Ichigo Green(9282)

FY20/6 Corporate Presentation
January
13,20202017
August 11,

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-19
pandemic and to all those in Japan affected by the
recent heavy rainfalls, and our wishes for the earliest
possible recovery.

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

2

Make The World
More SustainableContents
Mission & Deliverables to Shareholders
FY20/6 Results‒ Solar Power Plant Portfolio Details‒ FY20/6 Highlights‒ FY20/6 Earnings‒ FY20/6 Events – Robust Power Generation Infrastructure‒ Power Generation +0.1% vs. Forecast‒ Power Generation by Individual Power Plant‒ Financing Details‒ FY21/6 Forecast‒ Ichigo J.League Shareholder Program

Driving Shareholder Value‒ Japan’s First Ten-Year Earnings Forecast‒ 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
‒ Solar Power Plant Map‒ Power Generation (YOY)‒ Individual Solar Power Plant Earnings(July – June 2020)‒ FY21/6 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 64 solar and wind power plants nationwide.
・ Ichigo has extensive experience managing Ichigo Office (8975) and Ichigo Hotel (3463).

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

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

7

FY20/6 Results© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

8

Solar Power Plant Portfolio Details
as of June 30, 2020

No. of Power Plants

Acquisition Price

Panel Output

15

JPY 11.4B

29.43MWAverage FIT

CO2 Reduction

Annual Power
Generation

JPY 38.7

22,520 Tons

11,374 Households* Annualized CO2 reduction relative to fossil fuels based on each plant’s forecast power generation. Annualized number of households based oneach 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

Shikoku
13.9% Chugoku
12.8%

JPY 32
4.6%

4-5 years inoperation
21.8%

Hokkaido
30.2%

Kanto
4.3%

By FIT

JPY 3622.3%>5 years inoperation
78.2%

Chubu
4.6%

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

JPY 4073.1%* Data in graphs are acquisition price basis.

9

FY20/6 Highlights
Achievements

Drivers

Power
Generation

34.31M kWh(+0.1% vs. initial forecast)• Despite typhoons and some days offline due to EPCO purchasesuspensions, geographically diverse power plant portfoliodelivers robust power generation stability

Operating
Revenue

JPY 1,089M(+JPY 4M vs. initial forecast)• +0.4% vs. initial forecast

NOI

JPY 987M(+JPY 3M vs. initial forecast)• NOI increase driven by Operating Revenue increase

EPS

JPY 1,611(+JPY 208 vs. initial forecast)• +14.8% vs. initial forecast due to lower-than-forecast power
plant operating expenses

FFO

JPY 8,001(-JPY 196 YOY)

• Cash earnings from power production significantly exceed
dividends

Dividend

JPY 3,802(+JPY 222 vs. initial forecast)• Dividend (ex-DEE) JPY 1,612(+JPY 222 , +16% vs. initial forecast )• DEE JPY 2,190* 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) / Number of Shares Outstanding© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

10

FY20/6 Earnings– Net Income JPY 165M (+14.8% vs. Full-Year Forecast)– Dividend: JPY 3,802 (+6.2% vs. Full-Year Forecast)(JPY million)

FY19/6
ActualFY20/6
Forecast (A)FY20/6
Actual (B)vs. Forecast

vs. Forecast(B)-(A)

Operating Revenue

1,118

1,085

1,089

100.4%+4

Operating Expenses

836

844

831

98.4%

-13

(Depreciation)

636

638

636

99.8%

-1

Operating Profit

282

240

257

107.3%+17

Recurring Profit

174

145

167

114.7%+21

Net Income

173

144

165

114.8%+21

Dividend

JPY 3,865

JPY 3,580

JPY 3,802

106.2%+JPY 222(excluding DEE)

JPY 1,680

JPY 1,390

JPY 1,612

116.0%+JPY 222(DEE)

