Ichigo Green(9282)

FY17/6 Corporate Presentation
January
2017
August 13,
9, 2017

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

© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

www.ichigo-green.co.jp/en/

Ichigo Preserves andImproves Real Estate© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Contents
Ichigo Green Overview‒ Mission & Deliverables to Shareholders‒ Solar Power Plant Portfolio Details‒ Solar Power Plant Map

Growth Strategy Leveraging
Ichigo’s Strengths‒ Ichigo Green’s Sponsor: Ichigo (2337)‒ Synergies Between Ichigo Green and Ichigo‒ Ichigo & Ichigo Green Solar Power Plant
Portfolio

FY17/6 Results‒ FY17/6 Highlights‒ FY17/6 Earnings‒ Solar Power Generation‒ Power Generation by Individual Power Plant‒ Loan Details‒ July 2017 Acquisitions Drive Further Earnings Growth‒ FY18/6 Earnings Forecast‒ FY18/6 Power Generation Forecast

Solar Power Plant Data
‒ Solar Power Plant Portfolio‒ Individual Solar Power Plant Details

Appendix

Maximize Shareholder Value‒ Ichigo Power Plant Performance Guarantee‒ Customized Solar Power Plant Builds‒ Fully-Networked Panel-Level Production Monitoring‒ Japan’s First Ten-Year Earnings Forecast‒ World-Class Disclosure: Real-Time Power Production Data

© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Ichigo Green Overview© 2017 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
No. of Shares
Offered at IPO
Issue Price

51,483 shares
Offering Amount(including underwriter allotment)
JPY 100,000 per share

TSE Listing

JPY 4,954 million
December 1, 2016

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 ECO Energy, with a strong track-record developing and operating
32 solar power plants nationwide.
・ Asset management company has extensive experience managing Ichigo Office REIT (8975) and
Ichigo Hotel REIT (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.

© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

6

Solar Power Plant Portfolio Details
As of August 9, 2017

No. of Power Plants

Acquisition Price

Panel Output

15

JPY 11.4B

29.43MWAverage FIT

CO2 Reduction

Annual Power
Generation

JPY 38.7

22,850 Tons

10,638 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 monthly power consumption per household is 271.2KWh. 13 power plants at December 2016
IPO, plus 2 acquisitions in July 2017. See page 15 for July acquisition details.

By Region

Okinawa
29.8%

Kyushu4.5%

1-2 years in>3 years
operationin operation
17.3%
20.2%

Hokkaido
30.2%

Shikoku
13.9% Chugoku
12.8%

By FITBy Years in Operation

Kanto
4.3%

2-3 years
in operation
62.5%

JPY 32
4.6%
JPY 3622.3%
JPY 40
73.1%

Chubu
4.6%
* Graph data are based on acquisition price.

© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

7

Solar Power Plant Map
Geographically Diversified
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© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

15 Plants (29MW)
8

FY17/6 Results© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

9

FY17/6 Highlights
Achievements

Major Actions

•
•
•
•

TSE Listing on Dec. 1, 2016
Acquired 13 solar plants (JPY 10B)
Financed with new loans
Announced first-ever ten-year
earnings forecast by a Japanesecompany• Acquired 2 additional solar plants

Details••••

Shares outstanding: 51,483 shares
Geographically diverse portfolio
Swaps on 10-year loans lock-in low interest rates
Ten-year earnings forecast possible due to long-term earnings
visibility from 20-year Feed-In Tariff (FIT) power sale contracts
and performance guarantees from solar power plant operator• 2 new solar plant acquisitions increase EPS +17.9% from FY18/6
through FY26/6

EPS

JPY 1,831• +JPY 610 (+50.0%) vs. JPY 1,221 initial forecast

FFO

JPY 8,610• Cash earnings substantially higher than EPS and DPS due toaccelerated depreciation expenses

DPS

JPY 4,278• +JPY 618 (+16.9%) vs. JPY 3,660 initial forecast

LTV

57.4%

• 20-year FIT power contracts support high creditworthiness

Avg. Loan
Interest Rate

0.70%

• Average loan term: 9.0 years* EPS calculated based on the number of shares outstanding as of FY17/6 end.
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 + Loss on Disposal of Fixed Assets + Liability for Asset Retirement Obligation+/- Losses/Gains on Sales +/- Extraordinary Gains/Losses) / Number of Shares Outstanding
Initial forecast announced on May 26, 2017
© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

