Ichigo Green(9282)

FY24/6 H1 Corporate Presentation
January 13,
February
14, 2017
2024

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 impacted by the January 1, 2024
earthquake in Ishikawa Prefecture, and our wishes
for the earliest and fullest possible recovery for all.

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

2

Make The World
More SustainableContents
Mission & Deliverables to Shareholders
FY24/6 H1 Results‒ Solar Power Plant Portfolio Details‒ FY24/6 H1 Earnings‒ Power Generation -0.2% vs. Forecast‒ Power Generation +1.0% YOY‒ FY24/6 H1 Events‒ FY24/6 H1 Power Suspensions‒ Power Generation by Individual Power Plant‒ Financing Details‒ Ichigo J.League Shareholder Program

Driving Shareholder Value‒ Mission & Deliverables to Shareholders‒ Progress on 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 Sustainability Commitment (ESG)‒ Ichigo Sustainability Policy‒ Ichigo Climate Positive: CO2 Reduction vs.
Emissions‒ Renewable Energy Transition Towards a
Sustainable Society‒ Ichigo ESG – Environmental‒ Ichigo ESG – Social‒ Ichigo ESG – Governance

Solar Power Plant Data
‒ Geographically Diversified Portfolio‒ Power Generation (YOY)‒ Individual Solar Power Plant Earnings(July 2023 – Dec 2023)‒ 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

FY24/6 H1 Results© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

7

Solar Power Plant Portfolio Details
as of December 31, 2023

No. Of Power Plants

Acquisition Price

Panel Output

15

JPY 11.4B

29.43MWAverage FIT (per kWh)

CO2 Reduction

Annual Power
Generation

JPY 38.7

15,839 Tons

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

By Region

By Years in Operation
7-8 years inoperation
8.1%

Okinawa
29.8%

Kyushu4.5%

9-10
years inoperation
30.3%

Hokkaido
30.2%

Shikoku
13.9% Chugoku
12.8%>10 years
in operation
4.3%

Kanto
4.3%

8-9 years inoperation
57.4%

Chubu
4.6%

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

By FIT
JPY 32
4.6%

JPY 3622.3%

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

8

FY24/6 H1 Earnings
Net Income: JPY 71M, +JPY 4M (+6.9%) vs. Forecast
FY23/6 H1ActualFY24/6 H1
Forecast

FY24/6 H1Actual(JPY million)

vs. Forecast

FY24/6 Full-Year
Forecast

Operating Revenue

522

520

518

99.7%

1,059

Operating Expenses

416

422

417

98.9%

806

(Depreciation)

319

321

320

99.8%

643

Operating Profit

106

97

101

103.4%

253

Recurring Profit

75

67

72

106.8%

194

Net Income

75

67

71

106.9%

193

Dividend

–

–

–

–

JPY 4,065(excluding DEE)

–

–

–

–

JPY 1,860

(DEE)

–

–

–

–

JPY 2,205

Number of Power Plants

15

15

15

–

15

16.32M kWh

16.53M kWh

16.49M kWh

99.8%

33.59M kWh

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

9

Power Generation -0.2% vs. Forecast(kWh)5,000,000

FY24/6 H1 Power Generation and Power Production Revenue
Forecast Power Production (left axis)(JPY million)
150

Actual Power Production (left axis)

Power Production Revenue (right axis)

131
117

4,000,000

114

120
110

87

3,000,000

90
72

2,000,000

60

1,000,000

30

0July 2023

AugustSeptember

OctoberNovember

DecemberJan 2024

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.

10Power Generation +1.0% YOY
Power Generation: FY24/6 H1 vs. FY23/6 H1(JPY million)(kWh)5,000,000■ FY23/6 Actual (15 Power Plants) Jul-Dec 2022 Actual: 16.32M kWh■ FY24/6 Actual (15 Power Plants) Jul-Dec 2023 Actual: 16.49M kWh (+0.16M kWh, +1.0% YOY)
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

11

FY24/6 H1 Events– Portfolio Power Generation Roughly in Line With Forecast (-0.2% vs.
Forecast)
 Although Ichigo Nago Futami power generation was significantly below
forecast due to panel failure, power generation compensated by power
generation in other areas with favorable weather conditions– Ichigo Nago Futami Panel Failure (Potential-Induced Degradation, PID)
 Guaranteed by panel manufacturer; Ongoing discussions to review guarantee
 Affected panels: c. 50%
 Power generation impact: -10~20%
 No further impact expected; Considering panel replacements for further upside– Conducted Construction as Part of Theft Prevention Measures Upgrading theft prevention measures across all power plants due to rise incable thefts in Northern Kanto region
 Continuing measures despite no panel thefts at Ichigo Green plants
 Capex JPY 10M (4 plants) as of December 31, 2023
 Additional Capex JPY 10M (5 plants) scheduled until July 31, 2024

