Financial Results for Fiscal Period Ended June 30, 2024 (Infrastructure Fund)
Infrastructure Fund Issuer

Canadian Solar Infrastructure Fund, Inc.

S e c u r i t i e s C o d e
R e p r e s e n t a t i v e9284(Title)Asset Management Company

Canadian Solar Asset Management K.K.
CEO and Representative(Title)(Name)
Director
Financial Planning
Department(Title)(Name)
CFO and DirectorTel.
03(6279)0311

R e p r e s e n t a t i v e
C

o

n

t

a

c

t

Scheduled filing date of securities
reportSupplementary materials forfinancial results
Financial results briefing session

URL(Name)

Executive Director

August 16, 2024
L i s t e d S t o c k Tokyo StockE x c h a n g e Exchange
https://www.canadiansolarinfra.com/
Hiroshi Yanagisawa

Hiroshi Yanagisawa
Keiichi Yoshida

Scheduled date ofcommencement of cash
distribution payment

September 27, 2024

September 13, 2024

YES
No (For institutional investors and analysts)(Amounts are rounded down to million yen)
1. Status of Management and Assets for Fiscal Period Ended June 30, 2024 (from January 1, 2024 to June 30, 2024)(1) Management Status(Percentage figures are the rate of period-on-period change)
Operating revenues
Operating income
Ordinary income
Net income
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal period ended
4,367
(3.7)
1,608
(12.9)
1,361
(1.7)
1,361
(1.7)
Jun. 2024
Fiscal period ended
4,537
31.4
1,846
59.7
1,386
38.1
1,385
38.1
Dec. 2023

yen

%

%

Ordinary profit tooperating revenue ratio
%

3,012

2.9

1.5

31.2

3,111

3.2

1.6

30.6

Profit per unit
Fiscal period ended
Jun. 2024
Fiscal period ended
Dec. 2023

Rate of return on equity

Ordinary profit
to total assets ratio(2) Status of Cash Distributions
Distributions per
Total
Total distributions
Distributions per
unit
Total
distributions(excluding
Distributions inunit (including(excluding
distributions in(including
distributions inexcess of
distributions in
distributions inexcess of
distributions inexcess of
earnings per unit
excess ofexcess of
earnings
excess of
earnings)
earnings)
earnings)
earnings)
Yen
Million yen
Yen
Million yen
Yen
Million yen
Fiscal period
ended Jun. 2024
Fiscal period
ended Dec. 2023

Payout ratio

Ratio ofdistributions to
net assets

%

%

3,013

1,361

762

344

3,775

1,705

100.0

2.9

3,067

1,385

683

308

3,750

1,694

100.0

3.0

(Note 1) The payout ratio is calculated according to the following formula.
Payout ratio = distributions per unit (excluding distributions in excess of earnings) / profit per unit x 100(Note 2) The payout ratio and the ratio of distributions to net assets are calculated based on the numerical data excluding
distributions in excess of earnings.
(Note 3) The 683 yen in distribution in excess of earnings per unit for the fiscal period ended December 2023 comprises 4 yen inreserve for temporary difference adjustments and 679 yen in the other part of distribution in excess of earnings. The total
distribution in excess of earnings for the fiscal period ended December 2023 comprises 1 million yen in reserve fortemporary difference adjustments and 306 million yen in refund of investment which falls under the category of areduction in unitholders’ paid-in capital under tax laws.
(Note 4) The 762 yen in distribution in excess of earnings per unit for the fiscal period ended June 2024 comprises 9 yen in reserve
for temporary difference adjustments and 753 yen in the other part of distribution in excess of earnings. The total
distribution in excess of earnings for the fiscal period ended June 2024 comprises 4 million yen in reserve for temporary
difference adjustments and 340 million yen in refund of investment which falls under the category of a reduction inunitholders’ paid-in capital under tax laws.
(Note 5) The ratio of the decrease in net assets upon distributions in excess of earnings (refunds of investments that constitutedistributions on decrease of capital contribution under the tax law) is 0.007 for the fiscal period ended December 31,
2023 and 0.008 for the fiscal period ended June 30, 2024. In this regard, the ratio of the decrease in net assets is- 1 -calculated according to Item 4, Paragraph 1, Article 23 of the Ordinance for Enforcement of the Corporation Tax Act.
(3) Financial Position
Total assets
Million yen

Net assets
Million yen

92,391
95,017

Fiscal period ended
Jun. 2024
Fiscal period ended
Dec. 2023

Equity ratio

Net assets per unit%

yen

46,32450.1

102,543

46,65749.1

103,280(4) Status of Cash Flows

Million yen

Million yen

Million yen

Cash and cash equivalents
at the end of the fiscal
periodMillion yen

4,495

(32)

(4,291)

6,081

1,307

(17,440)

17,054

5,911

Cash flows fromoperating activities
Fiscal period ended
Jun. 2024
Fiscal period ended
Dec. 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Forecasts of Management Status for Fiscal Period Ending December 31, 2024 (from July 1, 2024 to December 31, 2024), Fiscal
Period Ending June 30, 2025 (from January 1, 2025 to June 30, 2025) and Fiscal Period Ending December 31, 2025 (from July 1,
2025 to December 31, 2025)(Percentage figures are the rate of period-on-period change)

Operating revenues

Million yen
Fiscal period
ending Dec.
2024
Fiscal period
ending Jun.
2025
Fiscal period
ending Dec.
2025

Operating income% Million yen

Ordinary income% Million yen

Distribu
Distributions
tions inper unit
excess(includingof
distributions
earningin excess ofs perearnings)
unit
yen
yen
yen

Distributions
per unit(excluding
distributions
in excess ofearnings)

Net income

%

yen

%

4,477

2.5

1,644

2.3

1,386

1.8

1,385

1.8

3,066

-

3,066

4,502

0.5

1,691

2.9

1,445

4.3

1,444

4.3

3,198

-

3,198

4,458

(1.0)

1,645

(2.7)

1,403

(2.9)

1,402

(2.9)

3,104

-

3,104

(Reference)
Fiscal period ending December 31, 2024 (184 days): Forecast total number of investment units issued and outstanding at endof the period: 451,756 units, Forecast profit per unit: 3,066 yen
Fiscal period ending June 30, 2025 (181 days): Forecast total number of investment units issued and outstanding at end of theperiod: 451,756 units, Forecast profit per unit: 3,198 yen
Fiscal period ending December 31, 2025 (184 days): Forecast total number of investment units issued and outstanding at endof the period: 451,756 units, Forecast profit per unit: 3,103 yen* Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(i) Changes in accounting policies associated with amendments to accounting standards, etc.: No(ii) Changes in accounting policies other than (i):No
(iii) Changes in accounting estimates:No(iv) Retrospective restatement
No(2) Total number of investment units issued and outstanding(i) Total number of investment units issued and outstanding(including treasury units) at end of period

Fiscal period
Fiscal period
451,756
451,756
Jun. 2024
Dec. 2023
Fiscal period
Fiscal period(ii) Number of treasury units at end of period
00Jun. 2024
Dec. 2023(Note) For the number of investment units based on which profit per unit is calculated, please refer to “Notes on regarding
per unit information” on page 33 below.

* Financial Results is out of scope from the audit by chartered accountant or corporate auditor.
*

Explanation of Appropriate Use of Forecast of Management Status and Other Matters of Special Note

- 2 -Forecast of management status and other forward-looking statements contained in this document are based on information that iscurrently available and certain assumptions that are deemed reasonable by Canadian Solar Infrastructure Fund. Accordingly, theactual management status, etc. may differ materially due to various factors. In addition, the forecast is not a guarantee of theamount of cash distributions. For details of the assumptions underlying the forecast of management status, please refer to“Assumptions Underlying Forecast of Management Status for Fiscal Period Ending Fiscal Period Ending December 31, 2024 (July
1, 2024 to December 31, 2024), Fiscal Period Ending June 30, 2025 (January 1, 2025 to June 30, 2025) and Fiscal Period Ending
December 31, 2025 (July 1, 2025 to December 31, 2025),” described on or after page 12 below.

