Ichigo Green(9282)

FY19/6 Corporate Presentation
January
2017
August 13,
9, 2019

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

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

www.ichigo-green.co.jp/en

Make The World
More SustainableContents
Mission & Deliverables to Shareholders
FY19/6 Results‒ Solar Power Plant Portfolio Details‒ FY19/6 Highlights‒ FY19/6 Earnings‒ Robust Infrastructure & Geographically Diversified
Portfolio‒ Power Generation +2.2% vs. Forecast‒ Power Generation by Individual Power Plant‒ Financing Details‒ FY20/6 Forecast

Driving Shareholder Value

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 2018 – June 2019)‒ FY20/6 Forecast Power Generation‒ Solar Power Plant Portfolio‒ Individual Solar Power Plant Details‒ Japan’s First Ten-Year Earnings Forecast‒ Ichigo (2337) Power Plant Performance Guarantee
Appendix‒ Customized Solar Power Plant Builds‒ Fully-Networked Panel-Level Production Monitoring‒ World-Class Disclosure: Real-Time Power Production Data

Growth Strategy Leveraging Ichigo Strengths‒ Ichigo Green’s Sponsor: Ichigo (2337)‒ Synergies Between Ichigo Green and Ichigo‒ Ichigo & Ichigo Green Solar Power Plant Portfolio© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

5

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

Stable &Growing EPS

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

Leverage Sponsor
Ichigo’s Strengths

・ Power plant operator is Ichigo (2337) subsidiary, Ichigo ECO Energy, with a strong track-record
developing and operating 59 solar power plants nationwide.
・ Ichigo has extensive experience managing Ichigo Office (8975) and Ichigo Hotel (3463).

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

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

6

FY19/6 Results© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

7

Solar Power Plant Portfolio Details
as of June 30, 2019

No. of Power Plants

Acquisition Price

Panel Output

15

JPY 11.4B

29.43MWAverage FIT

CO2 Reduction

Annual Power
Generation

JPY 38.7

22,636 Tons

11,432 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%

By Years in Operation

2-3 years in >4 years inoperation
operation
20.2%
21.8%

Hokkaido
30.2%

By FIT
JPY 32
4.6%
JPY 3622.3%
JPY 4073.1%

Kyushu4.5%

Shikoku
13.9% Chugoku
12.8%

Kanto
4.3%

3-4 years
in operation
58.0%

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

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

8

FY19/6 Highlights
Achievements

Drivers

Power
Generation

35.21 million kWh(+2.2% vs. initial forecast)• July, November, April, & May actuals 6~18% above forecast• Kiryu Okuzawa (Kanto), Yamaguchi Aionishi (Chugoku), andYamaguchi Sayama (Chugoku) 10~14% above forecast

Operating
Revenue

JPY 1,118M(+JPY 27M vs. initial forecast)• Higher power production revenue +JPY 13M• Minimization of plant management expenses +JPY 12M• Operator revenue guarantee +JPY 1M

NOI

JPY 1,012M(+JPY 27M vs. initial forecast)• NOI increase driven by Operating Revenue increase

EPS

JPY 1,680(+JPY 291 vs. initial forecast)• Increased Operating Revenue

FFO

JPY 8,197(-JPY 363 YOY)Dividend

JPY 3,865(+JPY 305 vs. initial forecast)• Cash earnings from power production significantly exceed
dividends• Dividend (ex-DEE) JPY 1,680 (+JPY 305 vs. initial forecast )• DEE JPY 2,185* DEE = Dividend in Excess of Earnings. EPS, FFO, DPS are based on 102,966 shares outstanding as of the end of FY19/6
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.

9

FY19/6 Earnings– Net Income JPY 173M (+20.9% vs. Full-Year Forecast)– Dividend: JPY 3,865 (+8.6% vs. Full-Year Forecast)(JPY million)

FY18/6
Actual

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

vs. Forecast(B)-(A)

Operating Revenue

1,153

1,090

1,118

102.5%+27

Operating Expenses

827

836

836

100.0%–(Depreciation)

636

636

636

99.9%

–

Operating Profit

325

254

282

110.8%+27

Recurring Profit

212

144

174

121.1%+30

Net Income

210

143

173

120.9%+29

Dividend

JPY 4,226

JPY 3,560

JPY 3,865

108.6%+JPY 305(excluding DEE)

