Ichigo Green(9282)

FY21/6 Corporate Presentation
January
13,20212017
August 13,

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 across the world affected by the Covid
pandemic, and our wishes for the earliest and fullest
possible recovery.
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
FY21/6 Results‒ Solar Power Plant Portfolio Details‒ FY21/6 Highlights‒ FY21/6 Earnings‒ FY21/6 Events – Robust Power Generation Infrastructure‒ Power Generation -1.1% vs. Forecast‒ Power Generation by Individual Power Plant‒ Financing Details‒ FY22/6 Forecast‒ Japan’s First Ten-Year Earnings Forecast‒ Expected Increase in Renewable Energy Demand‒ 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 Commitment to ESG‒ Ichigo Sustainability Policy‒ 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 2020 – June 2021)‒ FY22/6 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
developing and operating 67 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

FY21/6 Results© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

8

Solar Power Plant Portfolio Details
as of June 30, 2021

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

22,405 Tons

11,316 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%

By Years in Operation

5-6 years inoperation
21.8%

Hokkaido
30.2%>7 years inoperation
20.2%

By FIT

JPY 32
4.6%
JPY 3622.3%
JPY 4073.1%

Kyushu4.5%

Shikoku
13.9% Chugoku
12.8%

Kanto
4.3%

6-7 years inoperation
58.0%

Chubu
4.6%
* Data in graphs are acquisition price basis.

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

9

FY21/6 Highlights
Achievements

Details

Power
Generation

33.76M kWh(-1.1% vs. forecast)• Lower-than-forecast power generation at Ichigo Nago Futami
and Ichigo Miyakonojo Yasuhisacho ECO Power Plants due toadverse weather conditions and EPCO power suspension

Operating
Revenue

JPY 1,074M(-JPY 4M vs. forecast)• -0.4% vs. forecast

NOI

JPY 985M(-JPY 4M vs. forecast)• Slight NOI decrease due to decrease in Operating Revenue

EPS

JPY 1,726(+JPY 84 vs. forecast)• Net Income +5.1% vs. forecast due to lower-than-forecast
Depreciation, SG&A, and Non-Operating Expenses

FFO per ShareJPY 8,039(+JPY 38 YOY)Dividend per
Share

JPY 3,922(+JPY 102 vs. forecast)• Cash earnings from solar power production revenue
significantly exceeded total dividends• Dividend (ex-DEE) JPY 1,727(+JPY 102 vs. forecast, +6.3%)• DEE JPY 2,195 (in line with forecast)* 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

FY21/6 Earnings– Operating Revenue: JPY 1,074M (-0.4% vs. Full-Year Forecast Due toAdverse Weather)– Net Income: JPY 177M (+5.1% vs. Full-Year Forecast Due to Cost
Optimization)(JPY million)
FY20/6
Actual

FY21/6
Forecast (A)FY21/6
Actual (B)vs. Forecast

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

1,089

1,078

1,074

99.6%

-4

Operating Expenses

831

826

816

98.8%

-9

(Depreciation)

636

640

637

99.6%

-2

Operating Profit

257

252

257

102.2%+5

Recurring Profit

167

170

179

105.1%+8

Net Income

165

169

177

105.1%+8

Dividend

JPY 3,802

JPY 3,820

JPY 3,922

102.7%+JPY 102(excluding DEE)

JPY 1,612

JPY 1,625

JPY 1,727

106.3%+JPY 102(DEE)

JPY 2,190

JPY 2,195

JPY 2,195

100%

–

15

15

15

–

–

34.31M kWh

34.12M kWh

33.76M kWh

98.9%-0.36M 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

FY21/6 Events – Robust Power Generation Infrastructure
No Natural Disaster Impact Due to Durable Plant Construction− Natural Disasters
 Heavy Rainfall (Jul 2020): No injuries or material damages at Ichigo Green
power plants despite record rainfall in the Kyushu and Chubu regions
 Typhoon Haishen (Sep 2020): No injuries or material damages at Ichigo
Green power plants despite typhoon passing by the Kyushu region