- 3 -1. Management Policy and Management Status(1) Management Status
I. Overview of the Fiscal Period under Review
a. Brief History of Canadian Solar Infrastructure Fund
Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”) was established on May 18, 2017 with money
invested of 150 million yen (1,500 units) by Canadian Solar Asset Management K.K. (hereafter referred to as the “AssetManager”) as the founder under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951 including
subsequent amendments; hereinafter referred to as the “Investment Trusts Act”). Registration with the Kanto Local Finance
Bureau was completed on June 9, 2017 (registration number 127, filed with the Director of the Kanto Local Finance Bureau).
CSIF issued additional investment units (177,800 units) through a public offering on October 27, 2017, listed its investment
units on Tokyo Stock Exchange Inc.’s (hereinafter referred to as the “Tokyo Stock Exchange”) Infrastructure Fund Market on
October 30, 2017 (security code: 9284), and issued new investment units (2,890 units) through third-party allotment on
November 28, 2017.
In addition, CSIF issued new investment units (46,667 units) through public offering on September 5, 2018 and issued newinvestment units (2,333 units) through third-party allotment on October 4, 2018.
CSIF then issued new investment units (151,500 units) through public offering on March 5, 2021 and issued new investment
units (3,966 units) through third-party allotment on April 7, 2021.
CSIF then issued new investment units (62,000 units) through public offering on July 18, 2023 and issued new investment
units (3,100 units) through a third-party allotment on August 10, 2023.
As a result of the above, the total units issued at the end of the fiscal period under review (as of June 30, 2024) were 451,756
units.
b. Investment Environment and management performance for the fiscal period under review
Looking at the Japanese economy during the fiscal period under review, although the second preliminary estimate of the real
GDP growth rate for January-March 2024 was on a par with the preliminary estimate, recording a declined by -0.5%
contraction YoY on an annualized basis (a slight upward revision from a -2.0% contraction to a -1.8% contraction on an annual
basis), the degree of revision was modest, indicating that the economy stagnant during the fiscal year under review. In terms ofa breakdown, the contribution of domestic demand to YoY comparison was a -0.1% contraction, recording a negative figure forthe fourth consecutive quarter, while that of foreign demand was a -0.4% contraction, recording the first negative figure in twoquarters. Nominal GDP growth was 0.0% QoQ (0.1% on an annual basis), barely securing a positive growth. The GDP deflator,
which shows comprehensive price trends for the overall economy, was 3.4% YoY, down from its peak 5.2% recorded in the
July-September quarter in 2023. The growth of the index remained high, reflecting rising import prices that have been seeping
into Japan on the back of higher resource prices, etc. Mitsubishi UFJ Research & Consulting Co., Ltd. forecasts a return to
growth in April-June 2024, attributable to a recovery in automobile production, a reaction to the decline in service exports, andother factors. It also expects that positive growth will continue, reflecting a number of encouraging aspects, namely that (1)nominal wages will rise, reflecting high pay increases in the spring wage negotiations, (2) the negative balance in real wages
will shrink as the upward pressure on prices gradually eases, (3) the overseas economy will start to improve, (4) a favorable
business performance in the corporate sector is creating a strong appetite for capital expenditure, and (5) inbound tourism
demand will continue to increase. On the other hand, Mitsubishi UFJ Research & Consulting also believe that there are reasons
to be concerned about a slower recovery, given negative factors such as a delay in the recovery of consumer spending throughrising import prices on the back of the weak yen, supply restrictions caused by labor shortages, and the growing impact ofadditional scandals in the automobile sector.
Looking at foreign exchange, the yen depreciated to the range of 161 yen to the dollar on July 1, 2024, the lowest in
approximately 38 years since December 1986. SMBC Nikko Securities Inc. believes that the yen at its current weak levels
reflects selling of the yen in the carry trade based on the interest rate differential between Japan and the US. It forecasts that thecarry trade will shrink as the differential narrows in the future. In terms of forecast market interest rates, SMBC Nikko
Securities believes that the dollar/yen rate will peak at 162-163 yen to the dollar, followed by a strengthening of the yen. It
expects that there will be six rate cuts to the end of 2025 in the US market and that there will be a rate increase of up to 0.5% inJapan.
As for the Bank of Japan’s monetary policy, it terminated large-scale monetary easing at the monetary policy meeting heldon March 18-19, 2024. In the background to this, the BoJ believed that a sustainable, stable path to a price stability target of 2%
by the end of 2025 has been established. The materials that formed this decision were the facts that (1) wage growth rate
accelerated according to the first aggregation after the spring wage negotiations, (2) price statistics have been stable, (3) arecovery is expected in the future in terms of economic and demand trends, because comprehensive consumer prices have beenstable and because wages will likely be solid, (4) consumer sentiment has been consistently improving and (5) capital
investment was revised upward in the GDP for October-December 2023. Subsequently, although the BOJ did not proceed withan additional rate increase at the monetary policy meeting held on June 13-14, it expressed, at the June 18th meeting of theCommittee on Financial Affairs in the House of Councilors, it expressed the view that there would be a good chance to make an
additional rate increase at the next monetary policy meeting to be held in July. However, SMBC Nikko Securities Inc. believes
that the inflation rate is not likely to accelerate, judging from the current economic and price trends, with the Japanese economy
remaining weak, the so-called core-core CPI still lower than 2%, although 1.7% YoY in May, and service prices having peaked- 4 -since the end of last year. In other words, it believes that BOJ Governor Kazuo Ueda intended to stop the weakening of the yen
by suggesting an additional rate increase, and expects that the BoJ will increase rates by 10bp at the next monetary policy
meeting to be held on July 30-31 and that it will reduce the purchase of government bonds to 3 trillion yen in the next two
years.
Under the macro-economic environment described above, investment corporations maintained relatively stable operations in
the market for listed infrastructure funds in the fiscal period under review. The TSE Infrastructure Fund Index remained
comparatively stable until the middle of 2024, albeit being weak, while the Nikkei Stock Average and TOPIX continued tofluctuate over the short term after a rapid rise that began in January and continued until around April when they rose tohistorical highs. However, the index entered a sharp downward phase from May, mainly due to selling by individual investors
and a sudden increase in transaction volume reflecting selling by certain large investors. This came against a backdrop of
lingering concerns, raised in part due to media reporting, regarding rate rises, a future increase in operational cost caused by the
mandatory recycling of panels for solar power generation and other renewable energy power generation facilities after the endof their FIT term, and concerns about revenue and expenses and cash distribution after the end of the FIT term. The index hit its
high for the period, at 1,099.54 on January 10, after which prices fluctuated within a small range. At the end of May, the index
started to fall sharply ahead of the end of the fiscal period, to a low of 963.78 on June 28. It was 901.04 points on July 9,reflecting its instability and continuing the downward trend in July.
“Output curtailment,” which is implemented by an electricity transmission and distribution business operator (Note 1) toadjust the supply-demand balance, was implemented with respect to “renewable energy power generation facilities” (Note 2)
held by CSIF, for five days in January, nine days in February, 22 days in March, 20 days in April, 22 days in May, and 13 daysin June during the period under review. This was same level in the same period of the previous year. On the other hand, averagetime for output curtailment was decreased compated to the previous period, the impact on the portfolio as a whole decreased on
a YoY basis. Possible factors behind this result are the fact that national demand for electric power recovered in 2024,
compared to 2023 when demand fell sharply YoY due to surges in resource prices, the fact that the amount of solar irradiation
decreased YoY on a nationwide basis and the fact that the government’s policies showed effects to a certain degree. In addition,
the effect of transition to the online output curtailment framework in the Kyushu Electric Power jurisdiction also helped
suppress projected amounts of loss in variable rents (Note 3). Areas for output curtailment in renewable energy sources havebeen steadily expanding, and output curtailment has been implemented in all areas excluding the jurisdiction of Tokyo ElectricPower with the commencement of output curtailment in Kansai Electric Power in June 2023. Except for Kyushu Electric Powerjurisdiction, the number of days when output curtailment was implemented by renewable energy power generation facilities
owned by CSIF during January and June 2024 was 52 days in the Chugoku Electric Power jurisdiction, the Chubu ElectricPower jurisdiction and the Tohoku Electric jurisdiction. On a YoY basis, the frequency of output curtailment was trending
higher in Chugoku Electric Power, Tohoku Electric Power and Chubu Electric Power jurisdictions as a whole as of the end ofJune 2024 and we believe that it will be necessary to continuously monitor relevant developments going forward. However, weconsider that the effect of output curtailment on our revenue will be limited to a certain degree, because most of the power
plants held by CSIF in the Kyushu Electric Power jurisdiction are under the old rule (30-day rule)(Note 4).
On the other hand, the scope of application of non-firm connection that allows new connections on condition of output
control during busy times expanded sequentially after its application in the backbone system with no available capacity started
in January 2021. In April 2023, its application started also in local power grids. Projects that involve non-firm connection to
power grids are subject to output control during busy times in relevant power grids, in addition to output control implemented
to adjust demand-supply balance described above. On the other hand, non-firm connection contributes to the expansion ofrenewable energy introduction because frameworks for the preferential use of renewable energy sources (especially, solar andwind power which are natural power sources) at busy times in grids have been developed and because the efficient use ofexisting grids aims to achieve smooth connection for renewable energy projects. Currently, Canadian Solar Infrastructure Fundowns no non-firm connection type power plant.
The 6th Strategic Energy Plan approved by the Cabinet in October 2021 had two key themes: to indicate the direction ofenergy policies for the achievement of carbon neutrality by 2050 (declared in October 2020), the new target of a 46% reduction
in greenhouse gas emissions by fiscal year 2030 and a further reduction of as high as 50% (declared in April 2021) (Note 5);
and to overcome issues in Japan’s energy supply-and-demand structure (Note 5). Furthermore, in connection with the second
theme, it states that, on the premise that safety be guaranteed first and foremost, Japan will strive to ensure a stable energy
supply and reduced costs (S+3E) while pursuing measures to respond to climate change (Note 5).
The ambitious new power-source composition for 2030 would be 36-38% for renewable energy (up from 22-24% in theprevious projected mix), approximately 1% for hydrogen and ammonia (up from nearly 0%), 20-22% for nuclear power(unchanged), around 20% for LNG (down from 27%), around 19% for coal (down from 26%) and approximately 2% for oil(down from 3%). The renewable energy mix would be around 14-16% for solar power, around 5% for wind power,
approximately 1% for geothermal power, nearly 11% for hydroelectric power and around 5% for biomass (Note 5).
In April 2022, the 2020 revision of the Act on Special Measures Concerning Promotion of Utilization of Electricity from
Renewable Energy Sources came into force to introduce a system for reserving funds for the future discarding and otherdisposal of solar power generation facilities (Note 6). First, this system is applicable for all solar power generation projects withan output of 10 kW or more approved for a feed-in tariff (FIT) or feed-in premium (FIP) scheme, including projects withmultiple solar power generation facilities. Second, this system obliges the approved operators to, in principle, externally reserve
funds for disposal at the Organization for Cross-regional Coordination of Transmission Operators, Japan through direct- 5 -withholding of the required amounts from revenue. However, in exceptional cases, internal reserve will be permitted provided
certain requirements are satisfied, and listed infrastructure funds will also be permitted to opt for internal reserve uponsatisfying certain conditions such as recording funds in their financial statements in an appropriate manner.
Moreover, the revised Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources byElectricity Utilities (“2023 Revised Act on Renewable Energy Special Measures”) was enacted in April 2024 for the purpose of
expanding renewable energy introduction that achieves coexistence with society. Under the 2023 Revised Act on Renewable
Energy Special Measures, rules were developed on the adoption of procurement prices for the expansion or upgrades of solar
panels and the accumulation of funds for disposal costs, etc. with an eye to the efficient use of existing renewable energy
facilities. Under the 2023 Revised Act on Renewable Energy Special Measures, it was made mandatory, as one of FIT or FIP
approval requirements, to hold explanatory meetings for local residents in which approved operators give explanations oncertain matters and answer questions of residents living in the vicinity. Although these changes in the system put a burden on
approved operators, it is deemed that the authorities have the intention to achieve the convergence of asset holding to operators
who can contribute to the expansion of renewable energy over the long term based on the recognition that the entry of various
types of operators is a cause hindering coexistence with local society. We believe that these policy trends may exert positiveeffects on listed infrastructure funds over the medium- to long-term.
Furthermore, in April 2024, the 2024 revision of the Act on Special Measures Concerning Promotion of Utilization ofElectricity from Renewable Energy Sources came into force, and rules for the expansion and renewal of solar panels were
established for the effective use of existing renewable energy power generation facilities. As a requirement for approval under
the FIT or FIP scheme, the holding of a briefing for residents, etc. became mandatory, with the explanation required to include(1) the contents of the business plan, (2) status of compliance with applicable laws and regulations, (3) status of acquisition ofland title, (4) outline of construction related to business, (5) information about interested persons and (6) impact of the businessand preventive measures. If a briefing is not held as planned or if a violation of approved plans occurs, guidance will be given,or else an improvement order will be issued or approval will be cancelled. Although these changes in the rules will impose agreater burden on business operators, they are considered to reflect the government’s intention to concentrate assets on those
who can contribute to the expansion of renewable energy over the long term, and may be expected to become a tailwind forlisted infrastructure funds.
After an extended review, policies for introducing generation-side charges were established, and a detailed policy design was
published in April 2023 in the Interim Report on the Introduction of Generation-side Charges compiled by the Specialized
Meeting for Policy Design of Electricity and Gas Market Surveillance Commission. The report stated that, while all powersources that are connected to the grid and supply electricity at the same time are basically billable, the subcommittee for thelarge-scale introduction of renewable energy and next generation electricity network confirmed that the points weresummarized as follows: (1) FIT- and FIP-approved power sources will be subject to generation-side charges after the end of
their FIT or FIP term; (2) Consideration will be given when purchase prices, etc. are calculated for newly approved FIT- or
FIP- sources; (3) Operators of non-FIT sources and those which have ceased to be under the FIT scheme will be encouraged totake some creative measures (bilateral contracts, etc.) and to smoothly incorporate generation-side charges into selling prices;and (4) For pumped storage power generation and storage batteries, charges based on kilowatts alone will be levied and those
based on kilowatt-hours be exempted, given that the financial burden would be heavier than those on other power sources. The
introduction of the new framework began in April 2024.
Under these conditions, CSIF’s portfolio consisted of 31 facilities (with a total panel output (Note 7) of 226.4 MW, a totalacquisition price (Note 8) of ¥97,010 million, and a total price (Note 9) of ¥88,750 million as of the end of the fiscal period
under review. CSIF aims to build its portfolio, toward the new mid-term objective of ¥200,000 million set in 2023.
(Note 1) For the purposes of this report, the term “electricity transmission and distribution business operator” collectively refers to a general electricity
transmission and distribution business operator (refers to a “general electricity transmission and distribution business operator” defined in
Article 2, Paragraph 1, Item 9 of the Electricity Business Act (Act No. 170 of 1964; including subsequent amendments; hereinafter referred toas the “Electricity Business Act”) and specified electricity transmission and distribution business operator (refers to “specified electricity
transmission and distribution business operator” defined in Article 2, Paragraph 1, Item 13 of the Electricity Business Act).
(Note 2) For the purposes of this report, the term “renewable energy power generation facilities” refers to renewable energy power generation facilities(excluding facilities falling under the category of real estate) defined in Article 2, Paragraph 2 of the Act on Special Measures Concerning
Promotion of Utilization of Electricity from Renewable Energy Sources (Act No. 108 of 2011, including subsequent amendments; hereinafterreferred to as the “Renewable Energy Special Measures Act.” The Act on Renewable Energy Special Measures in force before the enactmentof the Act for Partial Revision of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources byElectricity Utilities (Act No. 59 of 2016) is referred to as the Act on Renewable Energy Special Measures before the revision in 2016. The
Act on Renewable Energy Special Measures in force after the enactment of the Act for Partial Revision of the Electricity Business Act, etc.
for the Establishment of Strong and Sustainable Electricity Supply System (Act No. 49 of 2020) is referred to as 2020 Revised Act on
Renewable Energy Special Measures. The Act on Renewable Energy Special Measures in force after the enactment of the Act for Partial
Revision of the Electricity Business Act, etc. for the Establishment of Electricity Supply System toward the Realization of DecarbonizedSociety (Act No. 44 of 2023) is referred to as 2023 Revised Act on Renewable Energy Special Measures. Renewable energy power
generation facilities are those prescribed in Article 2, Paragraph 2 (excluding those that fall under real estate).For the purposes of this report,“renewable energy generation facilities, etc.” refers collectively to renewable energy generation facilities, and real estate, real estate leases(includes subleases) and land lease rights (hereinafter referred to as the “site, etc.”) necessary to install maintain and operate renewable,energy generation facilities. Hereinafter, any mention of “renewable energy power generation facilities” or “renewable energy power
generation facilities, etc.” which CSIF is said to have invested in or acquired or operate shall also cover “renewable energy power generation
facilities” and “renewable energy power generation facilities, etc.” that support CSIF’s assets under management. The same shall apply
hereunder. Renewable energy may also hereinafter sometimes be referred to as “renewables.”(Note 3) Projected amount of loss in variable rent means total performance co-varying rent lost in the day when output curtailment is implemented at- 6 -individual power plants in CSIF’s portfolio subject to output curtailment. Projected amount of loss in variable rent in the day when each
output curtailment is implemented at individual power plants in CSIF’s portfolio is calculated using the following formula: Projected amountof loss in variable rent = Forecast Power Generation (P50) at the said power plants in CSIF’s portfolio in the month that includes the said day/ number of days in the said month × 30% × purchase price For a definition of “energy output value projected by professional specialists(P50)” in the context of this report, please refer to “Assumptions Underlying Forecast of Management Status for Fiscal Period Ending
December 31, 2024 (July 1, 2024 to December 31, 2024), Fiscal Period Ending June 30, 2025 (January 1, 2025 to June 30, 2025), and Fiscal
Period Ending December 31, 2025 (July 1, 2025 to December 31, 2025). The same shall apply hereunder.
(Note 4) Even when a grid-connected business operator has implemented the preventive measures defined in the Ordinance for Enforcement of the
Act on Special Measures Concerning the Promotion of the Use of Renewable Energy Electricity (METI Ordinance No. 46 of 2012, including
subsequent amendments), if the amount of electricity supplied by grid-connected business operators is expected to exceed demand, output
curtailment without compensation under the connection agreement may be required. The rule setting the maximum number of days of suchoutput curtailment at 30 days a year (360 hours a year in some cases) is referred to as the “30-day rule” (the rule when the maximum duration
is 360 hours a year is referred to as the “360-hour rule”) and the 30-day rule and the 360-hour rule are referred to collectively as the “oldrule.” The rule under which there is no maximum duration such as the above and unlimited output curtailment without compensation could be
required is referred to as the “rule of unlimited output curtailment without compensation.” The same applies hereinafter.
(Note 5) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energy in
October 2021.
(Note 6) The term “photovoltaic power generation facilities” refers to renewable energy power generation facilities that generate electricity using
sunlight as an energy source. The same shall apply hereunder. The term “photovoltaic power generation facilities” refers to photovoltaic
power generation facilities as well as their site, etc. The same shall apply hereunder.
(Note 7) “Panel output” shall mean output calculated by multiplying rated output per solar cell module (meaning the maximum output stated in
specifications of solar cell module) used in each solar energy facility by the total number of panels. “Total panel output” shall mean the total
panel output rounded off to one decimal place. The same shall apply hereunder.
(Note 8) The term “acquisition price” represents transaction price (excluding remuneration for business outsourcing concerning the acquisition ofassets and other acquisition costs, property taxes, city planning taxes, amount equivalent to consumption taxes, etc. and other commissions,etc.; the same shall apply hereunder) specified in the sales agreement for each asset held. The term “total acquisition price” is total of thetransaction prices specified in the sales agreements for all the assets held rounded down to the nearest ten million yen. The same shall apply
hereunder.
(Note 9) “Appraisal value of power plant” means (1) the median calculated by CSIF based on the appraisal values of a power plant shown in valuation
reports with the date of value opinion on June 30, 2024 from PricewaterhouseCoopers Sustainability LLC ,Kroll International Inc or Japan
Real Estate Institute to whom appraisal of the power plant consisting of a photovoltaic system and land on which such system is installed
was entrusted by CSIF or (2) the median of the business value of the power plant shown in valuation reports.