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

12

FY24/6 H1 Power Suspensions
Installing Online Grid Control Systems to Limit Lost Power Generation During
Power Suspensions− Installed in 4 (6 plants) out of 7 regions (15 plants)− Contributing to the reduction in power generation loss despite increased number of
power suspensions− Scheduled to install online grid control systems in Okinawa & Hokkaido
Power
Utility Co.
Ichigo Kiryu Okuzawa

TEPCO

Ichigo Motomombetsu

Hokkaido

Ichigo Muroran Hatchodaira

Hokkaido

Ichigo Engaru Kiyokawa

Hokkaido

Ichigo Iyo Nakayamacho Izubuchi

1

Shikoku

FY24/62023/072023/082023/092023/10

FY23/62023/112023/12

Total(Actual)

1

1

(1)

1

(1)

Ichigo Nakashibetsu Midorigaoka

Hokkaido

Ichigo Abira Toasa

Hokkaido

1

Ichigo Toyokoro

Hokkaido

1

Ichigo Nago Futami

Okinawa

Ichigo Engaru Higashimachi

Hokkaido

Ichigo Takamatsu Kokubunjicho Nii
Ichigo Miyakonojo Yasuhisacho

1

2

Shikoku

1

Kyushu

1

2

1

1

3

4

3

1

3

1 (1)

1

2

1

Ichigo Toyokawa Mitocho Sawakihama Chubu
1

Chugoku

1

1

Chugoku

1

Ichigo Yamaguchi Aionishi
Ichigo Yamauchi Sayama

1
(1)

(1)

1 (1)

1 Power plants equipped with online grid control systems are suspended on an hourly basis at the request of regional electricity companies.
2 Proxy power suspension is conducted by an online power suspension company in place of an offline company and is later reimbursed.

(Number of proxy power suspension days in parentheses)

3 Includes days when power suspensions and proxy power suspensions are conducted on the same day© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

13

Power Generation by Individual Power Plant
Although Ichigo Nago Futami Power Generation -16% vs. Forecast Due toInclement Weather & PID, Total Power Generation -0.2% vs. Forecast Due
to Geographic Diversification
No.

Solar Power Plant

Forecast
Actual Power Difference
Power
Generation (B)(B) - (A)Generation (A)
(kWh)
(kWh)
(kWh)

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

Ichigo Kiryu Okuzawa

706,572

871,036+164,464

33,62622,928

E-02

Ichigo Motomombetsu

708,811734,619+25,808

28,67521,714E-03

Ichigo Muroran Hatchodaira

642,536

667,581+25,045

26,001

18,880E-04

Ichigo Engaru Kiyokawa

558,220574,532+16,31222,71018,039E-05

Ichigo Iyo Nakayamacho Izubuchi

683,941

682,055-1,88627,65822,248

E-06

Ichigo Nakashibetsu Midorigaoka

970,652

1,011,567+40,915

39,32329,825

E-07

Ichigo Abira Toasa

574,272

631,945+57,673

25,18919,469E-08

Ichigo Toyokoro

560,014580,860+20,846

22,82817,787

E-09

Ichigo Nago Futami

5,091,263

4,265,424-825,839

173,505

159,228

E-10

Ichigo Engaru Higashimachi

619,780595,047-24,733

23,175

17,658

E-11

Ichigo Takamatsu Kokubunjicho Nii

1,449,441

1,560,807+111,366

57,24051,472

E-12

Ichigo Miyakonojo Yasuhisacho

839,119

795,417-43,702

28,771

22,754

E-13

Ichigo Toyokawa Mitocho Sawakihama

1,010,637

1,178,125+167,488

37,171

25,566

E-14

Ichigo Yamaguchi Aionishi

718,870

740,911+22,041

30,00923,522

E-15

Ichigo Yamaguchi Sayama

1,397,838

1,601,920+204,082

57,01747,404

16,532,008

16,491,889-40,119

632,905

518,500

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

14

Financing Details
Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps
as of December 31, 2023

Amount(JPY million)

Interest
Rate(%)