JPY 2,185

JPY 2,190

JPY 2,190

100.0%

–

15

15

15

–

–

35.21M kWh

34.29M kWh

34.31M kWh

Number of Power Plants
Power Generation

100.1%+0.02

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

11

FY20/6 Events – Robust Power Generation Infrastructure
Stable Power Generation Due to Geographically Diverse Portfolio Despite
Natural Disasters and EPCO Purchase Suspension− Natural Disasters
 Typhoon Faxai (Sep 2019) No injuries or material damages at Ichigo Green
power plants despite typhoon landing in the Kanto region
 Typhoon Hagibis (Oct 2019) No injuries or material damages at Ichigo Green
power plants despite record rainfall in the Kanto, Koshin, and Tohoku regions− Kyushu Electric Power Purchase Suspension (Nov 2019 – May 2020)
 Ichigo Miyakonojo Yasuhisacho ECO Power Plant (Miyazaki) stopped power
production for total 27 days
Nov 2019

Dec 2019

Jan 2020

Feb 2020

Mar 2020

Apr 2020

May 2020

Total

Forecast Power
Generation

115,919kWh

114,155kWh

110,910kWh

125,149kWh

152,115kWh

164,142kWh

179,747kWh

962,137kWh

Actual Power
Generation

114,492kWh

91,656kWh

94,389kWh

110,416kWh

104,457kWh

143,069kWh

148,647kWh

807,126kWh

Days Offline

2

1

1

3

7

8

5

27

Power
Generation
Loss*

7,727kWh

3,682kWh

3,577kWh

12,946kWh

34,348kWh

43,771kWh

28,991kWh

135,042kWh* 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 +0.1% vs. Forecast
FY20/6 Power Generation and Power Production Revenue(kWh)(JPY million)

5,000,000

Forecast Power Generation (left axis)
Power Production Revenue (right axis)
120

132

122

4,000,000

150

Actual Power Generation (left axis)
131
121

119

120

112
114
93

91

3,000,000

90

81
72

2,000,000

60

1,000,000

30

0July 2019

AugustSeptember

OctoberNovember

DecemberJan 2020

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.
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.

13

Power Generation by Individual Power Plant
Geographically Diverse Portfolio Supports Earnings Stability
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

1,549,369

1,620,046+70,677

63,166

51,181

E-02

Ichigo Motomombetsu

1,548,421

1,554,463+6,042

61,092

49,192

E-03

Ichigo Muroran Hatchodaira

1,439,045

1,495,667+56,62258,58748,282

E-04

Ichigo Engaru Kiyokawa

1,222,979

1,238,567+15,588

49,33940,814E-05

Ichigo Iyo Nakayamacho Izubuchi

1,419,678

1,312,406-107,272

52,852

43,112

E-06

Ichigo Nakashibetsu Midorigaoka

2,226,709

2,271,137+44,428

89,03574,333

E-07

Ichigo Abira Toasa

1,315,477

1,371,532+56,055

54,84342,758

E-08

Ichigo Toyokoro

1,285,375

1,286,031+656

51,15240,016

E-09

Ichigo Nago Futami

9,645,295

9,374,465-270,830

375,775

322,213

E-10

Ichigo Engaru Higashimachi

1,343,986

1,320,800-23,186

51,65041,944

E-11

Ichigo Takamatsu Kokubunjicho Nii

3,053,144

3,071,754+18,610110,246

96,393

E-12

Ichigo Miyakonojo Yasuhisacho

1,719,778

1,507,258-212,520

53,25644,694

E-13

Ichigo Toyokawa Mitocho Sawakihama

2,161,482

2,270,756+109,274

72,12750,435

E-14

Ichigo Yamaguchi Aionishi

1,492,592

1,490,795-1,79759,97749,610E-15

Ichigo Yamaguchi Sayama

2,874,624

3,132,603+257,979

110,498

94,241

34,297,958

34,318,282+20,324

1,313,602

1,089,225

Total* Operating Revenue = 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, 2020

Amount(JPY million)

Interest Rate(% )Fixed/Floating

Borrowing Date

Maturity

Loan
Term

5,094

0.760%Fixed

Dec 1, 2016

Nov 30, 2026

10 yearsMizuho Bank

391

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Yamaguchi Bank823

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Loan

LenderTerm Loan I

Mizuho Bank, SMBC

Term Loan II
Term Loan III

Total

6,309 Average 0.771%

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

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

57.4%

58.5%

57.8%

57.8%

57.1%

56.4%

55.6%

54.7%

53.7%

52.3%

Interest Bearing Liabilities ÷ FFO (Forecast)