c. Overview of Financing
No new procurement was made in terms of either equity or liabilities in the fiscal period under review However, during the
fiscal period under review, CSIF made a prepayment of ¥1,100 million at the end of the April 2024 and a contractual repaymentof ¥1,497 million at the end of the fiscal period under review, bringing the total amount of interest-bearing debt as of the end of
the fiscal period under review to ¥45,178 million (amount of borrowings ¥40,278 million and amount of investment corporation
bonds ¥4,900 million). Consequently, the ratio of interest- bearing debt to total assets (ratio of interest-bearing debt to total
assets at the end of fiscal period) was 48.9%.
As of the date of this document, CSIF received a bond rating for investment corporation bonds from the following rating
agency.
Rating status of CSIF as of the date of this document
Rating Agency

Japan Credit Rating Agency,
Ltd. (JCR)

Rating Subject

RatingOutlookThe 1st Unsecured Investment Corporation Bond
(Specified investment corporation bonds with limited
inter-bond pari passu clause and for qualified institutional
investors only)A－

The 1st Unsecured Investment Corporation Bond
(Specified investment corporation bonds with limited
inter-bond pari passu clause)(Green bonds)

A－

RatingOutlookA-

PositiveA

StableCSIF received a credit rating from the following rating agency.
Rating status of CSIF as of the date of this document
Rating Agency
Rating and Investment
Information, Inc. (R&I)
Japan Credit Rating Agency,
Ltd. (JCR)

Rating Subject

Long-term Issuer Ratingd. Overview of Business Performance and Distribution
As a result of the management described above, the business results in the fiscal period under review included operating- 7 -revenue of ¥4,367 million, operating income of ¥1,608 million, ordinary income of ¥1,361 million, and net income of ¥1,361
million.
With respect to distributions, the cash distribution policy set out in Article 47, Paragraph 1 of the Articles of Incorporation of
the Investment Corporation stipulates that the amount of distributions shall exceed the amount equivalent to 90% of “profit
available for distribution” as provided for in Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of1957 including subsequent amendments, hereinafter the “Special Measures Taxation Act”).
In addition, distributions in excess of earnings are calculated on the premise that such distributions will generally be made inaccordance with the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset
management guidelines formulated as part of its internal regulations.
CSIF intends to make cash distributions to its unitholders for each fiscal period from free cash flow (hereinafter referred to as“FCF”) generated by its renewable energy power generation facilities, in amounts determined in the following manner. The
amount available for distribution shall be calculated by multiplying FCF, that is net cash flow (hereinafter referred to as “NCF”;
CSIF shall incorporate the total amount of NCF remaining after deducting distributions for the preceding fiscal periods incalculating NCF) to be vested to equity investors after deducting FCF payable to debt investors, by a certain ratio (hereinafterreferred to as “payout ratio”; the payout ratio for the 14th fiscal period is 88.7%) determined by CSIF in light of the amount of
NCF for each fiscal period.
At the same time, CSIF intends to maintain a stable level of distributions for the time being. In determining the payout ratio
described above, CSIF will consider the forecast NCF for each fiscal period to realize that level of distributions.
In addition to a cash distribution within the range of profit, CSIF intends to make distributions in excess of earnings for eachfiscal period on a continuous basis in order to realize this policy.
In developing its performance forecast (including any revisions thereof) for each fiscal period, in the case where NCF
calculated from actual energy output in a fiscal period (hereinafter referred to as “actual NCF”; CSIF shall incorporate the total
amount of NCF remaining after deducting distributions for the preceding fiscal periods in calculating actual NCF) exceeds NCF
projected for the fiscal period (hereinafter referred to as “projected NCF”; CSIF shall incorporate the total amount of NCF
remaining after deducting distributions for the preceding fiscal periods in calculating projected NCF) on the basis of an energy
output value projected by professional specialists (P50) (Note) which forms the foundation for the calculation of rents withregard to the renewable energy power generation facilities, CSIF intends to limit the cash distribution to the amount ofprojected NCF multiplied by the payout ratio for said fiscal period.
On the other hand, in the case where actual NCF is equal to or below projected NCF, CSIF intends to make a cash
distribution for the fiscal period at the amount of actual NCF multiplied by the payout ratio.
Based on the above policy, CSIF decided to make a distribution for the fiscal period under review of ¥1,705,378,900,
equivalent to 88.7% of projected NCF for the period of ¥1,922,637,224. Dividend per investment unit is ¥3,775 for the fiscal
period under review.
II. Outlook for the Next Fiscal Perioda. Outlook for the Future Management
As for the global surge in prices of energy resources triggered by Russia’s invasion of Ukraine in 2022 and the worldwide
rise in interest rates, although the situation in overseas markets especially the U.S. has eased recently, their impact on thedomestic economy needs to be kept under scrutiny, as interest rates in Japan are expected to rise to a certain degree going
forward following the lifting of the zero-interest policy. On the other hand, the equity market continued to rally with the Nikkei
Stock Average seeing new records set in July 2024, at one point rising above 42,000. The favorable trend in the market seen in
the first half of 2024 is expected to continue with the US presidential elections coming in November.
With respect to the environment surrounding photovoltaic power generation facilities that are included in renewable energy
power generation facilities, the 6th Basic Energy Plan states that a crucial part of energy policies for 2030 (Note 1) is to ensure,with “S+3E” as the basic premise, that renewables become a major power source and to focus on renewables as an overriding
principle, encouraging maximum adoption whilst reducing the impact on Japanese people and seeking co-existence with local
communities (Note 1), and the 2030 energy mix also indicates an increase in the share of renewables, setting ambitious
forecasts.In the fall of 2024, the 7th Strategic Energy Plan is expected to be announced for the first time in the past three years.
Towards carbon neutrality by 2050 under the Plan, an intermediate target of reducing greenhouse gas emissions by 2040 andenergy mix will likely be disclosed
However, as stated in “(I. Process of Asset Management in the Fiscal Period under Review) b. Investment Environment andManagement Performance for the Fiscal Period Under Review” above, the output curtailment that requires renewable energy
power generation operators to temporarily suspend power generation through photovoltaic power generation facilities, etc. wasresumed in areas under the jurisdiction of Kyushu Electric Power from October 2019. In addition, some output curtailments
were introduced in the Tohoku Electric Power, Chugoku Electric Power and Shikoku Electric Power jurisdictions in April 2022
and in the Hokkaido Electric Power jurisdiction in May 2022. And also the Okinawa Electric Power, in January 2023 and the
Chubu Electric Power the Hokuriku Electric Power in April 2023, the Kansai Electric Power in June 2023 have started. It wasalso announced that 10-500 kW commercial solar photovoltaic systems connected to the grid under the old rule, which werepreviously not subject to output curtailment, will also become subject to output curtailment. Furthermore, regarding the new
package of measures for the reduction of renewable energy output curtailment, which has been discussed by experts for sometime under the basic policy of scaling back output curtailment of renewable energy, at “The Sectional Meeting on Energy- 8 -Saving and New Energy under the Advisory Committee for Natural Resources and Energy; and the Subcommittee on Mass
Introduction of Renewable Energy and Next-Generation Electricity Networks” held on December 19, 2023, a draft summary ofa new package of measures for the reduction of renewable energy output curtailment was presented. This draft proposes
adoption of a framework under which use of renewable energy is prioritized through supply-side measures such as bringing
more renewable energy power generation facilities online and lowering the minimum output of new thermal power plants,
alongside the promotion of behavioral changes and renewable energy use among customers during output curtailment time slots
through demand-side measures such as creating demand through the introduction of storage batteries, renewable energy storage
batteries and electrolyzers and supporting the introduction of storage batteries and the installation of communication control
units at operator owned facilities, as well as the development of an environment for increasing the uptake and resilience of
renewable energy through power grid measures such as expanding inter regional transmission through a review of grid
operation and further augmentation of interregional grids. With the adoption of a seamless package of measures as above, going
forward measures for reducing the output control was expected to be further reinforced compared with 2023. Subsequently,
having entered the year 2024, we look at the status of output curtailment implemented from January to June, and it was samedays compared to the level in 2023 as described above. However the impact on the portfolio as a whole was decreased on a
YoY basis.It is therefore considered that measures announced by the committee had a certain effect in output curtailment.
As mentioned in b. Investment Environment and management performance for the fiscal period under review in Overview of
the Fiscal Period under Review above, the exemption of FIT- or FIP- approved power sources from generation charges during
their FIT or FIP term was decided. This means that it would no longer be necessary to take into account the negative impact,which was expected to be imposed on CSIF’s management on performance in and after 2024.
(Note 1) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energy in
October 2021.