Fixed/
Floating

Borrowing Date

Maturity

Loan
Term

Loan

LenderTerm Loan I

Mizuho Bank, SMBC

3,835

0.760%Fixed

Dec 1, 2016

Nov 30, 2026

10 years

Term Loan II

Mizuho Bank

288

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Term Loan III

Yamaguchi Bank

608

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

4,732

0.770%

Total(Weighted Average)

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

FY20/6(Actual)FY21/6(Actual)FY22/6(Actual)FY23/6(Actual)FY24/6 H1(Actual)FY24/6

FY25/6

FY26/6

57.4%

58.5%

57.8%

57.8%

57.2%

56.4%

55.8%

56.9%

54.7%

53.7%

52.3%

Interest Bearing Liabilities ÷ FFO (Forecast)

Outstanding
Loan Amount(JPY)

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

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

FY25/6

FY26/6

15.5X

8.1X

8.0X

7.7X

7.1X

6.6X

6.0X

5.4X

4.8X

4.3X

6,858M

7,160M

6,733M

6,309M

5,875M

5,438M

4,990M

4,543M

4,090M

3,636M

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

15

Ichigo J.League Shareholder Program
Represents Two Firsts for a Shareholder Program in Japan− First Japanese company to include not just its own shareholders, but also theshareholders of the REITs and solar power producer that it manages, in its
shareholder program (82,000 shareholders total)− First company to offer shareholders free tickets to every J.League game at every
J.League club

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

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

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

16

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

17

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

Stable &Growing EPS

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

Leverage Sponsor
Ichigo’s Strengths

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

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

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

18

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

ActualForecast

FY17/6

FY18/6

FY19/6

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

FFO per Share

4,305

8,560

8,197

8,001

8,039

8,251

8.072

8,136

8,253

8,211

Dividend per Share

2,139

4,226

3,865

3,802

3,922

4,248

4,095

4,065

3,885

3,540

Forecast
Revision

+102

+303

+636

FFO = Funds From Operations

+305

+222

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

(JPY)

1,390

1,625

1,750

1,874

1,860

1,875

1,410

1,375

2,180

2,185

2,190

2,195

2,195

2,221

2,205

2,010

1,825

FY18/6
Actual

FY19/6
ActualFY20/6
Actual

FY21/6
Actual

FY22/6
Actual

FY23/6
ActualFY24/6

FY25/6

FY26/6

1,715

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

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

Capex based onlong-term capex plan

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

19

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

Operator-Guaranteed Base Revenue

Annual P85
Production Forecast

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

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

Operating Expenses

Additional
Revenue

Additional Revenue (>P85 forecast)fully distributed as dividend

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

20

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

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

Ichigo Nago Futami ECO Power Plant(Okinawa)

21

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

Power Plant A
InverterPower Plant C

Connection Unit

Solar Panel

String Monitoring

Monitoring System

Power Plant DInternet

Comprehensive Monitoring System
Schematic

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

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

On-site inspection and repairs

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

Live Video Feed

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

23

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

24

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

Ichigo(Weightlifting)(TSE Prime 2337)

Ichigo Office (8975)

Ichigo Preserves andImproves Real Estate

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

AssetManagement

Ichigo Investment Advisors

Ichigo Hotel (3463)
Ichigo Green (9282)

Sustainable
Real Estate

Ichigo Estate

CentroIchigo Owners

Ichigo Animation

Ichigo Marché

OneFive Hotels

Miyako City

Clean Energy
Other

Ichigo ECO Energy

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

Collinear25Synergies Between Ichigo Green and Ichigo− Ichigo-provided solar and wind power plant pipeline− Power plant technical capabilities backed by Ichigo ECO Energy’s
nationwide solar power operating track record− Ichigo Investment Advisor’s deep asset management capabilities
Sustainable Real Estate Business Model
Green
Infrastructure

Solar Plants

Buy

Ichigo Green(9282)
OfficeIchigo Office(8975)
Hotel

Ichigo Hotel(3463)

Sell

Sustainable
Real Estate
Real不動産
EstatePreserve &ImproveReal
EstateThirdParty
Investors

Sell

Buy

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

26

Ichigo & Ichigo Green Solar Power Plant Portfolio
Serving Local Communities and the Environment