Outstanding
Loan Amount

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

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

15.5X

8.1X

8.0X

7.8X

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

FY21/6 Forecast
Forecast Dividend JPY 3,820(JPY million)

FY19/6
ActualFY20/6
Forecast

FY20/6
Actual

FY21/6
Forecast

Operating Revenue

1,118

1,085

1,089

1,078

Operating Expenses

836

844

831

826

(Depreciation)

636

638

636

640

Operating Profit

282

240

257

252

Recurring Profit

174

145

167

170

Net Income

173

144

165

169

Dividend

JPY 3,865

JPY 3,580

JPY 3,802

JPY 3,820(excluding DEE)

JPY 1,680

JPY 1,390

JPY 1,612

JPY 1,625(DEE)

JPY 2,185

JPY 2,190

JPY 2,190

JPY 2,195

15

15

15

15

35.21M kWh

34.29M kWh

34.31M kWh

34.12M 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.

16

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(55,000 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.
FY20/2 Shareholder Program- Free tickets for 85 games- c. 400 tickets*Program started mid-season

Ichigo Kids J.League Events- c. 350 participants
 Escort players onto field Join pre-match warm-up
 High-fives with players
 Carry club flag
 Unfurl center circle flag
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

17

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

18

Japan’s First Ten-Year Earnings Forecast
Ten-Year Dividend & FFO Forecast (Includes 2017 – 2020 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

7,982

8,002

8,146

8,136

8,253

8,211

DPS

2,139

4,226

3,865

3,802

3,820

3,945

4,095

4,065

3,885

3,540

FFO = Funds From Operations+636

Initial Forecast
JPY 1,390
Forecast Revision +JPY 222
ActualJPY 1,612

Dividend per Share (excluding DEE)

+305

+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

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

1,715

869

DEE per Share
DEE = Dividend in Excess of
Earnings

(JPY)

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.

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 Feed

Ichigo Green HP
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 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.

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
Hokkaido

Serving Local Communities and the Environment
Total Operating and In-Development
Ichigo Power Plants

64 Plants (187MW*)

Chugoku

Ichigo Abira Toasa

1.16MW

Ichigo Yonago Izumi

2.61MW

Ichigo Muroran Hatchodaira

1.24MW

Ichigo Kasaoka Takumicho

1.11MW

Ichigo Toyokoro

1.02MW

Ichigo Nakashibetsu Midorigaoka

1.93MW

Ichigo Sera Tsukuchi

2.54MW

Ichigo Miyakonojo Yasuhisacho

1.44MW

Ichigo Kijo Takajo

0.89MW

Ichigo Itoshima Iwara

1.48MW

Ichigo Higashi-Hiroshima Saijocho
Taguchi

Ichigo Akkeshi Shirahama

0.80MW

2.72MW

Ichigo Toyokoro Sasadamachi

0.60MW

Ichigo Kasaoka Iwanoike

2.64MW

Ichigo Memuro Nishi-Shikari

1.32MW

Ichigo Kure Yasuuracho Nakahata

2.90MW

Total

13.51MW

Ichigo Kasaoka Osakaike

2.66MW

TohokuIchigo Kasaoka Idachiike

2.67MW

Ichigo Hamanaka Bokujo Tsurunokotai 2.31MW

Ichigo Sera Shimotsuda

2.94MW

Total

30.24MW

Ichigo Hamanaka Bokujo Kajibayashi

Ichigo Ebino Suenaga

13.99MW

Chubu

Total

20.76MW

Ichigo Toyokawa Mitocho Sawakihama 1.80MW(As of July 14, 2020)

0.80MW
0.88MW

2.87MW

2.96MW

Ichigo Green (9282)
IchigoIn-Development

Ichigo Yubetsu Barou
Ichigo Betsukai Kawakamicho

Ichigo Sera Aomizu

Ichigo Miyakonojo
Takazakicho Tsumagirishima* Excludes wind power
plants underdevelopment (18.5MW)