b. Future Management Policy(i) External Growth Strategy
The Canadian Solar Group (Note 1), which is the Sponsor belongs, adopts the vertical integration model (Note 2) that hasdeveloped mainly in the photovoltaic power generation market in Europe and America and applies this model in the global
market, including Japan. CSIF considers that mutual cooperation between the Group and CSIF (engaging in investment in andmanagement of photovoltaic power generation facilities) through the Sponsor Group (Note 4) based on the vertical integration
model for the construction of the value chain (Note 5) with the aim of creating mutual value should lead to the enhancement ofvalue for unitholders.
Specifically, CSIF intends to acquire promising solar power generation facilities developed by the Sponsor Group to increase
assets utilizing the preferential trading negotiation right granted by the Sponsor Group.
Further, CSIF will strive to diversify acquisition routes, including acquiring assets from third parties through the AssetManager’s own network, whilst at the same time putting emphasis on acquisitions from the Sponsor. Moreover, CSIF will aim
for further external growth through the use of diverse acquisition methods, including acquiring assets via the Japan GreenInfrastructure Fund, which was established by The Canadian Solar Group and invests in renewable energy power generation
facilities, etc. in Japan, and the bridge fund, in addition to direct acquisitions from sellers.
Toward CSIF’s growth in the future, the transfer of CS Azuma Kofuji Solar Power Plant, which was the sponsor’s largest
development project (100MW) in Japan and was among Japan’s largest projects, to the bridge fund was completed on May 31,
2023. The Asset Manager has preferential negotiation rights to purchase the said power plant for future acquisition by
CSIF.Meanwhile, most recently, an acquisition by the bridge fund has also been completed with respect to a power plantfacility (45.8MW) developed by a third party, in a bid to further accelerate external growth forward.
(Note 1) The “Canadian Solar Group” refers to the consolidated corporate group with Canadian Solar Inc. (headquartered in Canada) at the top towhich the Sponsor (Canadian Solar Projects K.K.) belongs. The same shall apply hereunder.
(Note 2) The term “vertically integrated model” means a business model where a broad spectrum of business domains across the photovoltaic market,
ranging from the planning, manufacture and sales of solar modules to the provision of EPC and O&M (Note 3) services, are verticallyintegrated. The same shall apply hereunder.
(Note 3) “O&M” is an abbreviation of Operation & Maintenance. The same shall apply hereunder.
(Note 4) The “Sponsor Group” collectively refers to (i) the Sponsor (Canadian Solar Projects K.K.), (ii) special purpose companies (they may behereinafter referred to as “SPCs”), partnerships or other funds with which the Sponsor has entered into the asset management service
agreement, (iii) Canadian Solar O&M Japan K.K. (it may be hereinafter referred to as “CSOM Japan”) and (iv) special purpose companies,
partnerships or other funds in which the Sponsor or its subsidiary own a majority interest. The same shall apply hereunder.
(Note 5) The term “value chain” generally refers to a relationship between processes such that value is added cumulatively to products and services
with each process.

(ii) Internal Growth Strategy
In circumstances where domestic power consumers are increasingly required to participate in decarbonization initiatives
around the world, CSIF started a new approach in September 2022 to grant to power consumers tracking information(information regarding renewable energy power plants attached to FIT Non-Fossil Certificate (Note 1)) for CS Daisen-choPower Plant (A), CS Daisen-cho Power Plant (B) and CS Marumori-machi Power Plant. The initiative aims to satisfy power
consumers’ need to achieve RE100 (Renewable Energy 100%) and has achieved the receipt of ¥0.2/kWh in addition to CSIF’s
FIT unit price. Moreover, agreements on the specified wholesale supply of renewable energy were concluded with electricity
retailers regarding CS Hiji-machi Dai-ni Power Plant in April 2023, and CS Mashiki-machi Power Plant, CS Izu-shi Power- 9 -Plant and CS Ogawara-machi Power Plant in June 2023. As a result, CSIF was able to double the unit price to ¥0.2/kWh in
addition to CSIF’s FIT unit price.
CSIF will contract out O&M to CSOM Japan, which is part of the Canadian Solar Group and provides O&M services inJapan, in principle, for the availability of homogeneous O&M services to the extent that CSIF considers essential.By making
the most of the strong operation and management abilities realized by utilizing the global monitoring platform of the Canadian
Solar Group in the early discovery and repair of failures of power generation facilities, CSIF will aim to reduce the loss of
power generation. In addition, CSIF will implement the appropriate repair and facilities replacement of assets undermanagement to maintain and enhance the value of assets from the medium- to long-term perspective, thereby securing stablerevenue in the medium to long term.
In response to the output curtailment implemented by Kyushu Electric Power described in b. Investment Environment andManagement Performance for the Fiscal Period Under Review in in I. Overview of the Fiscal Period under Review above,
CSIF carried out the modification of individual power plants in its portfolio to support online output curtailment (which refers
to output curtailment of photovoltaic power generation facilities with a remote output controller installed, the same applies
below) as it did in the previous fiscal period. While all the CSIF-owned power plants in the area served by Kyushu ElectricPower are subject to the 30-day rule for output curtailment, the above modifications required for online output curtailment led
to a shift from the previous all-day curtailment to hourly curtailment and opened the way for controlling the decrease in lease
revenue due to a decline in energy output for reason of output curtailment. In addition, curtailment within a day is counted as
one day regardless of the duration, which allows the power plant to respond to output curtailment during peak demand forelectricity while complying with the 30-day rule. As a result of further progress shifting to the online output curtailment
arrangement, all photovoltaic power plants in Kyushu have shifted to online output curtailment. As a result, CSIF succeeded in
reducing lost lease revenue due to curtailment compared with the same period of the previous year and this boosted operating
revenue. In addition, CSIF is currently gradually installing online output curtailment equipment at power plants outside the
Kyushu region.
As part of its activities related to the Principles for Responsible Investment (UN PRI), the Asset Manager signed the UN PRI
on August 13, 2019, and established the Approach to the Principles for Responsible Investment at the end of December 2020 as
the basic ESG policy of the Asset Manager. Subsequently, CSIF has announced annual reports in accordance with the PRI’s
disclosure rules and the latest report for this year in July 2024.Further, recognizing that climate change is an importantenvironmental issue with potential risks and opportunities when conducting business focused on the environmental pillar of
ESG, we disclosed information about initiatives to address climate change in line with the TCFD recommendations on February
14, 2022. On March 1, 2022, the Asset Manager established the Sustainability Committee, which will be required to report to
CSIF’s Board of Directors at least twice a year going forward. Meanwhile, CSIF established a green finance framework(hereinafter referred to as the “Green Finance Framework”) for the financing of activities that will provide environmental
benefits, covering debt financing such as green bonds and green loans, and on May 11,2020, CSIF acquired the highest green
finance evaluation of Green 1(F) for the Green Finance Framework from Japan Credit Rating Agency, Ltd. (JCR), which is anindependent rating agency. Subsequently, CSIF revised the green finance framework as of June 30, 2023 so that the framework
would be applied to equity finance including the issuance of investment units at the time of offering investment units. The
revised green finance framework acquired a third-party evaluation of Green1 (F) in Green Finance Framework Evaluation
conducted by JCR.
Updated onJune 30, 2023

Evaluating Agency
Japan Credit Rating
Agency, Ltd. (JCR)

Evaluation
OverallGreenness (use of proceeds)
Management, Operation and Transparency

Green 1 (F)g 1 (F)
m 1 (F)CSIF successively signed specified wholesale supplying agreements with Zero Watt Power Inc. for CS Izu-shi Power Plant,
CS Ogawara-machi Power Plant, CS Mashiki-machi Power Plant and CS Hiji-machi Dai-ni Power Plant. These plants are partof the assets owned by CSIF. The agreements help these electricity retailers sell FIT electric power (Note 1) or electric power
effectively derived from renewable energy (Note 2). In addition, CSIF announced the Notice concerning the Conclusion of an
Agreement Concerning the Granting of Tracking Information on Solar Power Plants Owned by CSIF on September 29, 2022.
As was mentioned there, CSIF signed a new agreement with power consumer, unidentified under non-disclosure agreementswith them, for the granting of information on renewable energy power plants (hereinafter referred to as “tracking information”)
added to the FIT Non-Fossil Certificates for CS Daisen-cho Power Plant (A), CS Daisen-cho Power Plant (B) and CS
Marumori-machi Power Plant. CSIF is thus taking actions towards decarbonization in response to the increasing needs of power
consumers for renewable energy. These actions also support the global RE100 initiative, which aims to make 100% of theenergy consumed in business activities renewable energy.
(Note 1) A FIT Non-Fossil Certificate is a certificate representing the renewable energy value of the electric power purchased under the FIT schemethat is traded on the Non-Fossil Value Trading Market operated by Japan Electric Power Exchange (hereinafter referred to as “JPEX”).
(Note 2) Part of the expenses for procuring FIT electric power is covered by the FIT surcharges paid by power consumers. Electricity retailers need to
inform of this to consumers.
(Note 3) To present to consumers that the electric power they sell is effectively derived from renewable energy, electricity retailers must separately
purchase non-fossil certificates according to the energy output sold and use them.