10

FY17/6 Earnings
Above-Forecast Power Generation Drove Higher Earnings & Dividend
JPY 1,738 DPS (+JPY 618, +55.2% vs. Forecast)(JPY million)

FY17/6 (7 Months)(May 26, 2017 Forecast)

FY17/6 (7 Months)(Actual)Operating Revenue

545

566

+21

103.9%

Operating Expenses

418

407

-11

–

(Depreciation Expenses)

327

326

-1

–

Operating Profit

127

158

+31

124.7%

Recurring Profit

65

97

+32

148.9%Net Income

62

94

+32

150.0%DPS

JPY 3,660

JPY 4,278+618

116.9%(excluding Dividend in Excess of Earnings)(Dividend in Excess of Earnings)

JPY 1,120
JPY 2,540

JPY 1,738
JPY 2,540+618–

155.2%
–

13

13

–

–

Number of Power Plants© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Difference

vs. Forecast

11Solar Power Generation+2% vs. Forecast
FY17/6 Power Generation and Power Production Revenue (13 Power Plants)(kWh)(JPY million)

5,000,000

150

Forecast Power Generation
Actual Power Generaiton

124Power Production Revenue

4,000,000

117
112

110

120

TSE IPO(Dec 1, 2016)(Reference)
3,000,000

90

80
69
59

2,000,000

60

30

1,000,000

0

0
Jul
2016

Aug

Sep

Oct

Nov

Dec

Jan
2017

Feb

Mar

Apr

May

Jun

* Forecast power generation is a third-party, 50% probability mean annual production forecast (P50 forecast) that serves as the baseforecast for each solar power plant’s operating plan.
Power production revenue is total power sales to power purchasers (electric power utilities). Power production is also seasonal, and islower in June due to Japan’s rainy season and in September through February due to fewer productive daylight hours during
autumn/winter.
© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

12Power Generation by Individual Power Plant
Geographically Diverse Portfolio Contributes to Earnings Stability
Solar Power Plant

Forecast Power
Generation (A)(kWh)

Actual Power
Generation (B)(kWh)

Difference(B) - (A)(kWh)

Actual Power
Production Revenue(JPY thousand)Operating
Revenue(JPY thousand)Ichigo Kiryu Okuzawa

942,498

1,114,289+171,791

43,62436,329Ichigo Motomombetsu

909,370

883,470-25,900

34,78628,151

Ichigo Muroran Hatchodaira

853,548

883,947+30,399

34,95628,939Ichigo Engaru Kiyokawa

723,286

681,012-42,274

27,00822,057

Ichigo Iyo Nakayamacho Izubuchi

801,458

826,594+25,136

33,18328,146

Ichigo Nakashibetsu Midorigaoka

1,397,559

1,400,915+3,35655,11647,629Ichigo Abira Toasa

809,946806,727-3,21932,31927,050Ichigo Toyokoro

800,475

811,757+11,282

32,35827,243

5,109,062

5,084,593-24,469

201,775

173,505

788,943

712,876-76,067

28,09723,714

1,780,158

1,856,683+76,525

66,72761,415992,300

1,042,908+50,608

36,742

29,569Ichigo Toyokawa Mitocho Sawakihama

1,290,695

1,426,625+135,930

45,40032,871

Total

17,199,300

17,532,400+333,100

672,099566,623

Ichigo Nago Futami
Ichigo Engaru Higashimachi
Ichigo Takamatsu Kokubunjicho Nii
Ichigo Miyakonojo Yasuhisacho* Operating Revenue = Power Production Revenue – Operating Expenses© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

13

Loan Details− Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps− Short-Term Financing of Consumption Tax Receivable
As of August 9, 2017

LenderAmount(JPY million)

Consumption
Tax Loan I

Mizuho Bank
SMBC

760

Term Loan I

Mizuho Bank
SMBC

Term Loan II

Mizuho Bank

Term Loan III

Yamaguchi Bank

Loan

Total

Interest Rate(%)

Fixed / Floating

Borrowing Date

Maturity

Loan Term

0.230

Floating

Dec 1, 2016

Nov 30, 2017

1 year

6,098

0.760

Fixed

Dec 1, 2016

Nov 30, 201710 years

475

0.815

Fixed

Jul 3, 2017

Jun 30, 2027

10 years

1,000

0.815

Fixed

Jul 3, 2017

Jun 30, 2027

10 years

FY25/6

FY26/6

8,333 Average 0.721%* Consumption tax loan is a loan to be repaid when consumption taxes paid on the acquisition of solar power plants are refunded.
Interest rates for the term loans are fixed via interest rate swaps.