1.12MW

2.35MW

48 Plants (144MW)
KyushuIchigo Engaru Kiyokawa

Ichigo Yamaguchi Sayama

0.99MW

8.44MW

1.24MW

1.24MW

Ichigo Fuchu Jogecho Yano

Ichigo Nago Futami

1.40MW

Ichigo Engaru Higashimachi

Ichigo Yamaguchi Aionishi

Currently Operating
Okinawa

Ichigo Motomombetsu

Kansai
Ichigo Sennan Kitsuneike

2.86MW

Ichigo Takashima Kutsuki

3.74MW

Ichigo Kobe Pompuike

2.45MW

Total

9.05MW

7.39MW

Total

12.01MW(Wind – Pipeline) Iwate

7.50MW(Wind – Pipeline) Fukushima

7.00MW

Ichigo Toki Oroshicho

1.39MW

Ichigo Tsu

2.94MW

Ichigo Kiryu Okuzawa

1.33MW

Ichigo Toki Tsurusatocho Kakino

1.31MW

Ichigo Maebashi Naegashima

0.67MW

Ichigo Sakahogi Fukagaya

2.89MW

Ichigo Showamura Ogose

43.34MW

Ichigo Toride Shimotakai Kita

1.03MW

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

1.45MW

Ichigo Obu Yoshidamachi

0.98MW

1.67MW
1.29MW

Kanto

Ichigo Toride Shimotakai Minami

0.54MW

Ichigo Minakami Aramaki

12.02MW

Ichigo Hitachiomiya

2.99MW

Ichigo Hokota Aoyagi

2.48MW
2.85MW

68.73MW
4.00MW

Ichigo Ueda Yoshidaike

1.01MW

Ichigo Takamatsu Kokubunjicho Nii

2.43MW

Ichigo Komagane Akaho Minami

0.74MW

Ichigo Iyo Nakayamacho Izubuchi

1.23MW

Ichigo Tatsunomachi Sawasoko

0.74MW

Ichigo Tokushima Higashi-Okinosu

2.52MW

Ichigo Komagane Akaho Kita

0.39MW

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

Total

6.18MW

Total

18.60MW(Wind – Pipeline) Chiba

Shikoku

2.31MW(Wind) Ichigo Yonezawa Itaya© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

0.74MW
0.74MW

27

Ichigo’s Commitment to 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

Ichigo ESG – Environmental
Solar and Wind Energy: Safe and Clean
Annual Power Generation
158,586,005 kWh
Equivalent to annual
energy consumption of
52,862 households
The Federation of Electric Power
Companies of Japan
Annual energy consumption per household
3,000kWh

Annual CO2 Reduction
104,666,758 kg
Equivalent to annual
CO2 emission of
45,507 cars

Sustainable Real Estate
Preserve & Enhance Existing Buildings
to End Wasteful Demolish & Rebuild‒ Lengthen useful life of existing real estate‒ Shrink footprint by reducing demolition
waste and use of raw materials, energy,
and human effort for construction

Ministry of Environment
Annual CO2 emission per car c. 2,300kg

Demolish(July 2019 to June 2020 – Total of Ichigo
and Ichigo Green)

Robust Assets- Real estate: continuous improvements to safety & functionality via
value-add capex- Power plants: site selection and construction based on detailed
specifications customized to local geography
Robust BCP & Real-time Response- Pre-typhoon preventative measures (water shielding, sandbags,etc.) & on-site checks- Overwhelming priority is safety of tenants: on-the-groundconfirmation & on-the-ground response- Ichigo engineering team immediate response: same day on-site
safety and engineering inspections to prevent secondary damage
and losses- Developed & deployed proprietary Susport software system forreal-time information sharing & emergency response

HighestEfficiency

Environmental Certifications

Natural Disaster Response
No injuries or damages at any Ichigo asset or power
plant from recent natural disasters

LowestImpactCASBEE(Comprehensive Assessment System
for Built Environment Efficiency)
S rankA rank• Ebisu Green Glass• Ichigo Sakaisuji Honmachi Building• Ichigo Sendai East Building• Ichigo Kanda Nishikicho Building• Ichigo Ikenohata Building

IchigoTakamatsu
Building

Ichigo Office (8975)

IchigoMarunouchi
BuildingGreen Star(Highest Ranking)3 years in a row

Other Certifications
BELS (Building-housing Energy-efficiency Labeling System),
DBJ Green Building© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

30

Ichigo ESG – Social
SportsSupport National &World-Class Athletes‒ Weightlifting‒ Riflery‒ Track & Field

Arts
Paralym Art Sponsor- Support artists withdisabilities“Hiromi Miyake”
by Kenji Ino

