August 1, 2022

Impact Investment in Clean Energy Connect- Accelerating uptake of renewable energy by expanding off-site corporate PPAs -The Dai-ichi Life Insurance Company, Limited (the “Company”; President and Representative Director: SeijiInagaki) has invested JPY 300 million in Clean Energy Connect, Inc. (“Clean Energy Connect”; RepresentativeDirector: Teppei Uchida), a Japanese startup that provides companies with renewable energy solutions. This impact
investment1 is part of the Company’s ESG investments.
 Clean Energy Connect is a startup that offers low-voltage, distributed off-site
corporate power purchase agreements (PPAs)
 An off-site corporate PPA is a method for procuring electrical power in which acompany installs solar power generation facilities at an off-site location; thegenerated electricity is then sent together with environmental value to company sites
requiring power

Clean Energy Connect makes effective use of land in japan to install
distributed small and medium-size solar power generation facilities;
in this way, it is able both to minimize the impact on local
environments and the risks from natural disasters and, at the sametime, develop power generation capacity at low-cost and in a shortframe of timeIn recent years, an increasing number of companies are engaged in ambitious businesses committed 100% renewableenergy (RE100)2. Through its services, Clean Energy Connect seeks to accelerate the uptake of renewable energythat achieves “additionality”3, and so encourage an early transition to a decarbonized society.
[Social Impact]
Reducing CO2 emissions
and mitigating climatechangeContributing to reductions in CO2 emissions and mitigatingclimate change, through renewable energy generation thatachieves additionality

1

Impact investment is an investment activity where an investor makes investment decisions with the intent to gain investment returns and generate social
impact (e.g., structural change in society).
2
RE100 is a global initiative that brings together companies committed to using 100% renewable energy in their business operations. The Company joined
the initiative in August 2019.
3
Additionality is concept that refers to organizations directly adding new renewable energy generation to the grid, such as by newly creating its own power
generation facility.

1The Company contracted with Clean Energy Connect for its off-site corporate PPA service in September 2021.
Through this agreement, the Company intends to advance its initiatives for achieving 100% renewable energy (RE100)by the end of fiscal 2023; in addition, through the further expansion of the Japanese off-site corporate PPA industry, it
hopes to accelerate the uptake of renewable energy.
The Company expects high investment returns from its investment in Clean Energy Connect; it will also provide
financial support for and continually monitor Clean Energy Connect’s initiatives, which it is hoped will have a positive
impact on society by reducing CO2 emissions and mitigating climate change.
As a responsible institutional investor, the Company will continue to actively engage in ESG investment both torealize a sustainable society, and to improve its investment returns through sophisticated and diverse investment
methods.

Teppei Uchida, Representative Director of Clean Energy Connect, Inc., provided the following comments:
At Clean Energy Connect, we provide support for corporations to achieve theirdecarbonization and RE100 goals. Our customers comprise companies whose managements
are focused on decarbonization, or who have signed up to RE100; using a new type of systemcalled an off-site corporate PPA, we provide them with electricity and environmental value
via customers’ dedicated non-FIT solar power generation facilities. Our services enable ourcustomers to increase their use of renewable energy without having to rely on FIT systems.
It is an effective measure against climate change, and has the potential to produce a significant
environmental impact. The money that The Dai-ichi Life Insurance Company has invested in
us will be used to strengthen the green electricity solutions we provide. In response to anincreasing corporate demand for decarbonization and renewable energy, we will work
together with our customers to provide a one-stop solution for green electricity, including thedrafting of pre-installation plans, supporting actual installation, and verifying postinstallation efficacy.

[Company Profile]
Trade Name

Clean Energy Connect, Inc.

Head OfficeKoji-machi 6-2-6, Chiyoda-ku, Tokyo

Representative

Representative Director Teppei Uchida

EstablishedApril 2020

Business

Corporate green electricity solutions; non-FIT renewable power generation

Description2

Dai-ichi Life's Impact Investment History (Last 3 years)
Headline
Dai-ichi Life to Impact Invest in Modulus Discovery, Inc.
- Contributing to Realizing Accessible Healthcare for All by Cutting Development
Timelines and Costs of Pharmaceuticals Impact Investment in Metcela Inc.
- Contributing to Extending Healthy Life Expectancy of Patients with Heart Failure
through the Development and Provision of a New Treatment Impact Investment in Sharing Energy Co., Ltd.
- Contributing to CO2 emission reduction through distributed renewable energypower generation for residential solar power Impact Investment in GITAI Japan- Contributing to Economic Growth through Promotion of Space Development byMeans of R&D for Space Worker Robots Impact Investment in Noile-Immune Biotech, Inc.
- Extending Healthy Life Expectancy through Development and Provision of NextGeneration Cancer Immunotherapy Investment in Climate Infrastructure Fund for Emerging Countries- Contributing to Resolving Climate Change Challenges Through Joint
Public/Private Support for Development of a Low Carbon Economy Impact Investment in RIVERFIELD Inc.
- Contributing to Improving Patients' Quality of Life by Lessening Burden on Mindand Body Through Usage of Surgery Support Robots Impact Investment in PaMeLa Co., Ltd.
- Contributing to Improving Patients' Quality of Life through Development ofMedical Device That "Visualizes" Pain Using Brain Waves Impact Investment in WASSHA Inc.
- Contributing to Sustainable Development through Offering an Electric PowerService to Off-Grid Communities in Africa Impact Investment in READYFOR INC.
- Achieving a Society that Overflows with Heartfelt Support through Vitalization ofthe Donation and Subsidy Market -3

Release Date
May 13, 2020

Jan. 4, 2021

Feb. 15, 2021

Mar. 1, 2021

Mar. 22, 2021

Jul. 8, 2021

Jul. 30, 2021

Sep. 29, 2021

June. 10, 2022

Jul. 13, 2021

URL
https://www.dai-ichilife.co.jp/english/news_release/2020/pd
f/index_003.pdf
https://www.dai-ichilife.co.jp/english/news_release/2020/pd
f/index_017.pdf
https://www.dai-ichilife.co.jp/english/news_release/2020/pd
f/index_021.pdf
https://www.dai-ichilife.co.jp/english/news_release/2020/pd
f/index_024.pdf
https://www.dai-ichilife.co.jp/english/news_release/2020/pd
f/index_028.pdf
https://www.dai-ichilife.co.jp/english/news_release/2021/pd
f/index_003.pdf
https://www.dai-ichilife.co.jp/english/news_release/2021/pd
f/index_005.pdf
https://www.dai-ichilife.co.jp/english/news_release/2021/pd
f/index_008.pdf
https://www.dai-ichilife.co.jp/english/news_release/2022/pd
f/index_004.pdf
https://www.dai-ichilife.co.jp/english/news_release/2022/pd
f/index_005.pdf