Lower-Than-Forecast Operating Revenue Due to Adverse Weather
Conditions in Okinawa and EPCO Purchase Suspension− Kyushu Electric Power Purchase Suspension (Feb – May 2021)
 Ichigo Miyakonojo Yasuhisacho ECO Power Plant (Miyazaki) halted power
output for a total of 25 days
Feb 2021

Mar 2021

Apr 2021

May 2021

Total

Forecast Power
Generation

124,511kWh

151,339kWh

163,304kWh

178,830kWh

617,984kWh

Actual Power
Generation

116,607kWh

114,143kWh

121,932kWh

74,940kWh

427,622kWh

Days Offline

3

6

7

9

25

Power Generation
Loss*

13,340kWh

29,291kWh

38,104kWh

51,918kWh

132,655kWh* Forecast Power Generation / Days of month x Days Offline© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

12Power Generation -1.1% vs. Forecast
FY21/6 Power Generation and Power Production Revenue(kWh)(JPY million)

5,000,000
138

Forecast Power Production (left axis)

150

Actual Power Production (left axis)

Power Production Revenue (right axis)

133
123

122
4,000,000

117

114
116

120

101
91

85

3,000,000

90
76
70

2,000,000

60

1,000,000

30

0July 2020

AugustSeptember

OctoberNovember

DecemberJan 2021

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 Despite
Adverse Weather Conditions in Okinawa and EPCO Purchase Suspension
Solar Power Plant

Actual Power
Generation (B)(kWh)

Difference(B) - (A)(kWh)

Actual Power
Production
Revenue(JPY thousand)Operating
Revenue*(JPY thousand)*

No.

Forecast Power
Generation (A)
(kWh)

E-01

Ichigo Kiryu Okuzawa

1,541,390

1,601,086+59,696

61,88649,342

E-02

Ichigo Motomombetsu

1,540,459

1,527,150-13,30959,76247,763

E-03

Ichigo Muroran Hatchodaira

1,431,647

1,439,357+7,71056,121

45,637

E-04

Ichigo Engaru Kiyokawa

1,216,692

1,198,910-17,782

47,26838,579E-05

Ichigo Iyo Nakayamacho Izubuchi

1,412,383

1,394,013-18,370

55,86945,666

E-06

Ichigo Nakashibetsu Midorigaoka

2,215,304

2,233,596+18,292

87,19173,812

E-07

Ichigo Abira Toasa

1,308,742

1,353,697+44,955

54,10844,266

E-08

Ichigo Toyokoro

1,278,794

1,230,883-47,911

48,688

41,104E-09

Ichigo Nago Futami

9,595,968

8,838,759-757,209

356,178

304,277

E-10

Ichigo Engaru Higashimachi

1,337,110

1,251,595-85,515

50,091

40,273

E-11

Ichigo Takamatsu Kokubunjicho Nii

3,037,551

3,186,989+149,438

114,411

104,308

E-12

Ichigo Miyakonojo Yasuhisacho

1,711,000

1,547,789-163,211

54,86344,548

E-13

Ichigo Toyokawa Mitocho Sawakihama

2,150,459

2,212,892+62,433

70,31847,102

E-14

Ichigo Yamaguchi Aionishi

1,484,993

1,517,284+32,291

61,411

51,364

E-15

Ichigo Yamaguchi Sayama

2,860,005

3,228,250+368,245

113,833

96,15634,122,504

33,762,256-360,248

1,292,004

1,074,206

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
Have Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps
as of June 30, 2021

Amount(JPY million)

Interest Rate(%)

Fixed/Floating

Borrowing Date

Maturity

Loan
Term

4,754

0.760%Fixed

Dec 1, 2016

Nov 30, 2026

10 yearsMizuho Bank

361

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Yamaguchi Bank760

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

5,875

0.771%

Loan

LenderTerm Loan I

Mizuho Bank, SMBC

Term Loan II
Term Loan III

Total(Weighted Average)

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

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

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

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

FY22/6 Forecast
Forecast Dividend JPY 3,945 (+0.6% vs. FY21/6 Actual)
FY20/6
Actual

FY21/6
Forecast(JPY million)