- 10 -

(iii) Financial Strategy
To secure stable revenue and ensure the growth of the managed assets of CSIF, CSIF will consider financing by public
offering, borrowings and other means in the acquisition of new assets, while watching changes in the financing environment
closely.
CSIF has resolved at the board meeting held on August 16th to amend its internal regulations, specifically the "Canadian
Solar Infrastructure Fund Investment Guidelines" (hereinafter referred to as "the Investment Guidelines"). This decision wasmade by Canadian Solar Asset Management K.K. (hereinafter referred to as "CSAM"), which is entrusted with managing theassets of the Fund.
The policy will be changed to set the limit for distribution funds, including payments (with continuous excess profit
distributions limited to those), based on the total cash obtained from operating activities during each period (which includes net
income + depreciation ± gains or losses on the sale of asset), referred to as Funds from Operations (hereinafter "FFO"). Thisadjustment will primarily use continuous excess profit distributions as a corrective measure if the actual distribution amounts
do not meet the initially projected profit distribution. This change is expected to enable the retention of cash on hand in eachperiod.
c Forecasts of Management Status
Forecast of management status for the fiscal period ending December 31, 2024 (July 1, 2024 to December 31, 2024), thefiscal period ending June 30, 2025 (January 1, 2025 to June 30, 2025) and the fiscal period ending December 31, 2025 (July 1,
2025 to December 31, 2025) is as follows. For details of the assumptions underlying the forecast of management status, pleaserefer to “Assumptions Underlying Forecast of Management Status for Fiscal Period Ending December 31, 2024 (July 1, 2024 to
December 31, 2024), the fiscal period ending June 30, 2025 (January 1, 2025 to June 30, 2025) and the fiscal period ending
December 31, 2025 (July 1, 2025 to December 31, 2025)” described below.

Fiscal period ending
Dec. 2024
Fiscal period ending
Jun. 2025
Fiscal period ending
Dec. 2025

Distributions
Distribution
per unit
Distributions
s per unit
(excluding
in excess of(including
distributions earnings per distributions
in excess ofunit
in excess ofearnings)
earnings)

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

million yen

million yen

million yen

million yen

yen

yen

4,477

1,644

1,386

1,385

3,066

-

3,066

4,502

1,691

1,445

1,444

3,198

-

3,198

4,458

1,645

1,403

1,402

3,104

-

3,104

d Facts arising after the settlement of accounts(i)Acquisition of assets
CSIF resolved at the board of directors meeting held on August 16, 2024 regarding the acquisition of the following solar
energy facilities (“Planned Acquisition Asset”) using fund in hand based on the basic policy of asset management stipulated in theterms and conditions, and plans to acquire the following assets on August 30, 2024.
Asset number(Note 1)

S-32

Project name

CS Sakura-shi
Power Plant

Location(Note 2)

Contemplatedacquisition price (¥million)

Sakura shi,
Chiba

321

SellerSaturn Infrastructure Fund Godo Kaisha(photovoltaic
power
generation
facilities)
Infrastructure Land Lease Godo Kaisha(land ownership)(Note 1) Asset numbers are assigned to the projects, based on the classification of the renewable energy power generation facility. “S” denotes a solar
energy project.
(Note 2) Based on the land or parcel of land upon which the solar energy facility is located, as described in the property registry. The address is described
down to the city or district levely.

(ii)Determination of the acquisition of own investment units
CSIF resolved at the board of directors meeting held on August 16, 2024 regarding the acquisition of its own investment
units, based on Article 80-2 of the Act on Investment Trusts and Investment Corporations of Japan (the “Investment TrustsAct”) applied pursuant to Article 80-5, Paragraph 2 of the Investment Trusts Act. CSIF plans to cancel all the acquired
investment units in the fiscal period ending December 31, 2024.
（1） Reason for acquiring own investment units- 11 -

Considering the overall situation of level of investment units’ price, situation of the fund in hand, financial conditions andmarket enviroment etc., CSIF judged that improvement of capital efficiency and return to unitholders by the acquisition andcancellation of its own investment units should contribute to enhancement of unitholder value over the medium and long term,and decided the acquisition of its own investment units.

（2）Details of acquisition of own investment units

Total number of own investment units
to be acquired

12,000units (maximum)

Total amount of acquisition price

1,100 million yen (maximum)

Acquisition period

From August 19, 2024 to November 29, 2024

Method of acquisition of own investment units

company and entrust the market purchase of its own investment units on
the Tokyo Stock Exchange.

To enter into a discretionary transaction contract with a securities

Assumptions Underlying Forecast of Management Status for the fiscal period ending December 31, 2024 (July 1, 2024 to
December 31, 2024), the fiscal period ending June 30, 2025 (January 1, 2025 to June 30, 2025) and the fiscal period ending
December 31, 2025 (July 1, 2025 to December 31, 2025),
Item
Calculation period

Portfolio

Assumptions
・ 15th fiscal period: from July 1, 2024 to December 31, 2024 (184 days)
・ 16th fiscal period: from January 1, 2025 to June 30, 2025 (181 days)
・ 17th fiscal period :from July 1, 2025 to December 31, 2025 (184 days)
・Assumptions are based on the sum of 31 domestic solar energy projects CSIF owned at the endof the fiscal periods ending June 30, 2024 (14th fiscal period) (“Acquired Projects”) and 1
additional project to be acquired on August 30, 2024 (“Acquisitions in 15th FP”); totaling 32
projects and beneficiary interest, which holds solar power generation facilities in trust (“Projects
Held”). CS Sakura-shi Power Plant to be acquired on August 30, 2024 (hereinafter refer to as the“Acquisitions in the 15th FP”) are included in the 32 projects.
・ These forecasts are based on the assumption that there have been no changes in the compositionof CSIF’s portfolio (acquisition of new assets or sale of acquired assets, etc.) until the end of the
17th fiscal period, December 31, 2025.
・ CSIF’s portfolio may change, however, due to the acquisition of new assets other than the
Acquisitions or disposal of the Projects Held, etc.

- 12 -

Item

Assumptions

Operating Revenues

・ Leasing business revenue from the Acquired Projects, which is CSIF’s main operating revenue,
is based on the lease agreement for power generation facilities affective as of today, and is
calculated by totaling the following basic rents and result-linked rents, which are expected to be¥4,477 million for the period ending December 2024 (15th FP), ¥4,502 million for the period
ending June 2025 (16th FP), and ¥4,458 million for the period ending December 2025 (17th FP).
a) Basic rent for Projects Held is calculated as follows: Monthly projected energy output (P50)x (100-Y) % x 70% x FIT purchase priceWith respect to each of the Acquired Projects excluding CS Fukuyama-shi Power Plant, CS
Shichikashuku-machi Power Plant, CS Miyako-machi Saigawa Power Plant, CS Kasama-shi
Dai-san Power Plant and CS Yamaguchi-shi Power Plant, the monthly projected energy
output (P50) (Note 1) (Note 2) refers to such figures disclosed in the technical reports (anevaluation report of the system, the capacity, the relevant contracts attached and continuity(performance degradation and environmental evaluation) of the photovoltaic power
generation facilities acquired by CSIF) that the Asset Manager received from E&E
Solutions Inc. (“Technical Report”), and with respect to CS Fukuyama-shi Power Plant, CS
Shichikashuku-machi Power Plant, CS Miyako-machi Saigawa Power Plant,CS Kasama-shi
Dai-san Power Plant,CS Yamaguchi-shi Power Plant and the acquisition in 15th FP, themonthly projected energy output (P50) (Note 1) (Note 2) refers to such figures disclosed in
the energy yield reports that the Asset Manager received from TÜV Rheinland Japan Ltd.
(the “Energy Yield Report”).
b) Variable rents for the Acquired Projects and the Acquisitions are calculated as follows:
Monthly actual energy output x (100-Y) % x FIT purchase price – basic rent
Any amount that exceeds the basic rent after multiplying a certain rate of (100-Y) % (Note3) to the monthly actual energy output for each solar energy project by FIT purchase pricewill be captured as a performance-related variable rent. In any case, if the calculation of thevariable rent is a negative number, it shall be deemed to be zero.

Operating Revenues(Note 1) Projected energy output (P50) represents the output that is viewed to be achievable with a 50% probabilityby the third-party providers of the Technical Report, Energy Yield Report, and other experts. The same
applies hereinafter.
(Note 2) The calculation of parts of Acquired Projects is based on the estimated monthly power generation (P50)
presented in the Technical Report or Energy Yield Report, after deducting the rate of curtailment from third
party research firm. The same applies hereinafter.
(Note 3) Y represents the value for management costs of the lessees and operator remuneration fees. The value ofY will vary for each of the Acquired Projects.

・ Forecasted figures herein have been based on a projected energy output (P50) and are notguaranteed nor do they reflect the actual energy output, which will vary depending on the levelof solar irradiation.
・ CSIF has assumed no cancellations of the lease agreements or delinquencies or non-payment ofrents by lessees.
・ CSIF has assumed that the current lease agreements will be renewed on equal terms under these
agreements.

- 13 -

Item

Assumptions
・The main items of main operating expenses are as follows.

unit：million yen
15th fiscal
periodLease business expenses

Non-operating expenses

Borrowings and Investment
corporation Bonds

Number of investment units

Distributions per unit
(excluding distributions inexcess of earnings)

17th fiscal
periodMaintenance expenses for the photovoltaic
power generation and other facilities

286

286

286

Periodic payment of repair and maintenance

49

37

49

property tax

8

7

8

Expenses for the land lease

96

96

96

Insurance expenses

65

65

65

1,743

1,746

1,750

Depreciation
Operating expenses

16th fiscal
period・ Of the expenses for the lease of the acquired assets comprising main operating expenses,
expenses for the Acquired Projects, etc. other than depreciation are calculated based on expenses
incurred in the past, taking factors of changes in expenses into account.
・Property taxes on the assets to be acquired will be settled pro rata with the owner at the time ofacquisition, and the amount equivalent to such settlement will be included in the acquisition costin the year of acquisition. Accordingly, the property tax for the fiscal year 2024 on the property
to be acquired is not recorded as an expense. As a result, the total amount of property tax
settlement to be included in the acquisition cost for the property to be acquired is expected to be¥0 million, even though the property tax on the acquired assets is included in the rental business
expenses.
・ Periodic payment of repair and maintenance costs based on the figures provided in the technicalreports and the Management Company’s estimate have been taken into account. However, thesefigures are subject to revisions as the actual figures can vary significantly depending on theoperating period and are paid in irregular intervals, in addition to any instances where
unexpected repairs are required.
・ CSIF has assumed interest expenses, interests on investment corporation bonds and otherborrowing-related expenses of ¥258million, ¥246million and ¥242million for the 15th, 16th and17th fiscal periods, respectively.
・ CSIF’s balance of interest-bearing debt totals ¥45,178 million (borrowings and investment
corporation bonds) as of today. CSIF assumes that it will repay such interest-bearing
debt(borrowings) in amounts of ¥1,402 million, ¥1,478 million and ¥1,456 million at the end of
15th, 16th and 17th fiscal periods, respectively.
・ The loan-to-value (LTV) ratios are expected to be approximately 48.76%, 47.87% and47.02% asof the end of 15th, 16th and 17th fiscal periods, respectively.
・ CSIF calculates LTV using the following formula.
LTV = Total interest-bearing debt / Total assets × 100
・ The assumption that CSIF uses is the total number of investment units issued and outstanding asof the date of this document, which is 451,756 units.
・ CSIF has assumed that there will be no changes to the number of units issued and outstanding
resulting from the issuance of additional investment units, etc., until the end of the 17th fiscal
period ending December, 2025.
・ Distributions per unit (excluding distributions in excess of earnings), distributions in excess ofearnings per unit and distributions per unit (including distributions in excess of earnings) havebeen calculated based on the assumption that the number of units issued and outstanding as ofthe end of each fiscal period will be 451,756 units.
・Acquisitions and cancellations of proprietary investment units described in "d. Important facts
that occurred after settlement of accounts" are not taken into account.
・ Distributions per unit (excluding distributions in excess of earnings) are calculated based on the
cash distribution policy prescribed in CSIF’s Articles of Incorporation.
・ Changes in lessees, fluctuations in rental revenues due to changes in lease agreements,
fluctuations in energy output, unforeseeable repair and maintenance expenses incurred and otherfactors may lead to changes in the amount of distributions per unit (excluding distributions inexcess of earnings).