JPY 2,046

JPY 1,375

JPY 1,680

122.2%+JPY 305(DEE)

JPY 2,180

JPY 2,185

JPY 2,185

100.0%

–

15

15

15

–

–

35.76M kWh

34.47M kWh

35.21M kWh

102.2%

0.74M kWh

Number of Power Plants
Power Generation

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

10

Robust Infrastructure & Geographically Diversified Portfolio
Best-in-Class Operations & Geographic Diversification Drive High Earnings
Stability(+2.5% Operating Revenue vs. Initial Forecast)– Hokkaido Earthquake Response (Sept 2018)
 No injuries or damages at seven Ichigo Green power plants in Hokkaido
 Plants were offline for up to six days purely due to Hokkaido Electric grid outage
Power Plant

Motomombetsu

MuroranHatchodaira

EngaruKiyokawa

Nakashibetsu
Midorigaoka

Abira Toasa

Toyokoro

EngaruHigashimachi

Days Offline

4 days6 days4 days4 days4 days4 days4 days– Kyushu Electric Power Purchase Suspension (Oct 2018 – May 2019) Ichigo Miyakonojo Yasuhisacho ECO Power Plant (Miyazaki) stopped power
production 15 times
October 2018

November 2018

March 2019

April 2019

May 2019

Total

Forecast Power Generation

149,989kWh

116,510kWh

152,891kWh

164,979kWh

180,664kWh

765,033kWh

Actual Power Generation

153,378kWh

123,598kWh

137,795kWh

137,002kWh

165,405kWh

717,178kWh

Days Offline

1 day

1 day

4 days6 days3 days15 daysPower Generation Loss*

4,835kWh3,883kWh

19,727kWh

32,995kWh

17,483kWh78,923kWh* Forecast Power Generation / Days of month x Days Offline© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

11

Power Generation +2.2% vs. Forecast
FY19/6 Power Generation and Power Production Revenue(kWh)(JPY million)

5,000,000

Forecast Power Generation (left axis)

200

Actual Power Generation (left axis)

Power Production Revenue (right axis)
155
4,000,000

138

150

137

134
123
107

119

110

3,000,000

100

91
78

82

64
2,000,000

50

1,000,000

0July 2018

AugustSeptember

OctoberNovember

DecemberJan 2019

February

March

April

May

June

* 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.

12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

1,557,343

1,748,088+190,745

68,40854,189

E-02

Ichigo Motomombetsu

1,556,378

1,561,765+5,387

61,374

48,908

E-03

Ichigo Muroran Hatchodaira

1,446,438

1,522,162+75,724

59,747

48,379E-04

Ichigo Engaru Kiyokawa

1,229,261

1,186,960-42,301

47,141

37,157

E-05

Ichigo Iyo Nakayamacho Izubuchi

1,426,968

1,426,072-896

57,33047,041

E-06

Ichigo Nakashibetsu Midorigaoka

2,238,108

2,302,362+64,254

90,26877,054E-07

Ichigo Abira Toasa

1,322,206

1,375,486+53,280

55,03345,284E-08

Ichigo Toyokoro

1,291,952

1,321,774+29,82252,52242,887

E-09

Ichigo Nago Futami

9,694,617

9,525,994-168,623

380,094

323,586

E-10

Ichigo Engaru Higashimachi

1,350,858

1,231,474-119,384

48,11140,323

E-11

Ichigo Takamatsu Kokubunjicho Nii

3,068,732

3,081,146+12,414110,766

99,995

E-12

Ichigo Miyakonojo Yasuhisacho

1,728,548

1,632,549-95,999

57,636

46,582

E-13

Ichigo Toyokawa Mitocho Sawakihama

2,172,501

2,357,949+185,448

74,91753,711

E-14

Ichigo Yamaguchi Aionishi

1,500,185

1,651,051+150,866

64,71954,571

E-15

Ichigo Yamaguchi Sayama

2,889,237

3,291,193+401,956

116,21098,921

34,473,332

35,216,025+742,693

1,344,284

1,118,595

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

13

Financing Details
Have Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps
as of June 30, 2019

Amount(JPY million)