Weightlifter
Hiromi Miyake“Re Born: Cheers to
Value-Add”
by SakuraChildren’s Cancer
Treatment
Support University of Miyazaki
Faculty of Medicine’s Programfor Children‒ Ichigo subsidiary Miyako City
issued CSR bond & donated a
portion of underwriter commission
to the Cancer Program‒ Providing ongoing sponsorship ofvolunteer activities in support ofchildren with cancer

Local Communities
Promote Community Development via Sponsorship of
J.League (Only Top Partner with Real Estate Expertise)Strengthen Local Communities, Create Jobs,
and Boost Rural Economies via Smart Agriculture‒ Renovate and upgrade stadiums and help local governments
reduce steep operating and maintenance costs‒ Collaborate with local farmers to increase agricultural
output, improve quality, and raise rural incomes‒ Use real estate expertise to help build stronger and healthierlocal communities‒ Increase Japan’s food self-sufficiency©J.LEAGUE© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

31

Ichigo ESG – Governance
Ichigo Green

Asset Management Company

Monitors Asset Management Company

Global Best Practice Governance− All Ichigo Green Directors are Independent
Directors− Active discussion and effective internal
controls via Board led by Independent
Executive Director− Majority of AMC Directors (3 of 5) are
Independent Directors− Independent asset management team & bestpractice execution on behalf of Ichigo Green− Compliance and Audit report directly to
President to monitor and review criticalcompliance matters− Further ensure objectivity and independence
by including third-party, independent lawyers
and accountants in the Investment Committee& Risk & Compliance Committee

Investment Corporation
Ichigo Green(TSE 9282)
Shareholder Meeting

Shareholder Meeting

Board of Directors
Executive Director
Mami Nagasaki
Supervising Director Arata Nomoto
Supervising Director Kiyofumi Fujita

Corporate Auditor
Board of Directors

External Auditor

Chairman

Grant Thornton Taiyo LLC

Asset Management
Agreement

Asset Management Company
Ichigo Investment Advisors

Internal Audit

Risk & Compliance
Committee

President
Compliance
Investment Committee(Ichigo Green)
Ichigo Green Division
Asset Management© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

32

Solar Power Plant Data

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

33

Solar Power Plant Map(as of June 30, 2020)

Geographically Diversified
Across Japan
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)
34

Power Generation (YOY)Power Generation -2.5% YOY
Power Generation: FY20/6 vs. FY19/6(kWh)5,000,000

FY19/6 Actual: 35.21M kWh
FY20/6 Actual: 34.31M kWh(-0.89M kWh, -2.5% YOY)

FY19/6 Actual (15 Power Plants)
FY20/6 Actual (15 Power Plants)
4,000,000

3,000,000

2,000,000

1,000,000

0July 2019

AugustSeptember

OctoberNovember

DecemberJan 2020

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

March

April

May

June

35

Individual Solar Power Plant Earnings (July 2019 – June 2020)(JPY thousand)Leaseholder
No.