Hokkaido

Chugoku

Ichigo Motomombetsu

1.40MW

Ichigo Engaru Higashimachi

1.24MW

Ichigo Engaru Kiyokawa

1.12MW

Ichigo Abira Toasa

1.16MW

Total Operating
Ichigo Power Plants

Ichigo Yamaguchi Aionishi

1.24MW

64 Plants (188.2MW)

Ichigo Yamaguchi Sayama

2.35MW

Ichigo Yonago Izumi

2.61MW

Ichigo Kasaoka Takumicho

1.11MW

Ichigo Fuchu Jogecho Yano

0.99MW

Ichigo Sera Tsukuchi

2.54MW

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

2.87MW

2.64MW

Ichigo Toyokoro Sasadamachi

0.60MW

Ichigo Kure Yasuuracho Nakahata

2.90MW

Ichigo Memuro Nishi-Shikari

1.32MW

Ichigo Kasaoka Osakaike

2.66MW

Total

13.57MW

Ichigo Kasaoka Idachiike

2.66MW

Ichigo Green (9282)
Ichigo (2337)(as of January 11, 2024)

Okinawa
Ichigo Nago Futami

8.44MW

Kyushu2.72MW

Ichigo Sera Shimotsuda

2.93MW

Total

30.28MW

Ichigo Muroran Hatchodaira

1.24MW

Ichigo Toyokoro

1.02MW

Ichigo Nakashibetsu Midorigaoka

1.93MW

Ichigo Yubetsu Barou

0.80MW

Ichigo Betsukai Kawakamicho

0.88MW

Ichigo Akkeshi Shirahama

0.80MW

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

Kansai

2.31MW
2.31MW
7.39MW
12.01MW

Ichigo Miyakonojo Yasuhisacho

1.44MW

Ichigo Sennan Kitsuneike

2.86MW

Ichigo Kijo Takajo

0.89MW

Ichigo Takashima Kutsuki

3.74MW

Ichigo Itoshima Iwara
Ichigo Miyakonojo
Takazakicho Tsumagirishima
Ichigo Ebino Suenaga

1.48MW

Ichigo Kobe Pompuike

2.73MW

Ichigo Toyokawa Mitocho Sawakihama

1.80MW

2.96MW

Total

9.34MW

Ichigo Toki Oroshicho

1.39MW

Kanto

13.99MW

Ichigo Tsu

2.94MW

Ichigo Kiryu Okuzawa

1.33MW

Total

20.78MW

Ichigo Toki Tsurusatocho Kakino

1.31MW

Ichigo Maebashi Naegashima

0.67MW

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

2.89MW

Ichigo Showamura Ogose

43.34MW

1.45MW

Ichigo Hitachiomiya

2.99MW

Ichigo Tatsunomachi Sawasoko

0.74MW

Ichigo Hokota Aoyagi

2.48MW

Ichigo Komagane Akaho Minami

0.74MW

2.84MW

68.78MW

Shikoku

Chubu

1.67MW
1.29MW

Ichigo Toride Shimotakai Kita

1.03MW

Ichigo Toride Shimotakai Minami

0.54MW

Ichigo Minakami Aramaki

12.02MW

Ichigo Takamatsu Kokubunjicho Nii

2.43MW

Ichigo Komagane Akaho Kita

0.39MW

Ichigo Iyo Nakayamacho Izubuchi

1.23MW

Ichigo Obu Yoshidamachi

1.00MW

Ichigo Tokushima Higashi-Okinosu

2.52MW

Ichigo Ueda Yoshidaike

1.16MW

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

Total

6.19MW

Total

18.85MW

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

0.74MW
0.74MW

27

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

28

Ichigo Sustainability Policy
Harmony With the Environment and Recycling
Ichigo actively monitors and minimizes the environmental impact of its business operations via extending the useful life of its
assets, reducing water and water consumption, and recycling.
Addressing Climate Change and Shift to Low-Carbon Society
Ichigo seeks to contribute to a low-carbon society and address climate change by lowering its energy consumption andgreenhouse gas emissions, using renewable energy, and improving the resilience of its assets.
Regulatory and Environmental Compliance
Ichigo complies with all environmental laws and regulations and Ichigo’s own independently-established environmental rules.
Ichigo also carefully monitors and complies with all applicable changes in laws and regulations.
Training, Awareness, and Cooperation With Stakeholders
Ichigo works to increase sustainability awareness via company training sessions, and promotes understanding of its
Sustainability Policy among all Ichigo employees and tenant employees working at its assets. Ichigo also works withstakeholders to promote understanding of its Sustainability Policy and implement sustainability initiatives.
Sustainability Performance Communication and Disclosure
Ichigo communicates this Sustainability Policy and Ichigo’s sustainability initiatives to society at large. Ichigo also obtains
certifications for its sustainability activities on an ongoing basis.
Sustainable Procurement
Ichigo implements sustainable procurement measures, including the use of environmentally-friendly construction methods
and materials, actively installing energy and resource efficient equipment, and the inclusion of sustainability initiatives as aselection criteria for business partners.
Building a Diverse, Inclusive Organization
Ichigo respects human rights and works to build a diverse organization where employees work with respect for each otherand realize their full potential regardless of race, beliefs, religion, skin color, nationality, age, gender, sexual orientation,
gender identity, disabilities, and social status. Ichigo also provides a healthy, comfortable work environment that focuses on
employee performance and well-being, and drives organizational growth.
Biodiversity and Ecosystem Preservation
Ichigo contributes to the preservation of biodiversity and ecosystems via the addition of greenery to the interiors andexteriors of its assets, primarily using native plants.
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