Interest Rate(% )Fixed/Floating

Borrowing Date

Maturity

5,433

0.760%Fixed

Dec 1, 2016

Nov 30, 2026

10 yearsMizuho Bank

418

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Yamaguchi Bank881

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

oa

Loan
Term

6,733 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%

56.5%

55.6%

54.7%

53.7%

52.4%

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

6.0X

5.4X

4.8X

4.3X

6,858M

7,160M

6,733M

6,310M

5,876M

5,439M

4,991M

4,543M

4,090M

3,637M

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

14

FY20/6 Forecast
Forecast Dividend: JPY 3,580(JPY million)

FY18/6
Actual

FY19/6
Forecast

FY19/6
ActualFY20/6
Forecast

Operating Revenue

1,153

1,090

1,118

1,085

Operating Expenses

827

836

836

844

(Depreciation)

636

636

636

638

Operating Profit

325

254

282

240

Recurring Profit

212

144

174

145

Net Income

210

143

173

144

Dividend

JPY 4,226

JPY 3,560

JPY 3,865

JPY 3,580(excluding DEE)

JPY 2,046

JPY 1,375

JPY 1,680

JPY 1,390(DEE)

JPY 2,180

JPY 2,185

JPY 2,185

JPY 2,190

15

15

15

15

35.76M kWh

34.47M kWh

35.21M kWh

34.29M 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.

15

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

16

Japan’s First Ten-Year Earnings Forecast
Ten-Year Dividend & FFO Forecast (Includes 2017~2019 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

7,816

7,982

8,002

8,146

8,136

8,253

8,211

DPS

2,139

4,226

3,865

3,580

3,820

3,945

4,095

4,065

3,885

3,540

FFO = Funds From Operations+636

Initial Forecast
JPY 1,375
Forecast Revision +JPY 305
ActualJPY 1,680

Dividend per Share (excluding DEE)

+305
1,750

1,895

1,860

1,410

1,375

1,390

1,625

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

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

1,875

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.

17

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.

18

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)

19

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 repairs20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.

21

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

22

Ichigo Green’s Sponsor: Ichigo (2337)
Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy‒‒‒‒

Also 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©J.LEAGUE

Key Ichigo Subsidiaries
IchigoThe word “Ichigo” comes from the ancient Japanese
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 andsincerity to each act of the tea ceremony for every
guest, 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 longterm relationships to support the success of ourclients, shareholders, and all stakeholders.

(Weightlifting)

Ichigo Investment Advisors

Asset manager of Ichigo Office (8975), Ichigo Hotel (3463), and Ichigo
Green (9282)

Ichigo Estate

Real estate value-add

Ichigo ECO Energy

Clean energy business focusing on utility-scale solar power production,
making purposeful use of idle land nationwide

Ichigo Owners

Real estate investment services

Ichigo Land Shinchiku

Real estate value-add

Ichigo Real Estate Services Fukuoka

Real estate business centered on Fukuoka

Ichigo Marché

Operator of Matsudo Nanbu wholesale market in Chiba Prefecture

Miyako City

Operator of Miyako City shopping mall in Miyazaki Prefecture

CentroNew real estate-related businesses

Storage Plus

High-grade self storage

Ichigo Animation

Japanese anime studio & real estate-related content developer

Hakata Hotels

Hotel operator(TSE First Section 2337)

Ichigo Preserves andImproves Real Estate

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

23

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.