Solar Power Plant

Power
Production
Revenue

Ichigo Green

OperatingExpenses

Operating
Revenue

Expenses

NOI

Depreciation
ExpenseIncomeE-01

Ichigo Kiryu Okuzawa

63,166

11,98551,181

4,218

46,962

29,795

17,167

E-02

Ichigo Motomombetsu

61,092

11,89949,192

4,297

44,89529,435

15,459E-03

Ichigo Muroran Hatchodaira

58,587

10,30548,282

4,052

44,22927,654

16,574E-04

Ichigo Engaru Kiyokawa

49,3398,525

40,8143,460

37,353

23,61813,735

E-05

Ichigo Iyo Nakayamacho Izubuchi

52,852

9,740

43,112

4,047

39,06527,826

11,238

E-06

Ichigo Nakashibetsu Midorigaoka

89,035

14,702

74,333

6,920

67,412

43,706

23,706

E-07

Ichigo Abira Toasa

54,84312,08442,7583,953

38,80525,04813,756

E-08

Ichigo Toyokoro

51,152

11,13540,016

3,897

36,11824,652

11,465

E-09

Ichigo Nago Futami

375,775

53,561

322,21330,745

291,468

190,708

100,760

E-10

Ichigo Engaru Higashimachi

51,6509,705

41,944

4,174

37,77026,101

11,669

E-11

Ichigo Takamatsu Kokubunjicho Nii

110,246

13,85396,393

9,199

87,19454,41632,778

E-12

Ichigo Miyakonojo Yasuhisacho

53,256

11,337

44,694 *4,593

40,101

28,422

11,678

E-13

Ichigo Toyokawa Mitocho Sawakihama

72,127

21,69250,435

4,822

45,61228,474

17,137

E-14

Ichigo Yamaguchi Aionishi

59,977

10,36749,6105,563

44,047

26,226

17,820E-15

Ichigo Yamaguchi Sayama

110,498

16,256

94,241

8,067

86,17450,70635,4681,313,602

227,151

1,089,225

102,013987,211

636,793

350,417

Total* Includes JPY 2.78M 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.

36

FY21/6 Forecast Power Generation
FY21/6 Forecast 34.12 million kWh(FY20/6 Actual 34.31 million kWh)
FY20/6 Actual Power Generation and FY21/6 Forecast Power Production (15 Power Plants)(kWh)
5,000,000

FY20/6 Actual: 34.31M kWh
FY21/6 Forecast: 34.12M kWh(-0.19M kWh)

FY20/6 Actual (15 Power Plants)
FY21/6 Forecast (15 Power Plants)
4,000,000

3,000,000

2,000,000

1,000,000

0July

AugustSeptember

OctoberNovember

DecemberJanuary

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

March

April

May

June

37

Solar Power Plant Portfolio
as of June 30, 2020
No.

Solar Power Plant

Location

Acquisition
Date

Book
Value
(JPY
million)Appraisal
1

Panel

Value
(JPY
million)

Output
(MW)

2

3

FIT
(JPY)

Portfolio
4WeightE-01

Ichigo Kiryu Okuzawa

Kiryu City, Gunma

Dec 2016

394

440

1.33

40

4.15%

E-02

Ichigo Motomombetsu

Mombetsu City, Hokkaido

Dec 2016

402

448

1.40

40

4.23%

E-03

Ichigo Muroran Hatchodaira

Muroran City, Hokkaido

Dec 2016

380

423

1.24

40

4.00%

E-04

Ichigo Engaru Kiyokawa

Mombetsu County, Hokkaido

Dec 2016

324

351

1.12

40

3.41%

E-05

Ichigo Iyo Nakayamacho Izubuchi

Iyo City, Ehime

Dec 2016

384

431

1.23

40

4.04%

E-06

Ichigo Nakashibetsu Midorigaoka

Shibetsu County, Hokkaido

Dec 2016

630

691

1.93

40

6.62%

E-07

Ichigo Abira Toasa

Yufutsu County, Hokkaido

Dec 2016

363

399

1.16

40

3.82%

E-08

Ichigo Toyokoro

Nakagawa County, Hokkaido

Dec 2016

357

394

1.02

40

3.76%

E-09

Ichigo Nago Futami

Nago City, Okinawa

Dec 2016

2,797

3,241

8.44

40

29.40%

E-10

Ichigo Engaru Higashimachi

Mombetsu County, Hokkaido

Dec 2016

382

411

1.24

40

4.02%

E-11

Ichigo Takamatsu Kokubunjicho Nii

Takamatsu City, Kagawa

Dec 2016

950

1,007

2.43

36

9.99%

E-12

Ichigo Miyakonojo Yasuhisacho

Miyakonojo City, Miyazaki

Dec 2016

428

439

1.44

36

4.51%

E-13

Ichigo Toyokawa Mitocho Sawakihama

Toyokawa City, Aichi

Dec 2016

434

443

1.80

32

4.56%

E-14

Ichigo Yamaguchi Aionishi

Yamaguchi City, Yamaguchi

Jul 2017

483

508

1.24

40

5.08%

E-15

Ichigo Yamaguchi Sayama

Yamaguchi City, Yamaguchi

Jul 2017

800

869

2.35

36

8.41%

9,514

10,497

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, 2020. 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 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.