LTV Forecast
FY17/6(Actual)57.4%

FY18/658.6%

FY19/658.2%

FY20/657.8%

FY21/657.1%

FY22/656.5%

FY23/655.6%© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

FY24/6
54.7%

53.7%

52.4%

14

July 2017 Acquisitions Drive Further Earnings Growth
Further Diversify Portfolio by Adding Plants in Japan’s Chugoku Region
 Ichigo Yamaguchi Aionishi ECO Power Plant (Yamaguchi Prefecture)— Panel Output: 1.24MW, FIT: JPY 40

 Ichigo Yamaguchi Sayama ECO Power Plant (Yamaguchi Prefecture)— Panel Output: 2.35MW, FIT: JPY 36

Increase EPS by Funding Acquisitions with Bank Loans and Cash-on-Hand
 Ten-Year Earnings and Dividend Forecast Upward Revision— EPS: JPY 2,840 → JPY 3,348 (weighted-average +17.9% )— DPS (including Dividend in Excess of Earnings):
JPY 7,256 → JPY 7,573 (weighted-average +4.4%)

Ichigo Yamaguchi Aionishi ECO Power Plant (1.24MW)

Ichigo Yamaguchi Sayama ECO Power Plant (2.35MW)© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

15

FY18/6 Earnings Forecast+24.8% Net Income Growth vs. Initial Forecast due to 2 Accretive Power
Plant Acquisitions(JPY million)

FY17/6 (7 Months)(Actual)FY18/6 (12 Months)(Initial Forecast)(A)

FY18/6 (12 Months)(Revised Forecast)(B)

Operating Revenue

566

963

1,095

+132

+13.7%

Operating Expenses

407

747

832

+85

+11.4%(Depreciation Expenses)

326

562

635

+73

+13.0%

Operating Profit

158

216

262

+46

+21.3%

Recurring Profit

97

118

147

+29

+24.6%Net Income

94

117

146

+29

+24.8%DPS

JPY 4,278

JPY 6,630

JPY 7,180+JPY 550+8.3%(excluding Dividend in Excess of Earnings)

JPY 1,738

JPY 2,270

JPY 2,820+JPY 550+24.2%(Dividend in Excess of Earnings)

JPY 2,540

JPY 4,360

JPY 4,360

–

–

13

13

15

+2

+15.4%

Number of Power Plants

Difference(B) - (A)Change* FY18/6 Initial Forecast (A) is from May 26, 2017 release “Ten-Year Earnings and Dividend Forecast Revision”
FY18/6 Revised Forecast (B) is from June 28, 2017 release “Ten-Year Earnings and Dividend Forecast Revision”© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

16

FY18/6 Power Generation Forecast− 15 Solar Power Plants− Forecast (P50): +1.66 million kWh YOY
5,000,000

FY17/6
Actual Power Generation (13 Power Plants)
FY18/6
Forecast Power Generation (15 Power Plants)

FY17/6 Actual: 32.95 million kWh
FY18/6 Forecast: 34.62 million kWh (+1.66 million kWh YOY)

4,000,000

3,000,000

2,000,000

1,000,000

0

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Mar

Apr

May

Jun

17

Maximize Shareholder Value© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

18

Ichigo 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© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

19

Customized Solar Power Plant Builds
Optimized to Local Meteorologies 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 Nago Futami ECO Power Plant(Okinawa)

Third-Party Certification− Ichigo Kiryu Okuzawa ECO Power Plant received a domestic andinternational certification from third-party inspection agency, TUV Rheinland,
making it the second solar plant to be certified in Japan− Thorough on-site plant inspections throughout construction and operation© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

20

Fully-Networked Panel-Level Production Monitoring
Real-Time Monitoring System Immediately Detects Any Failures at thePanel Level

Inverter

Comprehensive Monitoring System
Schematic

Comprehensive Monitoring
SystemMonitoring & Analysis• Real‐time monitoring• Immediate response capability• Real‐time analysis ofproduction data for early
detection of malfunctions© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