24

Ichigo & Ichigo Green Solar Power Plant Portfolio
Hokkaido

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

59 Plants (184MW)
Currently Operating

42 Plants (118MW)
Okinawa
Ichigo Nago Futami

8.44MW

KyushuChugoku
Ichigo Yamaguchi Aionishi

1.24MW

Ichigo Yamaguchi Sayama

2.35MW

Ichigo Yonago Izumi

2.61MW

Ichigo Kasaoka Takumicho

1.11MW

Ichigo Fuchu Jogecho Yano

0.99MW

Ichigo Sera Tsukuchi

2.54MW

Ichigo Sera Aomizu

2.87MW

Ichigo Higashi-Hiroshima Saijocho
Taguchi

2.72MW

Ichigo Kasaoka Iwanoike

2.64MW

Ichigo Kure Yasuuracho Nakahata

2.90MW

Ichigo Kasaoka Osakaike

2.39MW

Ichigo Miyakonojo Yasuhisacho

1.44MW

Ichigo Kijo Takajo

0.89MW

Ichigo Kasaoka Idachiike

Ichigo Itoshima Iwara

1.48MW

Ichigo Miyakonojo
Takazakicho Tsumagirishima

2.96MW

Ichigo Ebino Suenaga

14.00MWTotal

20.79MW

1.24MW

Ichigo Engaru Kiyokawa

1.12MW

Ichigo Abira Toasa

1.16MW

Ichigo Muroran Hatchodaira

1.24MW

Ichigo Toyokoro

1.02MW

Ichigo Nakashibetsu Midorigaoka

1.93MW

Ichigo Yubetsu Barou

0.80MW

Ichigo Betsukai Kawakamicho

0.88MW

Ichigo Akkeshi Shirahama

0.80MW

Ichigo Toyokoro Sasadamachi

0.60MW

Ichigo Memuro Nishi-Shikari

1.32MW

Total

13.57MW

Tohoku2.66MW

2.31MW

Ichigo Sera Shimotsuda

2.81MW

Ichigo Hamanaka Bokujo Kajibayashi

2.31MW

Total

29.89MW(Wind) Ichigo Yonezawa Itaya

7.39MW

Total

12.01MW(Wind – Pipeline) Iwate1

7.50MW(Wind – Pipeline) Fukushima2

7.00MW

Ichigo Toyokawa Mitocho Sawakihama 1.80MW

Kansai

Ichigo Toki Oroshicho

1.39MW
2.94MW

Ichigo Sennan Kitsuneike

2.86MW

Ichigo Tsu

Ichigo Takashima Kutsuki

3.74MW

Ichigo Toki Tsurusatocho Kakino

1.31MW

Ichigo Kobe Pompuike

2.95MW

Ichigo Sakahogi Fukagaya

2.89MW

Total

9.56MW

1.50MW

Ichigo Takamatsu Kokubunjicho Nii

2.43MW

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

Ichigo Iyo Nakayamacho Izubuchi

1.23MW

Ichigo Obu Yoshidamachi

0.98MW

Ichigo Tokushima Higashi-Okinosu

2.52MW

Ichigo Ueda Yoshidaike

1.01MW

Total

6.19MW

Total

16.84MW

Shikoku(as of July 11, 2019)

1.40MW

Ichigo Engaru Higashimachi

Ichigo Hamanaka Bokujo Tsurunokotai

Chubu

Ichigo Green (9282)
Ichigo (2337)
In-Development

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

1.68MW
1.30MW

Kanto
Ichigo Kiryu Okuzawa

1.33MW

Ichigo Maebashi Naegashima

0.67MW

Ichigo Showamura Ogose

43.34MW

Ichigo Toride Shimotakai Kita

1.03MW

Ichigo Toride Shimotakai Minami

0.54MW

Ichigo Minakami Aramaki

12.02MW

Ichigo Hitachi Omiya

2.96MW

Ichigo Hokota Aoyagi

2.48MW

Ichigo Toride Shimotakai Nishi

2.99MW

Total

67.39MW(Wind – Pipeline) Chiba1

4.00MW

1 Wind survey completed 2 Wind survey in progress25

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

26

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.

27

Ichigo ESG – Environmental
Solar and Wind Energy: Safe and Clean
Annual Power Generation
141,699,548 kWh

Sustainable Real Estate

Annual CO2 Reduction
93,521,697 kg

Preserve & Enhance Existing Buildings
to End Wasteful Demolish & Rebuild‒ Lengthen useful life of real estate

Equivalent to annual
energy consumption of
47,233 households
The Federation of Electric Power
Companies of Japan
Annual energy consumption per household
3,000kWh

Equivalent to annual
CO2 emission of
40,661 cars

‒ 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 2018 to June 2019 – Total of Ichigo and
Ichigo Green)

Disaster Recovery & Response

HighestEfficiency

Environmental Certifications

No injuries or damages at any Ichigo asset or power
plant from 2018 natural disasters

Ichigo Office (8975)

Robust Assets- Power plants: site selection and construction based on
detailed specifications customized to local geography- Real estate: continuous improvements to safety & functionality
via value-add capex

Rank S

Robust BCP & Realtime 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 onsite safety and engineering inspections to prevent secondary
damage and losses

LowestImpactCASBEE

IchigoTakamatsu
Building

IchigoMarunouchi
Building

Rank A

Ebisu
Green
Glass

IchigoSakaisuji
Honmachi
Building

Ichigo Sendai
East Building

Green Star(Highest Ranking)2 years in a row

Other Certifications:
BELS, DBJ Green Building Certification© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