FY21/6
Actual

FY22/6
Forecast

Operating Revenue

1,089

1,078

1,074

1,072

Operating Expenses

831

826

816

822

(Depreciation)

636

640

637

640

Operating Profit

257

252

257

249

Recurring Profit

167

170

179

183

Net Income

165

169

177

182

Dividend

JPY 3,802

JPY 3,820

JPY 3,922

JPY 3,945(excluding DEE)

JPY 1,612

JPY 1,625

JPY 1,727

JPY 1,750(DEE)

JPY 2,190

JPY 2,195

JPY 2,195

JPY 2,195

15

15

15

15

34.31M kWh

34.12M kWh

33.76M kWh

33.94M 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
Ten-Year Dividend & FFO Forecast (Includes 2017 – 2021 Actuals)
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

8,002

8,146

8,136

8,253

8,211

Dividend per Share

2,139

4,226

3,865

3,802

3,922

3,945

4,095

4,065

3,885

3,540

FFO = Funds From Operations+636
FY21/6 Actual
Forecast
JPY 1,625
Forecast Revision +JPY 102
ActualJPY 1,727

Dividend per Share (excluding DEE)

+305

(JPY)

+222
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

FY23/6

FY24/6

FY25/6

FY26/6

1,715

869

DEE per Share
DEE = Dividend in Excess of
Earnings

+102

1,270
FY17/6
ActualAmortization of TSE listing andnew share-issuance expenses
Amortization of expenses related to
Ichigo Green establishment

Capex based onlong-term capex plan

* 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.
* Although Ichigo Green’s FY17/6 ran from Oct 1, 2016 to June 30, 2017, its actual operating timeframe was the 7-month period from Dec 1, 2016,
the day it acquired its first power plants, to June 30, 2017.
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

17

Expected Increase in Renewable Energy Demand
2030 Energy Mix/Sixth Basic Energy Plan Announced by METI
(July 21, 2021)
Japan Renewable Energy Contribution■ Renewable Energy■ Non-Renewable Energy

Global Acceleration of
Net Zero Carbon
Japan Shifting Main Energy Source
to Renewable Energy Towards
2050 Net Zero Carbon Target

18%
2020
Actual24~26%

50~60%

Companies Shifting toRenewable Energy Globally

2050 Target(under review)

Further Increase in Renewable
Energy Demand

36~38%

2030 Target(currently under review
for upward revision*)*Increase Solar Energy Target From 64GW to 100GW© 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 YieldCo that it manages, in its shareholder program(65,000 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.
Events & Gifts− Ichigo Kids J.League Events
 Escort players onto field High-fives with players
 Other programs− J.League Merchandise Autographed jerseys from all
J.League clubs
 Ichigo original J.League towels− J.League Online Events
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)
TSE First Section, JPX-Nikkei 400 Member
Deeply committed to CSR and Sustainability
Japan’s first zero-carbon listed real estate company

Ichigo(TSE First Section 2337)

Ichigo Green (9282)

Ichigo Preserves andImproves Real Estate

Hiromi Miyake(Weightlifting)

The word “Ichigo” comes from theancient Japanese proverb, Ichigo
Ichie, literally meaning “Onelifetime, one encounter.” Thephrase 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, because that particular
moment will only exist once andmust be fully lived and realized.

Ichigo embraces the Ichigo Ichie philosophy of sincerity
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

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 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