29

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

CO2 Emissions
Reduction Measures

Impact ofReduction
Measures-250-7,07098,647

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

54,80326,000FY20/2

FY21/2CO2 Reduction Base Year

Start RE100

FY22/2

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

FY23/2© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

30

Renewable Energy Transition Towards a Sustainable Society
Ichigo Ranked No. 1 in Nikkei GX 500 Ranking for Information Disclosure &Emissions Management & Reduction
Ichigo RE100 Progress(as of December 31, 2023)

100%
RE100 Target: 2025
Annual Renewable Energy Transition Impact (Forecast)85%
FY24/2
Target83%

33%
Non-Fossil Certificate
Tracking for Ichigo
Power Plants(+11%
vs. Aug 2023)

Renewable
EnergySwitch50%
Renewable
EnergySwitch

CO2 Reduction

35,000 tons p.a.

CO2 Emissionsof Cars

× 15,200 cars p.a.

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

31

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

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

Pro-Active Environmental
Certifications

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

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

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

Annual Power Production

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

Increase
Quality ofTenantServices+

Renovate &RepairIncrease= Tenant
Satisfaction

Improve aesthetics and comfort
Seismic reinforcements
Regulatory compliance
Increase energy efficiency

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

Annual CO2 Reduction

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

Ichigo Group-Wide
Ichigo & Ichigo Office (8975)
Total 16 Assets
Ichigo Office (8975)
4 Stars / Green Star
Ichigo Hotel (3463)
2 Stars / Green Star
BELS
6 Assets
DBJ Green Building 2 Assets
Tokyo Low-Carbon
Small and Medium-Sized
Model Building
9 Assets
32

ESG Initiatives: Social
Contributing to Society
Contributing to Regional Revitalization

Ichigo University

Sports Initiatives

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

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

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

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

Miyako City

Ichigo University Classes

Retail Asset / Miyazaki
www.miyakocity.com

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

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

OnlineIn-Person

Certified as a Sports Yell
Company & Tokyo Metropolitan
Government Sports
Promotion Company for 7th year in a row
Ichigo Sports Site (Japanese only)
www.ichigo.gr.jp/ichigosports© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

33

ESG Initiatives: Governance
Global Best Practice Governance
Ichigo Green

Asset Management Company

Monitors Asset Management Company

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

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

AGM

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

Corporate Auditor
Board of Directors

External Auditor
Grant Thornton Taiyo LLC
Risk & Compliance Committee

Asset Management
Agreement

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

PresidentInternal Audit
Risk & Compliance

Investment Committee(Ichigo Green)

Ichigo Green
Asset Management

34

Solar Power Plant Data

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

35

Geographically Diversified Portfolio(as of December 31, 2023)

Ichigo Motomombetsu
1.40MW

Ichigo Nago Futami
8.44MW

Ichigo Iyo Nakayamacho Izubuchi
1.23MW
Ichigo Yamaguchi Aionishi
1.24MW

Ichigo Engaru Higashimachi
1.24MW

Ichigo Abira Toasa
1.16MW

Ichigo Engaru Kiyokawa
1.12MW

Ichigo Muroran Hatchodaira
1.24MW

Ichigo Nakashibetsu Midorigaoka
1.93MW
Ichigo Kiryu Okuzawa
1.33MW

Ichigo Toyokoro
1.02MW

Ichigo Yamaguchi Sayama
2.35MW

Ichigo Toyokawa Mitocho Sawakihama
1.80MW

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

15 Plants (29MW)
36

Solar Power Plant Portfolio
as of December 31, 2023
No.