28

Ichigo ESG – Social
Sports & Arts
Supporting Outstanding,World-Class Athletes‒ Weightlifting‒ Riflery‒ Track & Field

Paralym Art Sponsor‒ Support artists withdisabilities

Weightlifting Athlete
Hiromi Miyake

Children’s Cancer Treatment
Supporting University of Miyazaki
Faculty of Medicine’s Program forChildren with Cancer‒ Issued CSR bond & donated a portion ofunderwriter commission to the Cancer
Program‒ Sponsoring volunteer activities in supportof children with cancer

Local Communities
Promoting Community Development as J.League
Top Partner

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.

29

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

Nominating
Committee

Executive Director
Mami Nagasaki
Supervising Director Arata Nomoto
Supervising Director Kiyofumi Fujita

Audit Committee

External Auditor

Compensation
Committee
Chairman

Grant Thornton Taiyo LLC

Asset Management
Agreement

Board of Directors

Risk & Compliance
Committee

Asset Management Company
Ichigo Investment Advisors

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

30

Solar Power Plant Data

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

31

Solar Power Plant Map(as of June 30, 2019)

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)
32

Power Generation (YOY)Power Generation -1.5% YOY
Power Generation: FY19/6 vs. FY18/6(kWh)5,000,000

FY18/6 Actual: 35.76M kWh
FY19/6 Actual: 35.21M kWh(-0.55M kWh, -1.5% YOY)

FY18/6 Actual (15 Power Plants)
FY19/6 Actual (15 Power Plants)
4,000,000

3,000,000

2,000,000

1,000,000

0July

AugustSeptember

OctoberNovember December

January

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

March

April

May

June

33

Individual Solar Power Plant Earnings (July 2018 – June 2019)(JPY thousand)Leaseholder
No.

Solar Power Plant

Power
Production
Revenue

Ichigo Green

OperatingExpenses

Operating
Revenue

Expenses

NOI

Depreciation
ExpenseIncomeE-01

Ichigo Kiryu Okuzawa

68,408

14,21954,1894,996

49,192

29,792

19,399

E-02

Ichigo Motomombetsu

61,374

12,466

48,9085,086

43,821

29,433

14,388

E-03

Ichigo Muroran Hatchodaira

59,747

11,36848,3794,797

43,581

27,652

15,929E-04

Ichigo Engaru Kiyokawa

47,141

9,984

37,157

4,096

33,061

23,615

9,445

E-05

Ichigo Iyo Nakayamacho Izubuchi

57,33010,28947,041

4,801

42,24027,824

14,415

E-06

Ichigo Nakashibetsu Midorigaoka

90,26813,214

77,054

8,089

68,96443,70325,260E-07

Ichigo Abira Toasa

55,033

9,749

45,284

4,630

40,65425,046

15,607

E-08

Ichigo Toyokoro

52,522

9,635

42,887

4,561

38,326

24,65013,675

E-09

Ichigo Nago Futami

380,094

56,508323,586

29,585

294,001

190,708

103,292

E-10

Ichigo Engaru Higashimachi

48,111

8,321

40,323

4,039

36,28326,098

10,185

E-11

Ichigo Takamatsu Kokubunjicho Nii

110,766

10,77099,995

8,916

91,07854,37636,702

E-12

Ichigo Miyakonojo Yasuhisacho

57,636

11,893

46,582

4,469

42,112

28,381

13,731

E-13

Ichigo Toyokawa Mitocho Sawakihama

74,917

21,20653,711

4,615

49,09628,446

20,649

E-14

Ichigo Yamaguchi Aionishi

64,71910,14754,571

5,388

49,18326,074

23,108

E-15

Ichigo Yamaguchi Sayama

116,210

17,28898,921

7,690

91,23050,512

40,7181,344,284

227,063

1,118,595

105,766

1,012,828

636,317376,510Total© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

34

FY20/6 Forecast Power Generation
FY 20/6 Forecast 34.29 million kWh vs. FY19/6 Forecast 34.47 million kWh(FY19/6 Actual 35.21 million kWh)
FY19/6 Actual Power Generation and FY20/6 Forecast Power Production (15 Power Plants)(kWh)
5,000,000(JPY million)
FY19/6 Actual (15 Power Plants)

FY19/6 Actual: 35.21M kWh
FY20/6 Forecast: 34.29M kWh (-0.91M kWh)

FY20/6 Forecast (15 Power Plants)

4,000,000

3,000,000

2,000,000

1,000,000

0July

AugustSeptember

OctoberNovember December

January

February

March

April

May

June

* This graph shows the comparison between FY19/6 Actuals ■ and FY20/6 P50 Forecast ■© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

35

Solar Power Plant Portfolio
as of June 30, 2019
No.