- 14 -

Item

Distributions in excess ofearnings per unit

Assumptions
・ Distributions in excess of earnings per unit will generally be based on the cash distribution
policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s Investment
Guidelines(Note).
・ CSIF will use Funds from Operations (FFO) generated from the operation of held assets,
excluding gains or losses from asset sales, as the benchmark. Additionally, the upper limit for"continuous excess profit distribution" as specified in Article 47, Item 2 of the Fund's
regulations will be calculated based on the following method:
I. The source of funds for "continuous excess profit distribution" will be the amount obtainedby adding carried-forward profit from the previous period to the FFO. "FFO" will bedefined as the "net profit after tax" for the relevant operating period (excluding any gains orlosses from asset sales during the period) plus depreciation expenses for that operating
period.
II. The upper limit for "continuous excess profit distribution" will be the amount obtained bysubtracting the net profit after tax (excluding any gains or losses from asset sales during theperiod) and the scheduled repayment amounts for the relevant operating period from the
FFO for that operating period.
・ In addition to the continuous excess profit distribution, if the total distribution amount per unit
is expected to decrease from the expected amount due to financing such as the issuance of new
investment units, large-scale repairs, or a decrease in rents due to the impact of the power
generation of acquired assets that exceed assumptions, CSIF may temporarily make distribuions
in excess of earnings in excess of the upper limit for the purpose of leveling the amount of thetotal distribution per unit. In addition, after making a comprehensive judgment on the financial
status in each fiscal period, CSIF may not distribute in excess of earnings, or may temporarily
distribute in excess of earnings beyond the ratio of excess of earnings in depreciation stipulated
in the rules of The Investment Trusts Association, Japan.
・ CSIF may not make cash distributions (refunds of investment) in excess of earnings upon
consideration of other options, such as repair and capital expenditure, repayment of loans,appropriation to funds for the acquisition of new properties, and the acquisition of treasury
investment units, by comprehensively considering the economic environment, the market
environment relating to the renewable energy power generation projects, the financial positionsof CSIF and other circumstances.
• In this regard, cash distributions in excess of earnings (refunds of investment) involve a decreasein funds on hand, and thus if capital expenditure beyond the expectations of CSIF is required due
to any sudden events or other causes, there is a possibility of a shortage of funds on hand or a
restriction on the flexible acquisition of properties in terms of funds. In addition, in the case of acash distribution (refund of investment) in excess of earnings, the amount of such distribution
will be deducted from the total amount of funds contributed or the contribution surplus.
(Note )At the meeting of the Board of Directors of CSAM held on August 16, 2024, CSAM made some changes to theInvestment Guidelines and changed the distribution policy. For details, please refer to the "Notice concerning
Changes to the “Investment Guidelines” in the Internal Regulations of the Asset Management Company" announced
on August 16, 2024.

Others・ CSIF has assumed that no revisions that will impact the above projections will be made to laws
and regulations, tax systems, accounting standards, securities listing regulations and the rules of
The Investment Trusts Association, Japan, among others.
・ CSIF has assumed that no unforeseeable significant changes will occur in general economic
trends or conditions in the solar energy facility market and the real estate market.

(2) Risk of Investment
Disclosure is omitted because there have been no significant changes from the description in the latest securities report(submitted on Sptember 28, 2023 including subsequent amendments.)- 15 -

2. Financial Statement(1) Balance Sheet
13th Period(December 31, 2023)
AssetsCurrent Assets
Cash and bank deposit
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other current assets
Total current assets
Fixed Assets
Property and equipment
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment ,net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property and equipment
Intangible assets
Leasehold rights
SoftwareTotal intangible assets
Investments and other assets
Long-term prepaid expenses
Investment in capital
Deferred tax assets
Long-term bank deposit
Security deposits
Total investment and other assets
Total fixed assets
Deferred Assets
Investment corporation bond issuance cost
Total deferred assets
Total assets
Liabilities
Current liabilities
Accounts payable – operating
Short-term loans payable
Current portion of long-term loans payable
Current portion of investment corporation bondAccounts payable – otherAccrued expenses
Income taxes payable
Consumption tax payable
Deposits received
Total current liabilities
Non-current liabilities
Investment corporation bondLong-term loan payable
Long-term accounts payable - otherTotal non-current liabilities- 16 -(Unit : thousand yen)
14th Period(June 30, 2024)

5,911,425
946,740
337,251
1,385,163
40,8008,621,381

6,081,866
1,384,716
244,506
45,0897,756,179

1,074,228(236,994)
837,233
43,317,800(9,964,984)
33,352,815
592,466(138,582)
453,884
4,570,689
7,923,918(706,649)
7,217,268
33,005,488(2,599,626)
30,405,862
134,095(11,544)
122,550
6,948,625
3,751
83,912,681

1,074,228(259,111)
815,116
43,344,549(10,860,056)
32,484,493
593,797(150,568)
443,228
4,571,427
7,925,298(852,530)
7,072,767
33,005,488(3,251,527)
29,753,961
134,095(14,196)
119,898
6,948,625
3,751
82,213,270

1,486,690
2,176
1,488,866

1,486,690
1,854
1,488,544

914,460
10
16
23,40046,909984,797
86,386,345

856,22710
12
23,40046,909926,559
84,628,375

9,361
9,361
95,017,088

6,581
6,581
92,391,135

100,930
1,100,000
2,900,480
1,100,000
233,455
111,268
954
48,654
16,424
5,612,168

92,8432,881,493
1,100,000
226,823
128,187802
369,870
1,916
4,801,937

3,800,000
38,876,005
71,21542,747,220

3,800,000
37,397,078
67,46741,264,545

Total liabilities
Net assets
Unitholders' equity
Unit holders’ capital
Deduction from unitholders’ capital
Allowance for temporary difference
adjustments
Other deduction from unitholders’ capital
Total deduction from unitholders’ capital
Unitholders’ capital (net value)
Surplus
Unappropriated retained earnings(Accumulated deficit)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets

48,359,388

46,066,483

47,953,452

47,953,452-- 17 -*2(1,807)(2,681,476)(2,681,476)
45,271,976(2,988,218)(2,990,025)
44,963,427

1,385,723

1,361,225

1,385,723
46,657,699*1
46,657,699
95,017,088

1,361,225
46,324,652*1
46,324,652
92,391,135

(2) Statement of Income(Unit: thousand yen)
13th period(from July 1, 2023
to December 31, 2023)
Operating revenues
Rental revenues of renewable energy power generation
facilities, etc.
Total operating revenues
Operating expenses
Rental expenses of renewable energy power generation
facilities, etc.
Asset management fee
Administrative service fees
Director’s compensation
Taxes and duties
Other operating expenses
Total operating expenses
Operating income or loss
Non-operating income
Interest income
Dividends
Interest on tax refund
Gain on forfeiture of unclaimed dividends
Insurance income
Guarantee commission received
Settlement money income
Total non-operating income
Non-operating expenses
Interest expenses
Interest on investment corporation bondAmortization of Investment corporation bond issuance
cost
Borrowing-related expenses
Investment units issuance costs
Loss on retirement of noncurrent assets
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes - current
Income tax - deferred
Total income taxes
Net income
Retained earnings (deficit) brought forward
Unappropriated retained earnings (Accumulated deficit)*1

4,537,922

14th period(from January 1, 2024
to June 30, 2024)*1

4,537,922*1- 18 -

2,414,802

4,367,626
4,367,626*1

2,483,360

168,639
28,0232,400
3,108
73,9572,690,932
1,846,990

166,242
30,6132,400
6476,5852,759,267
1,608,359

32
648
688
285
1,654

391
0
1,202
542
4,781
1,736
8,653

183,994
19,262

186,266
19,052

2,779

2,779

213,085
42,181
653
461,956
1,386,688
1,386,688
959
55
1,014
1,385,673
49
1,385,723

47,009255,108
1,361,904
1,361,904
862
4
866
1,361,037
187
1,361,225

(3) Statements of Changes in Unitholders’ Equity
13th Fiscal Period (From July 1, 2023 to December 31, 2023)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital
Unitholders’capitalDeduction fromunitholders’capital40,631,004

Total
unitholders’equityTotal net
assetsUnitholders’capital(net)

Capitalsurplus or
loss

Total
surplus(2,234,888)

38,396,116

1,003,421

1,003,421

39,399,537

39,399,537

7,322,448-

7,322,448--

7,322,448

7,322,448-(446,587)(446,587)--(446,587)(446,587)---(1,003,372) (1,003,372)(1,003,372) (1,003,372)

-

-

-

1,385,673

1,385,673

1,385,673

1,385,673

7,322,448(446,587)

6,875,860

382,301

382,301

7,258,161

7,258,161*1 47,953,452(2,681,476)

45,271,976

1,385,723

1,385,723

46,657,699

46,657,699

Balance as of July 1,
2023
Changes of items
during the period
Issuance of new
investment units
Distribution inexcess of earnings
Dividend of
surplus
Net Income
Total changes of
items during theperiodBalance as ofDecember 31, 2023

Surplus

14th Fiscal Period (From January 1, 2024 to June 30, 2024)(Unit: thousand yen)
Unitholders’ equity
Deduction from unitholders’ capital
Unitholders’capitalBalance asof January 47,953,452
1, 2024
Changes of
items
during theperiodDistribution in excessof earnings
fromallowance
for
temporarydifference
adjustments
Distribution in excessof earnings
from others
Dividendof surplus

Surplus

Total
Allowance
Total
Unitholders’
Deductionfordeduction
Capitalunitholders’capital(net)fromtemporaryfromsurplus or Total surplus equity
unitholders’difference
unitholders’loss
capitaladjustments
capital-(2,681,476) (2,681,476) 45,271,976