Solar Power Plant

LocationBook Appraisal
Panel
Acquisition Value
Value1
FIT3 Portfolio
Output2
(JPY
Date
(JPY
(JPY) Weight4(MW)million) million)

E-01 Ichigo Kiryu Okuzawa

Kiryu City, Gunma

Dec 2016

297

297

1.33

40

4.04%

E-02 Ichigo Motomombetsu

Mombetsu City, Hokkaido

Dec 2016

314

314

1.40

40

4.27%

E-03 Ichigo Muroran Hatchodaira

Muroran City, Hokkaido

Dec 2016

298

298

1.24

40

4.06%

E-04 Ichigo Engaru Kiyokawa

Mombetsu County, Hokkaido

Dec 2016

242

242

1.12

40

3.29%

E-05 Ichigo Iyo Nakayamacho Izubuchi

Iyo City, Ehime

Dec 2016

289

289

1.23

40

3.93%

E-06 Ichigo Nakashibetsu Midorigaoka

Shibetsu County, Hokkaido

Dec 2016

481

481

1.93

40

6.55%

E-07 Ichigo Abira Toasa

Yufutsu County, Hokkaido

Dec 2016

275

275

1.16

40

3.74%

E-08 Ichigo Toyokoro

Nakagawa County, Hokkaido

Dec 2016

271

271

1.02

40

3.69%

E-09 Ichigo Nago Futami

Nago City, Okinawa

Dec 2016

2,129

2,129

8.44

40

28.97%

E-10 Ichigo Engaru Higashimachi

Mombetsu County, Hokkaido

Dec 2016

294

294

1.24

40

4.00%

E-11 Ichigo Takamatsu Kokubunjicho Nii

Takamatsu City, Kagawa

Dec 2016

763

763

2.43

36

10.38%

E-12 Ichigo Miyakonojo Yasuhisacho

Miyakonojo City, Miyazaki

Dec 2016

332

332

1.44

36

4.52%

E-13 Ichigo Toyokawa Mitocho Sawakihama

Toyokawa City, Aichi

Dec 2016

343

343

1.80

32

4.67%

E-14 Ichigo Yamaguchi Aionishi

Yamaguchi City, Yamaguchi

Jul 2017

390

391

1.24

40

5.31%

E-15 Ichigo Yamaguchi Sayama

Yamaguchi City, Yamaguchi

Jul 2017

623

623

2.35

36

8.48%

7,348

7,348

29.43

38.7

100%

Total (15 Solar Power Plants)

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

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

37

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

Solar Power Plant

Ichigo GreenPower
Production
Revenue

OperatingExpenses

Operating
Revenue

Expenses

NOI

Depreciation
ExpenseIncomeE-01

Ichigo Kiryu Okuzawa

33,626

10,69722,9281,172

21,756

15,047

6,708

E-02

Ichigo Motomombetsu

28,675

6,961

21,714

1,204

20,50915,204

5,305

E-03

Ichigo Muroran Hatchodaira

26,001

7,120

18,8801,136

17,744

14,237

3,507

E-04

Ichigo Engaru Kiyokawa

22,710

4,671

18,039959

17,07911,809

5,270

E-05

Ichigo Iyo Nakayamacho Izubuchi

27,6585,410

22,248

1,132

21,115

13,984

7,131

E-06

Ichigo Nakashibetsu Midorigaoka

39,323

9,498

29,825

2,005

27,82021,984

5,835

E-07

Ichigo Abira Toasa

25,1895,720

19,4691,139

18,32912,524

5,804

E-08

Ichigo Toyokoro

22,828

5,041

17,787

1,125

16,662

12,326

4,335

E-09

Ichigo Nago Futami

173,505

29,673

159,228

11,459147,769

95,37952,389

E-10

Ichigo Engaru Higashimachi

23,175

5,516

17,6581,207

16,451

13,146

3,304

E-11

Ichigo Takamatsu Kokubunjicho Nii

57,2405,768

51,472

2,761

48,71027,324

21,386

E-12

Ichigo Miyakonojo Yasuhisacho

28,771

6,017

22,754

1,331

21,422

14,285

7,137

E-13

Ichigo Toyokawa Mitocho Sawakihama

37,171

11,60425,566

1,470

24,096

14,505

9,590

E-14

Ichigo Yamaguchi Aionishi

30,0096,487

23,522

1,736

21,785

13,159

8,626

E-15

Ichigo Yamaguchi Sayama

57,017

9,612

47,4042,845

44,55825,446

19,111

632,905

129,801

518,500

32,687

485,812

320,365

165,446

Total© 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

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

FY24/6 H1 Actual Power Generation: +23.3% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,0000E-02 Ichigo Motomombetsu