Solar Power Plant

Location

Acquisition
Date

Book Value(JPY
million)Appraisal
Value 1
(JPY
million)Panel
Output2
(MW)

FIT 3
(JPY)

Portfolio
Weight4

E-01

Ichigo Kiryu Okuzawa

Kiryu City, Gunma

Dec 2016

424

478

1.33

40

4.19%

E-02

Ichigo Motomombetsu

Mombetsu City, Hokkaido

Dec 2016

431

486

1.40

40

4.26%

E-03

Ichigo Muroran Hatchodaira

Muroran City, Hokkaido

Dec 2016

407

460

1.24

40

4.02%

E-04

Ichigo Engaru Kiyokawa

Mombetsu County, Hokkaido

Dec 2016

348

381

1.12

40

3.44%

E-05

Ichigo Iyo Nakayamacho Izubuchi

Iyo City, Ehime

Dec 2016

412

470

1.23

40

4.07%

E-06

Ichigo Nakashibetsu Midorigaoka

Shibetsu County, Hokkaido

Dec 2016

673

746

1.93

40

6.64%

E-07

Ichigo Abira Toasa

Yufutsu County, Hokkaido

Dec 2016

388

430

1.16

40

3.83%

E-08

Ichigo Toyokoro

Nakagawa County, Hokkaido

Dec 2016

382

425

1.02

40

3.77%

E-09

Ichigo Nago Futami

Nago City, Okinawa

Dec 2016

2,987

3,501

8.44

40

29.46%

E-10

Ichigo Engaru Higashimachi

Mombetsu County, Hokkaido

Dec 2016

408

444

1.24

40

4.03%

E-11

Ichigo Takamatsu Kokubunjicho Nii

Takamatsu City, Kagawa

Dec 2016

1,003

1,083

2.43

36

9.90%

E-12

Ichigo Miyakonojo Yasuhisacho

Miyakonojo City, Miyazaki

Dec 2016

456

519

1.44

36

4.50%

E-13

Ichigo Toyokawa Mitocho Sawakihama

Toyokawa City, Aichi

Dec 2016

462

484

1.80

32

4.56%

E-14

Ichigo Yamaguchi Aionishi

Yamaguchi City, Yamaguchi

Jul 2017

505

551

1.24

40

4.99%

E-15

Ichigo Yamaguchi Sayama

Yamaguchi City, Yamaguchi

Jul 2017

846

936

2.35

36

8.34%

10,140

11,399

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, 2019. 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.

36

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

Gunma

Area

27,588m2

Forecast Power Generation
Actual Power Generation(kWh)

300,000
250,000

Operation
Start Date

Sep 30, 2013

Panel
Output

1.33MW

FIT

JPY 40100,000

FIT Period

Sep 29, 2033

50,000Power
Purchaser

TEPCO Energy
Partner

200,000
150,000

0
Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-02 Ichigo Motomombetsu
Forecast Power Generation
Actual Power Generation

Location

Hokkaido

Area

48,947m2

Operation
Start Date

Feb 3, 2014

Panel
Output

1.40MW

FIT

JPY 40100,000

FIT Period

Feb 2, 2034

50,000Power
Purchaser

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

0
Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

37

Individual Solar Power Plant Details
E-03 Ichigo Muroran Hatchodaira
Forecast Power Generation
Actual Power Generation

Location

HokkaidoArea

35,801m2

Operation
Start Date

Mar 3, 2014

Panel
Output

1.24MW

FIT

JPY 40100,000

FIT Period

Mar 2, 2034

50,000Power
Purchaser

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

0

Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-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

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

150,000

100,000

50,000

0

Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

38

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

Ehime

Area

26,261m2

Operation
Start Date

Apr 2, 2014

Panel
Output

1.23MW

FIT

JPY 40

FIT Period

Apr 1, 2034

Power
Purchaser

Shikoku Electric

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

150,000

100,000

50,000

0

Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-06 Ichigo Nakashibetsu Midorigaoka
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
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