67 Plants (198.9MW)
Currently Operating

52 Plants (157.3MW)
Okinawa
Ichigo Nago Futami

8.44MW

KyushuHokkaido

Chugoku

Ichigo Motomombetsu

1.40MW

Ichigo Engaru Higashimachi

1.24MW

Ichigo Engaru Kiyokawa

1.12MW

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 Yubetsu Barou

0.80MW

Ichigo Sera Tsukuchi

2.54MW

Ichigo Betsukai Kawakamicho

0.88MW

Ichigo Sera Aomizu

2.87MW

Ichigo Abira Toasa

1.16MW

Ichigo Muroran Hatchodaira

1.24MW

Ichigo Toyokoro

1.02MW

Ichigo Nakashibetsu Midorigaoka

1.93MW

Ichigo Akkeshi Shirahama

0.80MW

Ichigo Toyokoro Sasadamachi

0.60MW

Ichigo Higashi-Hiroshima Saijocho
Taguchi
Ichigo Kasaoka Iwanoike

2.72MW

Ichigo Memuro Nishi-Shikari

1.32MW

2.64MW

Total

13.51MW

Ichigo Kure Yasuuracho Nakahata

2.90MW

Ichigo Miyakonojo Yasuhisacho

1.44MW

Ichigo Kijo Takajo

0.89MW

Ichigo Kasaoka Osakaike

2.66MW

Ichigo Hamanaka Bokujo Tsurunokotai

2.31MW

Ichigo Itoshima Iwara

1.48MW

Ichigo Kasaoka Idachiike

2.66MW

Ichigo Hamanaka Bokujo Kajibayashi

2.31MW

Ichigo Miyakonojo
Takazakicho Tsumagirishima

2.96MW

Ichigo Sera Shimotsuda

2.93MW

Total

4.62MW

30.22MW(Wind) Ichigo Yonezawa Itaya

7.39MW

Ichigo Ebino Suenaga

13.99MW(Wind) Ichigo Takashinoyama

6.99MW

Total

20.76MW

Total

Chubu

Kansai

Ichigo Green (9282)
IchigoIn-Development(as of July 14, 2021)

TohokuIchigo Sennan Kitsuneike

2.86MW

Ichigo Takashima Kutsuki

3.74MW

Ichigo Kobe Pompuike
Total

2.47MW
9.07MW

Shikoku

Ichigo Toyokawa Mitocho Sawakihama

1.80MW

Ichigo Toki Oroshicho

1.39MW

Ichigo Tsu

2.94MW

Ichigo Toki Tsurusatocho Kakino

1.31MW

Ichigo Sakahogi Fukagaya

2.89MW

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

1.67MW
1.29MW

Kanto
Ichigo Kiryu Okuzawa

1.33MW

Ichigo Maebashi Naegashima

0.67MW

Ichigo Showamura Ogose

43.34MW

Ichigo Toride Shimotakai Kita

1.03MW

Ichigo Toride Shimotakai Minami

0.54MW

Ichigo Minakami Aramaki

12.02MW

Ichigo Hitachiomiya

2.99MW

Ichigo Hokota Aoyagi

2.48MW

1.45MW

Ichigo Toride Shimotakai Nishi

2.84MW

Ichigo Obu Yoshidamachi

1.10MW

Ichigo Ueda Yoshidaike

1.01MW

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

0.74MW

Ichigo Takamatsu Kokubunjicho Nii

2.43MW

Ichigo Tatsunomachi Sawasoko

0.74MW

Ichigo Iyo Nakayamacho Izubuchi

1.23MW

Ichigo Komagane Akaho Minami

0.74MW

Total

Ichigo Tokushima Higashi-Okinosu

2.52MW

Ichigo Komagane Akaho Kita

0.39MW(Wind) Ichigo Onjuku Iwawada Nishi

1.99MW

Total

6.18MW

Total

18.72MW(Wind) Ichigo Onjuku Iwawada Higashi

1.99MW© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

0.74MW
68.72MW28

Ichigo’s Commitment to 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 ESG – Environmental
Contributing to a Low-Carbon World

Sustainable Real Estate

Clean Energy

Preserve & Improve Real Estate to End Wasteful
Demolition

Annual Power Generation 186,921,674kWh
Equivalent to annual energy consumption of
62,307 households
The Federation of Electric Power Companies ofJapan - Annual energy consumption perhousehold 3,000kWh‒ Lengthen useful life of real estate‒ Shrink environmental footprint by reducing
wasteful demolition & consumption of raw
materials, energy, & human talent in construction
LowestImpactWasteful
Demolition
HighestEfficiency

Annual CO2 Reduction 123,368,301kg
Equivalent to annual CO2 emission of 53,638
cars
Ministry of Environment
Annual CO2 emission per car c. 2,300kg(Jul 2020 ~ Jun 2021 Actuals – Ichigo & Ichigo Green)Sponsor Ichigo Joins RE100
Ichigo RE100 Target: Source 100% of Electricity Needs
Across Its Operations From Renewable Energy by 2025
(Including Ichigo Office and Ichigo Hotel Assets)

Environmental Productive Use of Idle Land for Clean Energy
will not build power plants that require theSustainability Ichigo
clearing of wooded land or the altering of the
For a Better landscape in a way that increases the risk of floods,
World
landslides, or other water-related disasters, or thatface opposition of local residents.