21

Japan’s First Ten-Year Earnings Forecast
Long-Term Earnings Stability Enables 10-Year Earnings Forecast‒ Fixed 20-year FIT power sales contracts‒ Power plant base performance guaranteed by operator‒ Accelerated depreciation expenses reduce accounting-based EPS – cash
earnings much higher, with FFO > full DPS by 2X and EPS by 4X-5X
Ten-Year Dividend & FFO Forecast (Upward Revision on June 28, 2017)
Dividend per Share (excluding Dividend in Excess of Earnings)
Dividend in Excess of Earnings

FFO
DPS

8,610

15,96516,005

16,292

8,190

16,272

8,130

(JPY)

16,506

15,877

15,822

15,632

7,180

7,120

7,160

2,820

2,750

2,780

3,250

4,360

4,370

4,380

4,390

4,390

4,400

4,410

4,020

3,650

June
2018

June
2019

June
2020

June
2021

June
2022

June
2023

June
2024

June
2025

June
2026

7,640

7,890

7,770

16,423

7,080

3,500

3,790

3,720

3,750

3,430

4,278
1,738

2,540
June
2017 *(Actual)* Ichigo Green’s actual operating timeframe during FY17/6 was from December 1, 2016, the day it acquired its first power plants, to June 30, 2017 (7 months).
© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

22

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

Live Camera

Ichigo Green HP
www.ichigo-green.co.jp/en/© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

23

Growth Strategy Leveraging Sponsor Strengths© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

24

Ichigo Green’s Sponsor: Ichigo (2337)
Core Businesses: Asset Management, Real Estate Value-Add, Clean Energy‒ Manages Ichigo Green, Ichigo Office REIT (8975) ,and Ichigo Hotel REIT (3463)‒ TSE First Section, JPX-Nikkei 400 Member‒ Deeply committed to CSR and Sustainability – Japan’s first zero-carbon listed realestate company
Ichigo(TSE First Section 2337)

Ichigo Preserves andImproves Real Estate

The 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.

Ichigo Investment Advisors Co., Ltd.

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

Ichigo Estate Co., Ltd.

Real estate value-add

Ichigo Global Capital Co., Ltd.

Cross-border M&A advisory

Ichigo ECO Energy Co., Ltd.

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

Ichigo Owners Co., Ltd.

Real estate owner services

Ichigo Real Estate Services Fukuoka
Co., Ltd.

Real estate business centered on Fukuoka in Kyushu region

Ichigo Marché Co., Ltd.

Operates Matsudo Nanbu wholesale market in Chiba Prefecture

Miyako City Co., Ltd.

Operates Miyako City, a large shopping mall in Miyazaki Prefecture© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

25

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

Solar Plants
Buy

Ichigo Green(9282)
OfficeIchigo Office REIT
(8975)
Hotel

Ichigo Hotel REIT
(3463)

Sell

Value-Add
Real
不動産
EstatePreserve &ImproveReal
EstateThirdParty
Investors

Sell

Buy

© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

26

Ichigo & Ichigo Green Solar Power Plant Portfolio(As of August 9, 2017)

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

Ichigo Motomombetsu(1.40MW)43 Plants (128MW)

Ichigo Yamaguchi Sayama(2.35MW )Ichigo Itoshima Ihara(1.29MW) Online in 2018/7
Ichigo Kijo Takajo(0.89MW)

Ichigo Betsukai Kawakamicho(0.88MW)

Ichigo Hamanaka Bokujo Kajibayashi(2.31MW)

Ichigo Akkeshi Shirahama(0.80MW)

Ichigo Sera Tsukuchi(2.54MW)

Ichigo Memuro Nishishikari(1.32MW) Online in 2017/12

Ichigo Sera Aomizu(2.87MW) Online in 2017/8
Ichigo Maebashi Naegashima(0.67MW)

Ichigo Minakami Aramaki(10.26MW) Online in 2019/4

Ichigo Fuchu Jogecho Yano
(0.99MW)

Ichigo Showamura Ogose(43.34MW) Online in 2018/1

Ichigo Yonago Izumi(2.61MW)

Ichigo Kiryu Okuzawa(1.33MW)

Ichigo Kasaoka Iwanoike(2.61MW) Online in 2018/1

Ichigo Toyokoro
Sasadamachi (0.60MW)
Ichigo Toyokoro(1.02MW)

Ichigo Hitachi Omiya(2.96MW) Online in 2019/11
Ichigo Toride Shimotakai Kita
(1.03MW)

Ichigo Kasaoka Takumicho(1.11MW)

Ichigo Toride Shimotakai Minami(0.54MW)
Ichigo Toki Tsurusatocho Kakino(1.26MW) Online in 2018/3