38

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

FY20/6 Actual Power Generation: +4.6% vs. Forecast
Forecast Power Generation
Actual Power Generation

Gunma

Area

27,588m2

Operation
Start Date

Sep 30, 2013

Panel
Output

1.33MW

FIT

JPY 40

FIT Period

Sep 29, 2033

Power
Purchaser

TEPCO Energy
Partner(kWh)200,000

150,000

100,000

50,0000E-02 Ichigo Motomombetsu
Location

Hokkaido

Area

48,947m2

Operation
Start Date

Feb 3, 2014

Panel
Output

1.40MW

FIT

JPY 40

Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

FY20/6 Actual Power Generation: +0.4% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

FIT Period

Feb 2, 2034

Power
Purchaser

Hokkaido Electric

0

Jul
2019

Aug

Sep

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

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

39

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

FY20/6 Actual Power Generation: +3.9% vs. Forecast
Forecast Power Generation
Actual Power Generation

HokkaidoArea

35,801m2

Operation
Start Date

Mar 3, 2014

Panel
Output

1.24MW

FIT

JPY 40

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

FIT Period

Mar 3, 2034

Power
Purchaser

Hokkaido Electric

Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

FY20/6 Actual Power Generation: +1.3% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2019

Aug

Sep

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

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

40

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

FY20/6 Actual Power Generation: -7.6% 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

FIT Period

Apr 1, 2034

Power
Purchaser

Shikoku Electric(kWh)200,000

150,000

100,000

50,0000E-06 Ichigo Nakashibetsu Midorigaoka

Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

FY20/6 Actual Power Generation: +2.0% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

HokkaidoArea

54,870m2

Operation
Start Date

Nov 4, 2014

Panel
Output

1.93MW

FIT

JPY 40100,000

FIT Period

Nov 3, 2034

50,000Power
Purchaser

Hokkaido Electric(kWh)300,000
250,000
200,000
150,000

0

Jul
2019

Aug

Sep

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

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

41

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

FY20/6 Actual Power Generation: +4.3% vs. Forecast
Forecast Power Generation
Actual Power Generation

HokkaidoArea

29,731m2

Operation
Start Date

Dec 2, 2014

Panel
Output

1.16MW

FIT

JPY 40

FIT Period

Dec 1, 2034

Power
Purchaser

Hokkaido Electric(kWh)200,000

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

FIT Period

Dec 3, 2034

Power
Purchaser

Hokkaido Electric

Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

FY20/6 Actual Power Generation: +0.1% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2019

Aug

Sep

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

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

42

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

FY20/6 Actual Power Generation: -2.8% vs. Forecast
Forecast Power Generation
Actual Power Generation

OkinawaArea

146,294m2

Operation
Start Date

Feb 2, 2015

Panel
Output

8.44MW

FIT

JPY 40

FIT Period

Feb 1, 2035

Power
Purchaser

Okinawa Electric

1,200,000
900,000
600,000
300,000
0E-10 Ichigo Engaru Higashimachi
Location

HokkaidoArea

46,329m2

Operation
Start Date

Feb 3, 2015

Panel
Output

1.24MW

FIT

JPY 40

FIT Period

Feb 2, 2035

Power
Purchaser

Hokkaido Electric(kWh)1,500,000

Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

FY20/6 Actual Power Generation: -1.7% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2019

Aug

Sep

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

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

43

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

FY20/6 Actual Power Generation: +0.6% vs. Forecast
Forecast Power Generation
Actual Power Generation

KagawaArea

79,340m2

Operation
Start Date

Jun 2, 2015

Panel
Output

2.43MW

FIT

JPY 36

FIT Period

Jun 1, 2035

Power
Purchaser

Shikoku Electric(kWh)400,000

300,000

200,000

100,000

0E-12 Ichigo Miyakonojo Yasuhisacho
LocationMiyazakiArea

94,165m2

Operation
Start Date

Jul 8, 2015

Panel
Output

1.44MW

FIT

JPY 36

FIT Period

Jul 7, 2035

Power
Purchaser

Kyushu Electric

Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

FY20/6 Actual Power Generation: -12.4% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2019

Aug

Sep

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

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

44

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

FY20/6 Actual Power Generation: +5.1% vs. Forecast
Forecast Power Generation
Actual Power Generation

Aichi

(kWh)