Ichigo Office (8975) & Ichigo Hotel (3463) Initiatives
Ichigo Office (8975)‒ Environmental Certifications

Ichigo Hotel (3463)‒ Environmental Certifications

15 certifications (14 assets), 25.1% of total leasable area

HOTEL EMIT SHIBUYA (BELS 4 Stars)‒ GRESB (since 2016)‒ GRESB

Green Star (Highest Ranking) 4 years in a row

Joined in 2021

‒ Sourcing Renewable Energy‒ Sourcing Renewable Energy

Transition to 100% renewable energy at all assets by April
2022 (excluding partially-owned and co-owned assets)

Transition starting from the January 2022 fiscal period© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

31

Ichigo ESG – Social
Supporting Local Communities

Working with Tenants− Conduct tenant surveys to understand needs toimplement effective value-add− Exclusive investor for Oshii Mamoru’s new
anime VLADLOVE to promote Japan’s anime
culture and build synergies with Ichigo’s retailasset AKIBA CULTURES ZONE
− Support tenant sales channel expansion andsales growth− Operate self-storage and laundromats to
support livelihood− Ichigo’s Boutique Hotel THE KNOT
A place where visitors, communities, and the oldand the new can come together− Miyako City, Nanbu Wholesale Market
Foster community interactions− J.League Top Partner
Promote community development, revitalize local
economies, and renovate & upgrade stadiums− Smart Agriculture
Support problem-solving within Japan’s agriculturalindustry

Make The World More Sustainable
HR & Internal Start-Ups− Ichigo University for employees
Taught by subject matter experts.
Internal online communication tool,
Ichigo University Media, established tosupport WFH employees−Support for Employees
100% return rate for employees whotake maternity/paternity leave− Women in Leadership
32% of managerial positions held by womenSports & Arts
− Support National & World-Class
Athletes− Support community-basedsoccer clubs− Support artists withdisabilities− Support University ofMiyazaki’s Program forChildren with Cancer
Weightlifter Hiromi Miyake© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Disaster Response− Typhoon disaster preventative
measures− Rapid damage assessment− Rapid disaster response
On-site inspections and measures toprevent secondary disasters, preserve
asset value, and supply essential
items to local communities− Neighborhood watch− Street cleaning and snow shoveling32

Ichigo ESG – Governance
Ichigo Green

Asset Management Company

Monitors Asset Management Company

Global Best Practice Governance− All Ichigo Green Directors are Independent of
the Asset Management 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 ensuresbest-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
Executive Director
Mami Nagasaki
Supervising Director Arata Nomoto
Supervising Director Kiyofumi Fujita

AGM
Corporate Auditor

External Auditor

Board of Directors

Grant Thornton Taiyo LLC

Asset Management
Agreement

Asset Management Company

President

Risk & Compliance Committee

Internal Audit
Risk & Compliance

Investment Committee(Ichigo Green)

Ichigo Green

Ichigo Investment Advisors

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

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, 2021)

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 -1.6% YOY
Power Generation: FY21/6 vs. FY20/6(kWh)5,000,000■ FY20/6 Actual (15 Power Plants)■ FY21/6 Actual (15 Power Plants)

FY20/6 Actual: 34.31M kWh
FY21/6 Actual: 33.76M kWh (-0.55M kWh, -1.6% YOY)

4,000,000

3,000,000

2,000,000

1,000,000

0July 2020

AugustSeptember

OctoberNovember

DecemberJan 2021

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 2020 – June 2021)(JPY thousand)Leaseholder
No.