Ichigo Miyakonojo Takazakicho
Tsumagirishima (2.64MW)
Online in 2021/11
Ichigo Miyakonojo
Yasuhisacho (1.44MW)

Ichigo Nakashibetsu
Midorigaoka(1.93MW)

Ichigo Hamanaka Bokujo Tsurunokotai(2.31MW)

Ichigo Higashi-Hiroshima
Saijocho Taguchi (2.72MW)

Ichigo Yamaguchi Aionishi(1.24MW)

Ichigo Yubetsu Barou(0.80MW)

Ichigo Muroran Hatchodaira(1.24MW)

32 Plants (54MW)

Ichigo Nago Futami(8.44MW)

Ichigo Engaru Kiyokawa(1.12MW)

Ichigo Abira Toasa(1.16MW)

Currently Operating

Ichigo Kure Yasuuracho Nakahata(2.65MW) Online in 2018/1

Ichigo Engaru Higashimachi(1.24MW)

Ichigo Toki Oroshicho(1.39MW)
Ichigo Tokushima
Higashi-Okinosu (2.52MW)
Ichigo Takamatsu
Kokubunjicho Nii (2.43MW)

Ichigo Tsu(2.94MW) Online in 2018/2

Ichigo Iyo Nakayamacho Izubuchi(1.23MW)© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Ichigo Toyokawa Mitocho Sawakihama(1.80MW)

Ichigo (2337)
Ichigo Green27

Solar Power Plant Data

© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

28

Solar Power Plant Portfolio
No.

Solar Power Plant

LocationBook Value

Appraisal Value(JPY million)

1

2

Panel
3

Output
(MW)

4

FIT
(JPY)

Portfolio
5Weight(%)

E-01

Ichigo Kiryu Okuzawa

Kiryu City, Gunma

483

508

1.33

40

4.25

E-02

Ichigo Motomombetsu

Mombetsu City, Hokkaido

490

513

1.40

40

4.31

E-03

Ichigo Muroran Hatchodaira

Muroran City, Hokkaido

462

486

1.24

40

4.06

E-04

Ichigo Engaru Kiyokawa

Mombetsu County, Hokkaido

395

400

1.12

40

3.47

E-05

Ichigo Iyo Nakayamacho Izubuchi

Iyo City, Ehime

467

494

1.23

40

4.11

E-06

Ichigo Nakashibetsu Midorigaoka

Shibetsu County, Hokkaido

760

764

1.93

40

6.68

E-07

Ichigo Abira Toasa

Yufutsu County, Hokkaido

437

450

1.16

40

3.84

E-08

Ichigo Toyokoro

Nakagawa County, Hokkaido

430

449

1.02

40

3.78

E-09

Ichigo Nago Futami

Nago City, Okinawa

3,368

3,688

8.44

40

29.62

E-10

Ichigo Engaru Higashimachi

Mombetsu County, Hokkaido

460

466

1.24

40

4.05

E-11

Ichigo Takamatsu Kokubunjicho Nii

Takamatsu City, Kagawa

1,111

1,136

2.43

36

9.77

E-12

Ichigo Miyakonojo Yasuhisacho

Miyakonojo City, Miyazaki

513

545

1.44

36

4.51

E-13

Ichigo Toyokawa Mitocho Sawakihama

Toyokawa City, Aichi

519

499

1.80

32

4.56

9,901

10,400

25.78

38.9

87.08

Total (as of June 30, 2017)
E-14

Ichigo Yamaguchi Aionishi

Yamaguchi City, Yamaguchi

544

553

1.24

40

4.78

E-15

Ichigo Yamaguchi Sayama

Yamaguchi City, Yamaguchi

925

917

2.35

36

8.14

11,37011,870

29.43

38.7

100.00Total (as of August 9, 2017)
1 Book Value for E-14 and E-15 are acquisition price excluding incidental expenses.