1,385,723

Total net
assets1,385,723 46,657,699 46,657,699(1,807)-(1,807)(1,807)--(1,807)(1,807)-(306,742)(306,742)(306,742)--(306,742)(306,742)---- 19 -- (1,385,535) (1,385,535) (1,385,535) (1,385,535)

Net Income

-

Total
changes of
items
during theperiodBalance as*1of June 30,
47,953,452
2024

-

-

-

-

1,361,037

1,361,037

1,361,037

1,361,037(1,807)(306,742)(308,549)(308,549)(24,497)(24,497)(333,047)(333,047)(2,988,218) (2,990,025) 44,963,427

1,361,225

1,361,225 46,324,652 46,324,652(1,807)- 20 -

(4) Statements of Cash Distribution
Fiscal Period under Review(From July 1, 2023
to December 31, 2023)
Unit: Yen
I Unappropriated retained earnings(accumulated deficit)
II Distributions in excess of retained earnings
Provision for temporary difference
adjustments
Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)
Provision for temporary difference
adjustments(Distributions in excess of retained
earnings per unit (for provision for
temporary difference adjustments))
Distributions in excess of other retained
earnings(Distributions in excess of retained
earnings per unit (for distributions inexcess of other retained earnings))
IV. Retained earnings (deficit) carried forward
Calculation method for cash distributions

Fiscal Period under Review(From January 1, 2024
to June 30, 2024)
Unit: Yen

1,385,723,092

1,361,225,203

1,807,024

4,065,804

306,742,324
1,694,085,000(3,750)1,385,535,652(3,067)
1,807,024

340,172,268
1,705,378,900(3,775)
1,361,140,828(3,013)
4,065,804

(4)

(9)

306,742,324

340,172,268

(679)

(753)

187,440
84,375
In accordance with Articles 47,
In accordance with Articles 47,
Paragraph 1 of Canadian Solar Paragraph 1 of Canadian Solar
Infrastructure Fund, Inc. (“CSIF’) s Infrastructure Fund, Inc. (“CSIF’) s
Articles of Incorporation, the amount of Articles of Incorporation, the amount ofcash distributions shall be the amount of cash distributions shall be the amount of
profit in excess of an amount equivalent profit in excess of an amount equivalent
to 90% of distributable profits, as to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation. Special Measures Concerning Taxation.
Based on this policy, CSIF decided to Based on this policy, CSIF decided tomake distributions of ¥1,385,535,652 make distributions of ¥1,361,140,828
which is the entire amount equivalent to which is the entire amount equivalent tothe unappropriated retained earnings for the unappropriated retained earnings forthe fiscal period under review of the fiscal period under review of¥1,385,723,092 excluding fractions of ¥1,361,225,203 excluding fractions of
the distribution per unit that are less than the distribution per unit that are less than
¥1.
¥1.
CSIF distributes cash in excess of
CSIF distributes cash in excess ofretained earnings every fiscal period retained earnings every fiscal period
based on the cash distribution policy based on the cash distribution policy
prescribed in Article 47, Paragraph 2 of prescribed in Article 47, Paragraph 2 of
CSIF’s Articles of Incorporation. Based CSIF’s Articles of Incorporation. Basedon this policy, CSIF decided to make on this policy, CSIF decided to makecash distributions in excess of earnings cash distributions in excess of earnings(return of capital categorized as a (return of capital categorized as a
distribution of the reduction in capital distribution of the reduction in capitalfor Japanese tax purposes) in the amount for Japanese tax purposes) in the amountof ¥306,742,324 which is equivalent to of ¥340,172,268 which is equivalent to18.1% of the amount of depreciation 19.7% of the amount of depreciation
expenses recorded for the fiscal period expenses recorded for the fiscal period
under review of ¥1,694,819,934 and under review of ¥1,729,930,376 and¥1,807,024 as provision for temporary ¥4,065,804 as provision for temporary
difference adjustments.
difference adjustments.
Accordingly, the distribution per unit
Accordingly, the distribution per unitis ¥3,750.
is ¥3,775.

- 21 -

(Note)Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in
CSIF’s Articles of Incorporation and the Asset Manager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation
facilities. The amount available for distribution shall be calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize suchpolicy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power
Generation (P50) provided in the independent technical report which is used as a basis for calculating rents for renewableenergy power generation facilities and if actual NCF calculated based on actual power generation during the applicablefiscal period exceeds forecast NCF, CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limitof the amount of cash distributions for the applicable fiscal period.
On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout
ratio” as the amount of cash distributions for the applicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥1,694,085,000 which isequivalent to 91.6% of forecast NCF amount for the fiscal period under review of ¥1,850,262,805. Of this, ¥308,549,348
which is the amount less of distributions of profit of ¥1,385,535,652 is distributions in excess of retained earnings.
And, CSIF decided to make distributions for the current fiscal period of ¥1,705,378,900 which is equivalent to 88.7% of
forecast NCF amount for the fiscal period under review of ¥1,922,637,224. Of this, ¥344,238,072 which is the amount lessof distributions of profit of ¥1,361,140,828 is distributions in excess of retained earnings.

- 22 -

(5) Statement of Cash Flow(unit: thousand yen)
13th period(From July 1, 2023
to December 31, 2023)
Cash flows from operating activities
Income (Loss) before income taxes
Depreciation costs
Investment unit issuance costs
Amortization of investment corporation bond issuance
costs
Interest income and dividends
Interest expenses
Gain on forfeitute of unclaimed dividends
Loss on retirement of noncurrent assets
Decrease (Increase) in operating accounts receivable
Decrease (Increase) in accounts receivable
Decrease (Increase) in consumption taxes receivable
Decrease (Increase) in consumption taxes payable
Decrease (Increase) in prepaid expenses
Decrease (Increase) in long-term prepaid expenses
Increase (Decrease) in operating accounts payable
Increase (Decrease) in accounts payable - other
Increase (Decrease) in accrued expenses
Other, net
Sub-totalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into fixed deposits
Purchases of property and equipment
Purchases of intangible assets
Payments of guarantee deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term loans payable
Proceeds from long-term loans payable
Repayment of short-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment units
Payments of investment unit issuance costs
Dividends paid
Surplus earning distribution paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the fiscal
periodCash and cash equivalents at the end of the fiscal period

14th period(From January 1, 2024
to June 30, 2024)

1,386,688
1,694,819
42,181

1,361,904
1,729,930
-

2,779

2,779

(32)
203,256(648)
653
89,148(1,385,163)(36,052)(156,202)(471,191)
49,33480,147(11,970)
21,315
1,509,064
32(200,814)(853)
1,307,428(391)
205,318(542)(437,975)(164)
1,385,163
321,351
92,74558,232(8,086)(7,583)17,006(18,633)
4,701,055
391(205,405)(1,014)
4,495,026(7,800)(17,168,817)(254,802)(9,119)(17,440,539)(28,838)(3,748)(32,586)

1,100,000
11,600,000(1,467,153)
7,322,448(50,632)(1,003,372)(446,587)
17,054,702
921,591(1,100,000)(1,497,913)(1,385,535)(308,549)(4,291,998)
170,441

4,989,834*1- 23 -

5,911,425

5,911,425*1

6,081,866

(6) NOTES ON GOING CONCERN PREMISE
Not applicable.

(7) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. Method of depreciation andamortization of non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property
and equipment are as shown below:
Structures............................................... 22-30 years
Machinery and equipment..................... 6-29 years
Tools, furniture and fixtures.................. 22-25 years
Structures in trust .................................. 24-30 years
Machinery and equipment in trust......... 24-29 years
Tools, furniture and fixtures in trust...... 24-29 years(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software................................................ 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2. Method of amortization of deferredassets(1) Investment corporation bond issuance expenses
Amortized by the straight-line method over the life of the bonds.
(2) Investment units issuance costs
Expensed wholly when incurred.

3. Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among
other taxes, on the infrastructure assets held, of the tax amount assessed and determined,
the amount corresponding to the calculation period is accounted as rental expenses. In
addition, reimbursement such as fixed assets tax, which is paid to the seller and otherpersons on the acquisition of infrastructure assets and other assets (“the amountequivalent to the fixed assets taxes and other taxes”) is not recognized as rental expenses
but included in the acquisition cost of the concerned infrastructure assets and otherassets.

4. Scope of funds in statement of cash
flows

Funds (cash and cash equivalents) in statement of cash flows consist of cash on hand,demand deposits and short-term investments with a maturity of three months or less atthe date of acquisition that can readily be converted into cash and that are subject toinsignificant risks of changes in value.

5. Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:
・Hedging instruments……Interest rate swap transaction
・Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles
of Incorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus theevaluation of effectiveness is omitted.

- 24 -

6. Other significant matters serving as
the basis for preparation of financial
statements

Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power
plants, all assets and liabilities within entrusted assets as well as all revenue andexpense items which occur to entrusted assets are recorded as the respective accounttitles on the balance sheet and statements of income. The following important accounttitles among the entrusted assets which are recorded as the respective account titles are
separately indicated on the balance sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures intrust, Land in trust, Construction in progress in trust.

(Additional Information)(Notes to Provision and Reversal of Reserve for Temporary Difference Adjustments)
Prior fiscal period (from July 1, 2023 to December 31,2023)
1.Reasons for occurrence, assets and amount of the reserve
Subject asset

Reason for reserve

Solar energy facility

Occurrence of the issue of inconsistency between(mainly CS Mashiki-machi Power
Plant)

accounting purposes and tax purposes regarding
recording of depreciation expenses

Reserve for temporary
difference adjustment
1,807(Note) Regarding the depreciation expenses related to the PCS 6th annual inspection parts that were acquired during the current period andrecorded as machinery and equipment mainly at the CS Mashiki-machi Power Plant, there is a tax-accounting discrepancy bertween theaccounting useful life and the statutory useful life for tax purposes on which the calculation was based. In order to reduce the tax burden
due to the tax-accounting discrepancy, CSIF plans to record the amount equivalent to the tax-accounting discrepancy as a reserve fortemporary difference adjustment and distribute it as a distribution in excess of earnings in the calculation of cash distribution for thecurrent fiscal year.

2.Specific method of reversal
CSIF plans to reverse the amount to be reveresed upon inclusion of the expenses after passing the useful life on the tax purpose.
Current fiscal period (from January 1, 2024 to June 30,2024)
1.Reasons for occurrence, assets and amount of the reserve
Subject asset

Reason for reserve

Solar energy facility(mainly CS Mashiki-machi Power
Plant)

Occurrence of the issue of inconsistency between
accounting purposes and tax purposes regarding
recording of depreciation expenses

Reserve for temporary
difference adjustment
4,065(Note) Regarding the depreciation expenses related to the PCS 6th annual inspection parts that were acquired during the current period andrecorded as machinery and equipment mainly at the CS Mashiki-machi Power Plant, there is a tax-accounting discrepancy bertween theaccounting useful life and the statutory useful life for tax purposes on which the calculation was based. In order to reduce the tax burden
due to the tax-accounting discrepancy, CSIF plans to record the amount equivalent to the tax-accounting discrepancy as a reserve fortemporary difference adjustment and distribute it as a distribution in excess of earnings in the calculation of cash distribution for thecurrent fiscal year.

2.Specific method of reversal
CSIF plans to reverse the amount to be reveresed upon inclusion of the expenses after passing the useful life on the tax purpose.