39

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

FIT Period

Dec 1, 2034

Power
Purchaser

Hokkaido Electric

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

150,000

100,000

50,000

0

Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-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

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

150,000

100,000

50,000

0

Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

40

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

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

Forecast Power Generation
Actual Power Generation(kWh)1,500,000
1,200,000
900,000
600,000
300,000
0

Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-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

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

150,000

100,000

50,000

0

Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

41

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

KagawaArea

79,340m2

Operation
Start Date

Jun 2, 2015

Panel
Output

2.43MW

FIT

JPY 36

FIT Period

Jun 1, 2035

Power
Purchaser

Shikoku Electric

Forecast Power Generation
Actual Power Generation(kWh)400,000

300,000

200,000

100,000

0

Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-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

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

150,000

100,000

50,000

0

Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

42

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

Location

Aichi

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

0

Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

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

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

150,000

100,000

50,000

0

Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

43

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

FIT Period

Apr 5, 2036

Power
Purchaser

Chugoku Electric

Forecast Power Generation
Actual Power Generation(kWh)400,000

300,000

200,000

100,000

0

Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

44

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

45

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 FIT

Contract Date

FIT

FY2012FY2013
FY2014FY2015 (4/1～6/30)
FY2015 (7/1～3/31)

JPY 40
JPY 36
JPY 32
JPY 29JPY 27

Guarantee
Period20 years
20 years
20 years
20 years
20 years

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

Contract Date

FIT

FY2016FY2017FY2018FY2019JPY 241
JPY 21
JPY 18 1
2
JPY 14

Guarantee
Period20 years
20 years
20 years
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

Average Ichigo Green FIT: JPY38.7

via auction process from 2019

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

46

Shareholder Composition
Shareholdings by Shareholder Type

Major Shareholders (as of June 30, 2019)
No. ofSharesShare

1 Ichigo Trust Pte. Ltd.

15,973

15.5%

100%

2 Ichigo Inc.

6,000

5.8%

80%

3 Morgan Stanley MUFG Securities Co., Ltd.

4,942

4.8%

60%

4 BNYM SA NV RE GCLB RE JP RD LMGC

4,662

4.5%

5 MACQUARIE BANK LIMITED DBU AC

4,522

4.4%

4,500

4.4%

Name

6

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

40%
20%

Foreign Corporations & Individuals

Domestic Financial Institutions

Non-Financial Domestic Corporations

Domestic Individuals

34,179 shares(33.2%)

33,336 shares(32.4%)

33,391 shares(32.4%)

10,694 shares(10.4%)
5,078 shares(4.9%)

10,585 shares(10.3%)

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

53,015 shares(51.5%)

49,054 shares(47.6%)

50,588 shares(49.1%)

Dec 31, 2018
(102,966 shares)*Jun 30, 2019
(102,966 shares)*

0%

1,551

1.5%

Jun 30, 2018
(102,966 shares) *8 Bank of Fukuoka, Ltd.

990

1.0%

* Number of shares outstanding

9 Individual Shareholder

913

0.9%

Japan Trustee Services Bank, Ltd.,
10
Trust Account

900

0.9%

44,95343.7%

7 CLEARSTREAM BANKING S.A.

Total

9,991 shares(9.7%)

Shareholders by Shareholder Type

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

Jun 30, 2019
Jun 30, 2018 Dec 31, 2018
Shareholders Shareholders Shareholders Share
5,525
5,974
6,044
98.1%
18
18
20
0.3%
3
3
3
–
1
1
2
–
14
14
15
0.2%
67
66
68
1.1%
33
31
32
0.5%
5,643
6,089
6,164 100.0%

47

Share Price (Dec 1, 2016 to July 31, 2019)
Listed on the TSE on Dec 1, 2016
(JPY)

(Shares Traded)

90,00018,000Ichigo Green(left axis)

TSE REIT Index(left axis)

Trading Volume(right axis)

80,00015,000

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
2017/2

2017/42017/62017/82017/102017/122018/2

2018/42018/62018/8

2018/10*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.

2018/122019/2

2019/4

2019/6

Source: Bloomberg

48

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.

49

MEMO

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

50

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
and investing in low-carbon technologies such as solar energy.

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