Solar Power Plant

Ichigo GreenPower
Production
Revenue

OperatingExpenses

Operating
Revenue

Expenses

NOI

Depreciation
ExpenseIncomeE-01

Ichigo Kiryu Okuzawa

61,886

12,54449,342

3,565

45,776

29,795

15,981

E-02

Ichigo Motomombetsu

59,762

11,99847,763

3,635

44,12829,471

14,656

E-03

Ichigo Muroran Hatchodaira

56,121

10,483

45,637

3,428

42,20927,692

14,517

E-04

Ichigo Engaru Kiyokawa

47,268

8,688

38,5792,924

35,65523,61812,036

E-05

Ichigo Iyo Nakayamacho Izubuchi

55,86910,202

45,666

3,416

42,24927,826

14,422

E-06

Ichigo Nakashibetsu Midorigaoka

87,191

13,37873,812

5,921

67,891

43,711

24,180E-07

Ichigo Abira Toasa

54,1089,841

44,266

3,378

40,88825,04815,839E-08

Ichigo Toyokoro

48,688

7,583

41,104

3,331

37,77324,652

13,120E-09

Ichigo Nago Futami

356,178

57,634

304,277

26,342277,934

190,708

87,226

E-10

Ichigo Engaru Higashimachi

50,091

9,817

40,273

3,567

36,705

26,12910,576

E-11

Ichigo Takamatsu Kokubunjicho Nii

114,411

10,102

104,308

7,926

96,382

54,463

41,919

E-12

Ichigo Miyakonojo Yasuhisacho

54,863

13,21544,548

3,921

40,62728,426

12,200E-13

Ichigo Toyokawa Mitocho Sawakihama

70,31823,215

47,1024,165

42,93728,477

14,460E-14

Ichigo Yamaguchi Aionishi

61,411

10,04751,364

4,863

46,50026,31820,182

E-15

Ichigo Yamaguchi Sayama

113,833

17,67696,1568,401

87,75550,82936,926

Total

1,292,004

226,432

1,074,206

88,790985,416

637,168

348,247*1*2*1 Includes JPY 5.73M operator-guaranteed base revenue due to actual power generation at Ichigo Nago Futami ECO power plant (E-09)
falling below the performance guarantee threshold*2 Includes JPY 2.90M operator-guaranteed base revenue due to actual power generation at Ichigo Miyakonojo Yasuhisacho ECO power plant (E-12)
falling below the performance guarantee threshold© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

37

FY22/6 Forecast Power Generation
FY22/6 Forecast 33.94 million kWh(FY21/6 Actual 33.76 million kWh)
FY21/6 Actual Power Generation and FY22/6 Forecast Power Production(kWh)5,000,000

FY21/6 Actual: 33.76M kWh
FY22/6 Forecast: 33.94M kWh(+0.18M kWh)

■ FY21/6 Actual (15 Power Plants)■ FY22/6 Forecast (15 Power Plants)
4,000,000

3,000,000

2,000,000

1,000,000

0July 2020

AugustSeptember

OctoberNovember

DecemberJan 2021

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, 2021
No.

Solar Power Plant

Location

Acquisition
Date

Book
Value
(JPY
million)Appraisal
1

Value
(JPY
million)Panel
2

Output
(MW)

3

FIT
(JPY)