Jul
2023

Aug

Sep

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

FY24/6 H1 Actual Power Generation: +3.6% vs. Forecast
Forecast Power Generation
Actual Power Generation

Location

Hokkaido

Area

48,947m2

250,000

Operation
Start Date

Feb 3, 2014

200,000

Panel
Output

1.40MW

150,000

FIT

JPY 40 / kWh

100,000

FIT Period

Feb 2, 2034

Power
Purchaser

Hokkaido Electric(kWh)50,000
0

Jul
2023

Aug

Sep

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

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

39

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

HokkaidoArea

35,801m2

Operation
Start Date

Mar 3, 2014

Panel
Output

1.24MW

FIT

JPY 40 / kWh

FIT Period

Mar 2, 2034

Power
Purchaser

Hokkaido Electric

FY24/6 H1 Actual Power Generation: +3.9% vs. Forecast
Forecast Power Generation
Actual Power Generation(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
2023

Aug

Sep

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

FY24/6 H1 Actual Power Generation: +2.9% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0
Jul
2023

Aug

Sep

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

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

40

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

FY24/6 H1 Actual Power Generation: -0.3% 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
2023

Aug

Sep

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

FY24/6 H1 Actual Power Generation: +4.2% 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
2023

Aug

Sep

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

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

41

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

HokkaidoArea

29,731m2

Operation
Start Date

Dec 2, 2014

Panel
Output

1.16MW

FIT

JPY 40 / kWh

FIT Period

Dec 1, 2034

Power
Purchaser

Hokkaido Electric

FY24/6 H1 Actual Power Generation: +10.0% vs. Forecast
Forecast Power Generation
Actual Power Generation(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 / kWh

FIT Period

Dec 3, 2034

Power
Purchaser

Hokkaido Electric

Jul
2023

Aug

Sep

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

FY24/6 H1 Actual Power Generation: +3.7% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2023

Aug

Sep

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

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

42

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

FY24/6 H1 Actual Power Generation: -16.2% 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

300,000

Power
Purchaser

Okinawa Electric

1,200,000

0
Jul
2023

E-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

Aug

Sep

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

FY24/6 H1 Actual Power Generation: -4.0% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2023

Aug

Sep

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

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

43

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

FY24/6 H1 Actual Power Generation: +7.7% 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
2023

E-12 Ichigo Miyakonojo Yasuhisacho

Aug

Sep

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

FY24/6 H1 Actual Power Generation: -5.2% vs. Forecast
Forecast Power Generation
Actual Power Generation

LocationMiyazakiArea

94,165m2

Operation
Start Date

Jul 8, 2015

200,000

Panel
Output

1.44MW

150,000

FIT

JPY 36 / kWh

100,000

FIT Period

Jul 7, 2035

50,000Power
Purchaser

Kyushu Electric(kWh)250,000

0
Jul
2023

Aug

Sep

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

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

44

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

Aichi

Area

19,393m2

Operation
Start Date

Sep 16, 2015

Panel
Output

1.80MW

FIT

JPY 32 / kWh

FIT Period

Sep 15, 2035

FY24/6 H1 Actual Power Generation: +16.6% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)

300,000
250,000
200,000
150,000
100,000
50,000Power
Purchaser

Chubu Electric Miraiz

0
Jul
2023

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
2024

Feb

Mar

Apr

May

Jun

FY24/6 H1 Actual Power Generation: +3.1% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)200,000

150,000

100,000

50,000

0

Jul
2023

Aug

Sep

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

Oct

Nov

Dec

Jan
2024

Feb

Mar

Apr

May

Jun

45

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

YamaguchiArea

43,621m2

Operation
Start Date

Apr 6, 2016

Panel
Output2.35MW

FIT

JPY 36 / kWh

FIT Period

Apr 5, 2036

Power
Purchaser

Chugoku Electric

FY24/6 H1 Actual Power Generation: +14.6% vs. Forecast
Forecast Power Generation
Actual Power Generation(kWh)400,000

300,000

200,000

100,000

0

Jul
2023

Aug

Sep

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

Oct

Nov

Dec

Jan
2024

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 fixed sale price forelectricity (in Japan, 20 years).
‒ Japan’s FIT is updated every year.
Power Source[Contract Period]

FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

Determined via Determined via Determined via Determined via Determined via
Determined via auction process
auction process auction process auction process auction process auction process(>2,000kW)(>500kW)(>250kW)(>250kW)(>250kW)(>250kW)

Solar Power(>10kW)[20 years]

Wind Power(>20kW)[20 years]
Biomass(Domestic
Feedstocks)[20 years]

JPY 40

JPY 36

JPY 32

JPY 29JPY 27

JPY 24

JPY 21(10kW2,000kW)

JPY 18(10kW2,000kW)

JPY 14(10kW500kW)

JPY 12(50kW250kW)

JPY 11(50kW250kW)

JPY 10(50kW250kW)

JPY 9.5(50kW250kW)

JPY 13(10kW50kW)

JPY 12(10kW50kW)

JPY 11(10kW50kW)

JPY 10(10kW50kW)

JPY 21
JPY 22

JPY 32

JPY 22

JPY 22

JPY 22

JPY 22*JPY 22 until
Sept 30, 2017

JPY 20

JPY 19JPY 18JPY 17

JPY 16

JPY 15

JPY 40(<2,000kW)

JPY 40(<2,000kW)

JPY 40(<2,000kW)

JPY 40(<2,000kW)

JPY 40(<2,000kW)

JPY 40(<2,000kW)

JPY 40(<2,000kW)

JPY 40(<2,000kW)

JPY 40(<2,000kW)

JPY 40(<2,000kW)

JPY 32(>2,000kW)

JPY 32(>2,000kW)

JPY 32(>2,000kW)

JPY 32(>2,000kW)

JPY 32(>2,000kW)

JPY 32(>2,000kW)

JPY 32(>2,000kW)

JPY 32(>2,000kW)

JPY 32(>2,000kW)

JPY 32(>2,000kW)

JPY 32Average Ichigo Green FIT: JPY 38.7 / kWh© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

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

48

Shareholder Composition
Major Shareholders (as of December 31, 2023)

Shareholdings by Shareholder TypeNo. OfSharesShare

1 Ichigo Trust Pte. Ltd.

22,67722.0%

2 Ichigo Inc.

6,000

5.8%

4,405

4.3%

4 Rakuten Securities, Inc.

2,262

2.2%

5 Bank of Fukuoka Ltd.

1,323

1.3%

6 Otani Asset Management, K.K.

870

0.8%

7 Fuji Dempa Kogyo Co., Ltd.

676

0.7%

8 Progression Ltd.

653

0.6%

9 Monex, Inc.

650

0.6%

10 au Kabucom Securities Co., Ltd.

616

0.6%

40,132

39.0%

Name

3

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

Total

Foreign Corporations & Individuals

Domestic Financial Institutions

Non-Financial Domestic Corporations

Domestic Individuals**

Dec 31, 2022 Jun 30, 2023

Dec 31, 2023*
* Number of shares outstanding

Shareholders by Shareholder Type
Shareholders Shareholders Shareholders
Domestic Individuals

Share

7,778

8,039

7,794

98.2%

Domestic Financial Institutions

18

19

19

0.2%

City banks, regional banks

2

1

1

0.0%

Trust banks

3

3

3

0.0%

Other (including securities companies)

13

15

15

0.2%

Non-Financial Domestic Corporations

95

91

84

1.1%

Foreign Corporations & Individuals

40

46

40

0.5%

7,931

8,195

7,937

100%

Total

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

49

Share Price (Dec 1, 2016 to Jan 31, 2024)
Listed on the TSE on Dec 1, 2016
(Shares Traded)

(JPY)

3,000

90,00080,000

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

Ichigo Green(left axis)

TSE REIT Index(left axis)

TSE Infrastructure Fund Index(left axis)

Trading Volume(right axis)
2,500

70,0002,000

60,0001,500

50,0001,000

40,000500

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

2019/122020/62020/122021/62021/12*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.

2022/62022/122023/62023/12Source: Bloomberg

50

Ichigo Green Overview
Investment Corporation
Name

Ichigo Green Infrastructure Investment Corporation

Securities Code9282

Address

2-6-1 Marunouchi, Chiyoda-ku, Tokyo

Executive Director

Nanako Ito

Fiscal Year

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

Asset Management Company
Name

Ichigo Investment Advisors Co., Ltd.

President & Executive Officer

Hiroshi Iwai

Registration & Membership

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

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

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: +81-3-4485-5233
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.