300,000

Area

19,393m2

Operation
Start Date

Sep 16, 2015

Panel
Output

1.80MW

FIT

JPY 32100,000

FIT Period

Sep 15, 2035

50,000Power
Purchaser

Chubu Electric

250,000
200,000
150,0000

E-14 Ichigo Yamaguchi Aionishi
Location

YamaguchiArea

19,815m2

Operation
Start Date

Dec 7, 2015

Panel
Output

1.24MW

FIT

JPY 40

FIT Period

Dec 6, 2035

Power
Purchaser

Chugoku Electric

Jul
2019

Aug

Sep

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

FY20/6 Actual Power Generation: -0.1% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2019

Aug

Sep

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

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

45

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

FY20/6 Actual Power Generation: +9.0% vs. Forecast
Forecast Power Generation
Actual Power Generation

YamaguchiArea

43,621m2

Operation
Start Date

Apr 6, 2016

Panel
Output2.35MW

FIT

JPY 36

FIT Period

Apr 5, 2036

Power
Purchaser

Chugoku Electric(kWh)400,000

300,000

200,000

100,000

0

Jul
2019

Aug

Sep

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

Oct

Nov

Dec

Jan
2020

Feb

Mar

Apr

May

Jun

46

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

47

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 DateFIT

JPY 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

FY2017

JPY 21 1

20 years

FY2018JPY 181

20 years

JPY 14

2

Contract Date

FIT

FY2012FY2019FY2020

JPY 12~13

20 years
3

20 years

Note: FY starts on April 1 to 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 from 2019
Pre-consumption tax FIT for power plants with output of >10kW
Source: METI, Agency for Natural Resources and Energy

3 FIT for >0.25MW non-residential solar power production

determined via auction process from 2020

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

48

Shareholder Composition
Shareholdings by Shareholder Type

Major Shareholders (as of June 30, 2020)
Name

No. ofSharesShare

1 Ichigo Trust Pte. Ltd.

15,97315.5%

2 Ichigo Inc.

6,000

5.8%

3 MACQUARIE BANK LIMITED DBU AC

4,522

4.4%

4 THE FUKUHO BANK, LTD.

2,340

2.3%

5 J.P. MORGAN BANK LUXEMBOURG S.A. 1300000

1,984

1.9%

BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT
ACCOUNTS M LSCB RD

1,645

1.6%

7 Credit Suisse Securities

1,164

1.1%

8 Bank of Fukuoka, Ltd.

990

1.0%

9 Rakuten Securities, Inc.

770

0.7%

6

The Master Trust Bank of Japan, Ltd.
10
(Trust Account)
Total

Foreign Corporations & Individuals

Domestic Financial Institutions

Non-Financial Domestic Corporations

Domestic Individuals

100%
80%
60%
40%
20%
0%

33,391 shares(32.4%)

33,370 shares(32.4%)

10,146 shares(9.9%)
8,841shares(8.6%)

10,269 shares(10.0%)
11,760 shares(11.4%)

50,588 shares(49.1%)

47,567 shares(46.2%)Jun 30, 2019*(102,966 shares)

Dec 31, 2019*(102,966 shares)

25,866 shares(25.1%)
10,439 shares(10.1%)
8,505 shares(8.3%)
58,156 shares(56.5%)Jun 30, 2020*(102,966 shares)* Number of shares outstanding

Shareholders by Shareholder Type
750

0.7%

36,13835.1%

Jun 30, 2020
Jun 30, 2019 Dec 30, 2019
Shareholders Shareholders Shareholders Share
Domestic Individuals
6,044
6,141
6,990
98.1%
Domestic Financial Institutions
20
27
23
0.3%
City banks, regional banks
3
4
4
0.1%
Trust banks
2
3
3–
Other (including securities companies)
15
20
16
0.2%
Non-Financial Domestic Corporations
68
76
83
1.2%
Foreign Corporations & Individuals
32
33
32
0.4%
Total
6,164
6,277
7,128
100%

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

49

Share Price (Dec 1, 2016 to June 30, 2020)
Listed on the TSE on Dec 1, 2016
(Shares Traded)(JPY)

18,00090,000Ichigo 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
2017/32017/62017/92017/122018/3

2018/62018/92018/122019/3*Share price and shares traded from Dec 1, 2016 to Dec 26, 2017 has been adjusted to reflect stock split.

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

2019/6

2019/92019/122020/32020/6

Source: Bloomberg

50

Ichigo Green Overview
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 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.

51

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.