

98.0%
0.2%
–

Trust banks
Other (including securities companie

3
14

3
14

3
15

–
0.2%

Non-Financial Domestic Corporations
Foreign Corporations & Individuals
Total

110
43
8,111

96
43
7,896

104
39
8,059

1.3%
0.5%
100%

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

50

Share Price (Dec 1, 2016 to Jun 30, 2022)
Listed on the TSE on Dec 1, 2016
(JPY)

(Shares Traded)

90,00018,000Ichigo Green(left axis)
80,000TSE REIT Index(left axis)

TSE Infrastructure Fund Index(left axis)

Trading Volume(right axis)

Final trading date for settlement
before the two-for-one stock split
Dec 26, 2017

15,00070,00012,00060,0009,000

50,0006,000

40,0003,000

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

2019/122020/6*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.

2020/122021/62021/122022/6

Source: Bloomberg

51

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.

52

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.