2 Appraisal Value is from PwC Sustainability LLC’s Valuation Report using values as of June 30, 2017 (E-01 through E-13) and May 31, 2017 (E-14 and E-15). The

values are medians of the appraisal value ranges shown in the Report.
3 Panel Output is derived by multiplying the maximum output of a single solar panel by the total number of panels
4 FIT (Feed-In Tariff) is the purchase price agreed in the respective Power Purchase Agreements for each solar power plant
5 Portfolio Weight is based on fiscal year-end book value© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

29

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

FIT Period

Sep 29, 2033

Power
Purchaser

TEPCO Energy
Partner

Forecast Power Generation
Actual Power Generation(kWh)200,000
150,000
100,000
50,0000
Dec 2016

Mar 2017

Jun 2017

E-02 Ichigo Motomombetsu
Location

Hokkaido

Area

48,946m2

200,000

Operation
Start Date

Feb 3, 2014

150,000

Panel Output

1.40MW

FIT

JPY 40

FIT Period

Feb 2, 2034

Power
Purchaser

Hokkaido Electric

Forecast Power Generation
Actual Power Generation(kWh)

100,000
50,0000
Dec 2016© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Mar 2017

Jun 2017

30

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

HokkaidoArea

35,801m2

200,000

Operation
Start Date

Mar 3, 2014

150,000

Panel Output

1.24MW

FIT

JPY 40

FIT Period

Mar 2, 2034

Power
Purchaser

Hokkaido Electric

Forecast Power Generation
Actual Power Generation(kWh)

100,000
50,0000
Dec 2016

Mar 2017

Jun 2017

E-04 Ichigo Engaru Kiyokawa
Location

HokkaidoArea

27,164m2

Operation
Start Date

Mar 4, 2014

Panel Output

1.12MW

FIT

JPY 4080,000

FIT Period

Mar 3, 2034

40,000Power
Purchaser

Hokkaido Electric

200,000

Forecast Power Generation
Actual Power Generation(kWh)160,000
120,0000
Dec 2016© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Mar 2017

Jun 2017

31

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

Ehime

Area

26,260m2

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
50,0000
Dec 2016

Mar 2017

Jun 2017

E-06 Ichigo Nakashibetsu Midorigaoka
Location

HokkaidoArea

54,870m2

Operation
Start Date

Nov 4, 2014

Panel Output

1.93MW

FIT

JPY 40

FIT Period

Nov 3, 2034

Power
Purchaser

Hokkaido Electric

300,000

Forecast Power Generation
Actual Power Generation(kWh)

250,000
200,000
150,000
100,000
50,0000
Dec 2016© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Mar 2017

Jun 2017

32

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

HokkaidoArea

29,730m2

200,000

Operation
Start Date

Dec 2, 2014

150,000

Panel Output

1.16MW

FIT

JPY 40

FIT Period

Dec 1, 2034

Power
Purchaser

Hokkaido Electric

Forecast Power Generation
Actual Power Generation(kWh)

100,000
50,0000
Dec 2016

Mar 2017

Jun 2017

E-08 Ichigo Toyokoro
Location

HokkaidoArea

29,004m2

200,000

Operation
Start Date

Dec 4, 2014

150,000

Panel Output

1.02MW

FIT

JPY 40

FIT Period

Dec 3, 2034

Power
Purchaser

Hokkaido Electric

Forecast Power Generation
Actual Power Generation(kWh)

100,000
50,0000
Dec 2016© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Mar 2017

Jun 2017
33

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

OkinawaArea

146,294m2

1,000,000

Operation
Start Date

Feb 2, 2015

800,000

Panel Output

8.44MW

600,000

FIT

JPY 40400,000

FIT Period

Feb 1, 2035

200,000

Power
Purchaser

Okinawa Electric

Forecast Power Generation
Actual Power Generation

(kWh)

0
Dec 2016

Mar 2017

Jun 2017

E-10 Ichigo Engaru Higashimachi
Location

Forecast Power Generation
Actual Power Generation

HokkaidoArea

46,329m2

200,000

Operation
Start Date

Feb 3, 2015

150,000

Panel Output

1.24MW

FIT

JPY 40

FIT Period

Feb 2, 2035

Power
Purchaser

Hokkaido Electric(kWh)100,000
50,0000
Dec 2016© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Mar 2017

Jun 2017

34

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

400,000

Forecast Power Generation
Actual Power Generation(kWh)

300,000
200,000
100,0000
Dec 2016

Mar 2017

Jun 2017

E-12 Ichigo Miyakonojo Yasuhisacho
LocationMiyazaki

200,000
Area

94,165m2

Operation
Start Date

Jul 8, 2015

150,000

Panel Output

1.44MW

100,000

FIT

JPY 36

FIT Period

Jul 7, 2035

Power
Purchaser

Kyushu Electric

Forecast Power Generation
Actual Power Generation(kWh)