Portfolio
4WeightE-01

Ichigo Kiryu Okuzawa

Kiryu City, Gunma

Dec 2016

364

426

1.33

40

4.11%

E-02

Ichigo Motomombetsu

Mombetsu City, Hokkaido

Dec 2016

373

435

1.40

40

4.21%

E-03

Ichigo Muroran Hatchodaira

Muroran City, Hokkaido

Dec 2016

353

412

1.24

40

3.98%

E-04

Ichigo Engaru Kiyokawa

Mombetsu County, Hokkaido

Dec 2016

301

342

1.12

40

3.39%

E-05

Ichigo Iyo Nakayamacho Izubuchi

Iyo City, Ehime

Dec 2016

356

419

1.23

40

4.02%

E-06

Ichigo Nakashibetsu Midorigaoka

Shibetsu County, Hokkaido

Dec 2016

587

675

1.93

40

6.61%

E-07

Ichigo Abira Toasa

Yufutsu County, Hokkaido

Dec 2016

338

390

1.16

40

3.81%

E-08

Ichigo Toyokoro

Nakagawa County, Hokkaido

Dec 2016

332

386

1.02

40

3.75%

E-09

Ichigo Nago Futami

Nago City, Okinawa

Dec 2016

2,606

3,170

8.44

40

29.35%

E-10

Ichigo Engaru Higashimachi

Mombetsu County, Hokkaido

Dec 2016

357

403

1.24

40

4.03%

E-11

Ichigo Takamatsu Kokubunjicho Nii

Takamatsu City, Kagawa

Dec 2016

895

989

2.43

36

10.09%

E-12

Ichigo Miyakonojo Yasuhisacho

Miyakonojo City, Miyazaki

Dec 2016

400

448

1.44

36

4.51%

E-13

Ichigo Toyokawa Mitocho Sawakihama

Toyokawa City, Aichi

Dec 2016

405

435

1.80

32

4.57%

E-14

Ichigo Yamaguchi Aionishi

Yamaguchi City, Yamaguchi

Jul 2017

457

502

1.24

40

5.15%

E-15

Ichigo Yamaguchi Sayama

Yamaguchi City, Yamaguchi

Jul 2017

749

857

2.35

36

8.44%

8,880

10,293

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, 2021. 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

FY21/6 Actual Power Generation: +3.9% vs. Forecast
Forecast Power Generation
Actual Power Generation
200,000

150,000

100,000

50,0000Jul
2020

E-02 Ichigo Motomombetsu
Location

Hokkaido

Area

48,947m2

Operation
Start Date

Feb 3, 2014

Panel
Output

1.40MW

FIT

JPY 40 / kWh

FIT Period

Feb 2, 2034

Power
Purchaser

Hokkaido Electric

(kWh)

Aug

Sep

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 Actual Power Generation: -0.9% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

40

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

FY21/6 Actual Power Generation: +0.5% vs. Forecast
Forecast Power Generation
Actual Power Generation

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(kWh)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

Jul
2020

Aug

Sep

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 Actual Power Generation: -1.5% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0
Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

41

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

FY21/6 Actual Power Generation: -1.3% vs. Forecast
Forecast Power Generation
Actual Power Generation

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(kWh)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

Jul
2020

Aug

Sep

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 Actual Power Generation: +0.8% 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
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

42

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

FY21/6 Actual Power Generation: +3.4% vs. Forecast

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

200,000

Forecast Power Generation
Actual Power Generation(kWh)

150,000

100,000

50,0000E-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

Jul
2020

Aug

Sep

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 Actual Power Generation: -3.7% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

43

Individual Solar Power Plant Details
E-09 Ichigo Nago Futami
Location

FY21/6 Actual Power Generation: -7.9% vs. Forecast
Forecast Power Generation
Actual Power Generation

OkinawaArea

146,217m2

Operation
Start Date

Feb 2, 2015

Panel
Output

8.44MW

900,000

FIT

JPY 40 / kWh

600,000

FIT Period

Feb 1, 2035

Power
Purchaser

Okinawa Electric

1,200,000

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)1,500,000

Jul
2020

Aug

Sep

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 Actual Power Generation: -6.4 % vs. Forecast

200,000

Forecast Power Generation
Actual Power Generation(kWh)

150,000

100,000

50,000

0
Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

44

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

FY21/6 Actual Power Generation: +4.9% vs. Forecast
Forecast Power Generation
Actual Power Generation

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(kWh)400,000

300,000

200,000

100,000

0
Jul
2020

E-12 Ichigo Miyakonojo Yasuhisacho

Aug

Sep

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

FY21/6 Actual Power Generation: -9.5% vs. Forecast

LocationMiyazakiArea

94,165m2

Operation
Start Date

Jul 8, 2015

Panel
Output

1.44MW

150,000

FIT

JPY 36 / kWh

100,000

FIT Period

Jul 7, 2035

50,000Power
Purchaser

Kyushu Electric

250,000

Forecast Power Generation
Actual Power Generation(kWh)200,000

0
Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

45

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

FY21/6 Actual Power Generation: +2.9% vs. Forecast
Forecast Power Generation
Actual Power Generation

Aichi

Area

19,393m2

Operation
Start Date

Sep 16, 2015

Panel
Output

1.80MW

FIT

JPY 32 / kWh

FIT Period

Sep 15, 2035

Power
Purchaser

Chubu Electric Miraiz(kWh)300,000
250,000
200,000
150,000
100,000
50,0000Jul
2020

E-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
2021

Feb

Mar

Apr

May

Jun

FY21/6 Actual Power Generation: +2.2% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

Feb

Mar

Apr

May

Jun

46

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

FY21/6 Actual Power Generation: +12.9% vs. Forecast

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

400,000

Forecast Power Generation
Actual Power Generation(kWh)

300,000

200,000

100,000

0

Jul
2020

Aug

Sep

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

Oct

Nov

Dec

Jan
2021

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 / kWhJPY 40

Guarantee
Period20 years

FY2017 (4/1～9/30)

JPY 22

Guarantee
Period20 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

Contract Date

FIT / kWhFY2012FY2017

JPY 21FY2018JPY 18FY2019JPY 14

1

20 years

1

20 years

2

FY2020

JPY 12~13

FY2021

JPY 11~1220 years
3
3

20 years
20 years

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

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

via auction process in 2020 and 2021

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, 2021)
Name
1 Ichigo Trust Pte. Ltd.
2 Ichigo Inc.

Shareholdings by Shareholder TypeNo. ofShares19,8246,000

3 THE FUKUHO BANK, LTD.

Share
19.3%
5.8%

2,340

2.3%

1,600

1.6%

1,250

1.2%

6 Bank of Fukuoka, Ltd.

990

1.0%

7 Rakuten Securities, Inc.

894

0.9%

8 Otani Asset Management, K.K.

870

0.8%

9 Individual Investor

753

0.7%

10 Fuji Dempa Kogyo, Co, Ltd.

676

0.7%

35,197

34.2%

JPMBL RE CREDIT SUISSE AG, SINGAPORE
4BRANCH COLL EQUITY
The Master Trust Bank of Japan, Ltd.
5
(Trust Account)

Foreign Corporations & Individuals

Domestic Financial Institutions

Non-Financial Domestic Corporations

Domestic Individuals

100%
80%
60%

25,866 shares(25.1%)
10,439 shares(10.1%)
8,505 shares(8.3%)

22,505 shares(21.9%)
11,820 shares(11.5%)
10,581 shares(10.3%)

11,366 shares(11.0%)
8,241 shares(8.0%)

58,156 shares(56.5%)

58,060 shares(56.4%)

59,931 shares(58.2%)

June 30, 2020
(102,966 shares) *Dec 31, 2020
(102,966 shares)*

June 30, 2021
(102,966 shares)*23,428 shares(22.8%)

40%
20%
0%

* Number of shares outstanding

Total

Shareholders by Shareholder TypeJun 30, 2020 Dec 31, 2020

Jun 30, 2021

Shareholders Shareholders Shareholders Share
Domestic Individuals

6,990

7,318

Domestic Financial Institutions

23

20

21

0.3%

City banks, regional banks

4

4

4

–

Trust banks
Other (including securities companies)

3
16

3
13

3
14

–
0.2%

Non-Financial Domestic Corporations

83

90

110

1.4%

Foreign Corporations & Individuals

32

41

43

0.5%

7,128

7,469

8,111

100%

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

7,937 97.9%

50

Share Price (Dec 1, 2016 to Jul 31, 2021)
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)
15,000

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

70,00012,00060,0009,000

50,0006,000

40,0003,000

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

2019/12*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.

2020/62020/122021/6

Source: Bloomberg

51

Ichigo Green Overview
Investment Corporation
Investment
Corporation
Name

Ichigo Green Infrastructure Investment Corporation

Securities Code9282

Location

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

Executive Director

Mami Nagasaki

Fiscal Year

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

Asset Management
Management Company
Asset
Company
Name

Ichigo Investment Advisors Co., Ltd.

President

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.