50,0000
Dec 2016© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Mar 2017

Jun 2017

35

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

Forecast Power Generation
Actual Power Generation

Aichi

Area

19,393m2

Operation
Start Date

Sep 16, 2015

Panel Output

1.80MW

FIT

JPY 32

FIT Period

Sep 15, 2035

Power
Purchaser

Chubu Electric(kWh)300,000

200,000

100,0000
Dec 2016

Acquired July 2017

E-14 Ichigo Yamaguchi Aionishi

Mar 2017

Jun 2017

Acquired July 2017

E-15 Ichigo Yamaguchi Sayama

Location

Yamaguchi

Location

YamaguchiArea

19,815m2

Area

43,621m2

Operation
Start Date

Dec 7, 2015

Operation
Start Date

Apr 6, 2016

Panel Output

1.24MW

Panel Output

2.35MW

FIT

JPY 40FIT

JPY 36

FIT Period

Dec 6, 2035

FIT Period

Apr 5, 2036

Power
Purchaser

Chugoku Electric

Power
Purchaser

Chugoku Electric© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

36

Appendix© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

37

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.
Contract Date

FIT

FIT
PeriodContract Date

FIT

FIT
PeriodFY2012

JPY 4020 years

FY2015 (7/1 - 3/31)

JPY 2720 years

FY2013

JPY 3620 years

FY2016

JPY 2420 years

FY2014

JPY 3220 years

FY2017

JPY 21*20 years

FY2015 (4/1 - 6/30)

JPY 2920 years

Pre-consumption tax FIT for power plants with output of >10kW
Source: METI, Agency for Natural Resources and Energy* FIT for >2MW non-residential solar power production determined via auction process© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

38

Shareholder Composition
Major Shareholders (as of June 30, 2017)

Shareholdings by Shareholder TypeNo. ofShares HeldShare

1 Ichigo Trust Pte. Ltd.

7,897

15.3%

2 Ichigo Inc.

3,000

5.8%

Name

3 MACQUARIE BANK LIMITED-MBL LONDON BRANCH

2,261

4.4%

4 CGML-LONDON EQUITY

2,102

4.1%

5 GOLDMAN, SACHS & CO. REG

827

1.6%

6 Japan Trustee Services Bank, Ltd., Trust Account

760

1.5%

7 Individual Shareholder

500

1.0%

8 Otani Asset Management, K.K.

354

0.7%

9 Individual Shareholder

342

0.7%

10 Fujidempa Kogyo Co., Ltd.

338

0.7%

18,381

35.7%

Total

Foreign Corporations& Individuals
14,004

Other Domestic
Corporations
5,628

Domestic Individuals
29,731

Financial Institutions
2,120

Shareholders by Shareholder Type
Other Domestic
Corporations
Financial
72
Institutions
13© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Foreign
Corporations &Individuals
23

Domestic
Individuals
3,796

39

Share Price（December 1, 2016 to August 7, 2017）
TSE IPO on December 1, 2016
(JPY)

(Trade Volume, Shares)

110,000

10,000Ichigo Green
Share Price(Left Axis)

TSE REIT Index(Left Axis)

Trade Volume(Right Axis)

100,000

7,500

90,0005,000

80,0002,500

70,0000© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

40

Ichigo Green Schedule
July to June fiscal year
12-month fiscal period smooths significant seasonal variability in power
generation and earnings that would occur in two 6-month fiscal periods
TSE IPO on
December 1, 2016

2016

2017

Dec

Jan

Fiscal Year-End

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

FY17/6（Dec 2016 - Jun 2017）
Earnings Announcement
Dividend Payment

2017

Jul

Fiscal Year-End

2018

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

FY18/6（Jul 2017 - Jun 2018）
Earnings Announcement
Dividend Payment© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

41

Ichigo Green Overview
Ichigo Green
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)
Note: FY17/6 ran from October 2016 to June 2017, and the power plants'
actual operating period ran from December 2016 to June 2017.

Asset Management Company
Name

Ichigo Investment Advisors Co., Ltd.

President

Wataru Orii

Registration & Membership

Financial Instruments Business Operator (Type II, Investment Advisory &Agency Services, and Investment Management Services)
The Investment Trusts Association, Japan© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

42

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 subjects 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 forwardlooking 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.

Contact:
Ichigo Green IR Desk (9282)
TEL: +81-3-3502-4854 FAX:+81-3-3502-4835
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.

© 2017 Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

43