(8) Notes to Changes in Presentation Methods(Statement of Income)In the previous fiscal period, “Settlement money income”, which was included in “Other non-operating income”' under “Nonoperating income”,' is presented separately from this fiscal period because it is expected to occur on a materiality basis. The
financial statements for the previous fiscal period have been reclassified to reflect this change in presentation method.
As a result, 285 thousand yen of “Other non-operating income” under “Non-operating income” has been reclassified to 285
thousand yen of “Settlement money income” under “Non-operating income”.

- 25 -

(9) Notes regarding financial statements[NOTES TO BALANCE SHEET]*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations(Unit: thousand yen)
As ofDecember 31, 2023

As ofJune 30, 2024
50,00050,000*2 Allowance for Temporary Difference Adjustments
Prior fiscal period (for your reference) (from July 1, 2023 to December 31, 2023)
Not applicable
Current fiscal period (from January 1, 2024 to June 30, 2024)(1) Reasons for occurrence, assets and amount of the reserve
Reason forreserve

Subject asset
Solar energy facility(mainly CS Mashikimachi Power Plant)

Amount ofoccurrence

Beginningbalance

Reserveamount

1,807

-

1,807

Occurrence ofexcessdepreciation fortax purposes

ReversalamountEndingbalance-

Reason ofreversal

1,807-(2) Specific method of reversal
Subject asset

Specific method of reversal

Solar energy facility(mainly CS Mashiki-machi Power Plant)

CSIF plans to reverse the amount to be reveresed upon
inclusion of the expenses after passing the useful life on thetax purpose.

[NOTES TO STATEMENT OF INCOME]*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
(Unit: thousand yen)
From July 1, 2023 to
December 31, 2023

From January 1, 2024 toJune 30, 2024

A. Operating revenue from the rental business of renewable energy power generation facilities, etc.
Rental revenue of renewable energy power generation
facilities, etc.
(Basic rent)

3,100,065

3,121,911(Variable rent linked to actual output)

1,437,806

1,245,331

50

383

4,537,922

4,367,626(Incidental income)
Total operating revenue from the rental business ofrenewable energy power generation facilities, etc.

B. Operating expenses from the rental business of renewable energy power generation facilities, etc.
Rental expenses of renewable energy power generation
facilities, etc.
(Management entrustment expenses)

298,151

296,807(Repair and maintenance costs)

30,50058,810(Taxes and duties)

211,914

221,849(Utilities expenses)

5,574

5,480

(Insurance expenses)

67,40664,339- 26 -

(Depreciation expenses)

1,694,467

1,729,608(Land rent)

96,59996,277(Trust fees)

10,188

10,188--2,414,802

2,483,360

2,123,120

1,884,266(Other rental expenses)
Total operating expenses from the rental business ofrenewable energy power generation facilities, etc.
C. Profits and losses from the rental business of renewable energy
power generation facilities, etc. (A-B)[NOTES TO STATEMENT OF CHANGES IN NET ASSETS]*1 Total number of authorized investment units and the total number of investment units issued and outstanding
From July 1, 2023 to
December 31, 2023
Total number of authorized investment
units

From January 1, 2024 toJune 30, 2024

10,000,000 units

10,000,000 units

451,756 units

451,756 units

Total number of investment units issued
and outstanding[NOTES TO STATEMENT OF CASH FLOWS]*1 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet(Unit: thousand yen)
From July 1, 2023 to
December 31, 2023
Cash and deposits

5,911,425

6,081,866--

5,911,425

6,081,866

Fixed term deposits exceeding 3 months
Cash and cash equivalents

From January 1, 2024 toJune 30, 2024

[NOTES ON LEASE TRANSACTIONS]
Operating lease (as the lessor)
Future minimum lease payments(Unit: thousand yen)
Fiscal period ended

Fiscal period ended

December 31, 2023

June 30, 2024

Within one year

6,260,744

6,220,510

Longer than one year

81,394,527

78,280,605

Total

87,655,272

84,501,116[NOTES ON FINANCIAL INSTRUMENTS]
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions or issuinginvestment units. The basic policy is to build stable and sound financial operations to maintain and increase earnings in themedium to long term and grow the size and value of assets.
(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are- 27 -

exposed to interest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through theappropriate balancing of the loan period and the interest rate type, and diversification of lenders, and the appropriate
management of various types of indexes, especially the general application of the upper limit of the ratio of interestbearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values arereasonably calculated. Since certain assumptions are used for the calculation of fair values, they may change if different
assumptions are used.
2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of December 31, 2023, and the difference
between them. With respect to cash and deposits and operating account receivable, the condition that the cash and deposits aresettled in the short term, and thus the market value is considered to be close to the book value. Accordingly, those are notincluded int he table. Long-term bank deposits and security deposits are not included in the table since those have little relevance.
(Unit: thousand yen)Book value

Fair value

Difference(1) Curent portion of investment corporate bond

1,100,000

1,097,690(2,310)(2) Current portion of long-term loans payable

2,900,480

2,904,388

3,907(3) Long-term loans payable

38,876,005

39,291,685

415,680(4) Investment corporation bond

3,800,000

3,782,520(17,480)

Total liabilities

46,676,485

47,076,283

399,798---(5) Derivative transaction(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of investment corporate bond and (4) Investment Corporation Bond
The fair value of current portion of investment corporate bond and investment corporation bonds are determined based onmarket prices.
(2) Current portion of long-term loans payable (3) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly,
the book value is used. In addition, for the long-term loans payable at variable interest rates subject to the special
treatment of interest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured bydiscounting the total sum of the principal and interest treated together with the said interest rate swap as one at theinterest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(5) Derivative transaction
Please refer to the “Notes on derivative transactions” below.
The table below shows the book value and fair values of financial instruments as of June 30, 2024, and the difference between
them. With respect to cash and deposits and operating account receivable, the condition that the cash and deposits are settled in
the short term, and thus the market value is considered to be close to the book value. Accordingly, those are not included int hetable. Long-term bank deposits and security deposits are not included in the table since those have little relevance.
(Unit: thousand yen)Book value

Fair value

Difference(1) Curent portion of investment corporate bond

1,100,000

1,098,570(1,430)(2) Current portion of long-term loans payable

2,881,493

2,882,621

1,127(3) Long-term loans payable

37,397,078

37,548,290

151,212(4) Investment corporation bond

3,800,000

3,773,020(26,980)

Total liabilities

45,178,572

45,302,502

123,930---(5) Derivative transaction(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of investment corporate bond and (4) Investment Corporation Bond
The fair value of current portion of investment corporate bond and investment corporation bonds are determined based on- 28 -

market prices.
(2) Current portion of long-term loans payable (3) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly,
the book value is used. In addition, for the long-term loans payable at variable interest rates subject to the special
treatment of interest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured bydiscounting the total sum of the principal and interest treated together with the said interest rate swap as one at theinterest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(5) Derivative transaction
Please refer to the “Notes on derivative transactions” below.
(Note 2) Scheduled redemption amount of loans payables after the closing date (December 31, 2023)

Within one
year(Unit: thousand yen)
Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

Long-term loans payable

2,900,480

2,935,268

2,882,405

10,249,481

5,669,200

17,139,648

Investment corporation bond

1,100,000-

3,800,000---

4,000,480

2,935,268

6,682,405

10,249,481

5,669,200

17,139,648

Total

Scheduled redemption amount of loans payables after the closing date (June 30, 2024)

Within one
year(Unit: thousand yen)
Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

Long-term loans payable

2,881,493

2,908,132

2,916,358

9,855,766

5,444,671

16,272,149

Investment corporation bond

1,100,000

3,800,000

-

-

-

-

3,981,493

6,708,132

2,916,358

9,855,766

5,444,671

16,272,149

Total[NOTES ON SECURITIES]
Prior fiscal period (as of December 31, 2023)
Not applicable.
Current fiscal period (as of June 30, 2024)
Not applicable.
[NOTES ON DERIVATIVE TRANSACTIONS]
1. Those to which hedge accounting is not applied
Prior fiscal period (as of December 31, 2023) and Current fiscal period (as of June 30, 2024)
Not applicable.
2. Those to which hedge accounting is applied
Prior fiscal period (as of December 31, 2023)(Unit: thousand yen)
Method ofhedge
accounting
Specialtreatment ofinterest rate
swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed
payment/variable
receipt

Major
items
hedgedLongtermloanspayableContract amount and otheramounts
Longer than one
year

36,144,664

33,579,958

Fair value

Method ofcalculation ofsaid market
value(Note)-(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long- term

- 29 -

loans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans

payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among other matters”

Current fiscal period (as of June 30, 2024)(Unit: thousand yen)
Method ofhedge
accounting
Specialtreatment ofinterest rate
swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed
payment/variable
receipt

Major
items
hedgedContract amount and otheramounts

LongtermloansLonger than one
year

34,827,457

32,283,262

Fair value

Method ofcalculation ofsaid market
value(Note)-

payable(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long-termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans
payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among othermatters”[NOTES ON RETIREMENT BENEFITS]
Prior fiscal period (as of December 31, 2023)
Not applicable.
Current fiscal period (as of June 30, 2024)
Not applicable.
[NOTES ON TAX EFFECT ACCOUNTING]
1. Breakdown of deferred tax assets and deferred tax liabilities by major cause(Unit: thousand yen)
Fiscal period ended
December 31, 2023

Fiscal period ended
June 30, 2024

Deferred tax assets
Accrued business tax not deductible from taxable
income1612Non-deductible excess depreciation

616

1,917

Sub total deferred tax assets

632

1,929

Valuation allowance(616)(1,917)

Total deferred tax assets

16

12

Net amount of deferred tax assets

16

12

2. Breakdown of each major item that causes a significant difference between the effective statutory tax rate and the rate of
the burden of corporate tax and other taxes after the application of tax effect accounting
Fiscal period ended
December 31, 2023
Effective statutory tax rate

Fiscal period ended
June 30, 2024

31.46%

31.46%(31.47)%(31.54)%

Others

0.09%

0.14%

Rate of burden of corporate tax and other taxes after
the application of tax effect accounting

0.07%

0.06%

(Adjustment)
Dividends paid deductible for tax purpose[NOTES ON SHARE OF PROFIT (LOSS) OF ENTITIES ACCOUNTED FOR USING EQUITY METHOD, ETC.]- 30 -

Prior fiscal period (from July 1, 2023 to December 31, 2023)
Not applicable.
Current fiscal period (from January 1, 2024 to June 30, 2024)
Not applicable.
[NOTES ON RELATED PARTY TRANSACTIONS]
Prior fiscal period (from July 1, 2023 to December 31, 2023)
Not applicable.
Current fiscal period (from January 1, 2024 to June 30, 2024)
Not applicable.
[NOTES ON ASSET RETIREMENT OBLIGATIONS]
Prior fiscal period (from July 1, 2023 to December 31, 2023)
Not applicable.
Current fiscal period (from January 1, 2024 to June 30, 2024)
Not applicable.
With respect to some of the renewable energy power generation facilities that the Investment Corporation owns directly oras assets in trust, it bears the obligation of restoring relevant sites to their original conditions according to land lease contracts
concluded with landowners. With these contracts being subject to automatic renewal, expected to be renewed unless there are
special circumstances, or being highly likely to be renewed or re-concluded, the Investment Corporation has difficulty inreasonably estimating until when such contracts will remain effective. It therefore has not posted asset retirement obligations
to reflect the said obligation. In addition, the Investment Corporation considers that the possibility of such contracts being
cancelled is extremely low because it is difficult to use land covered by the contracts for purposes other than renewableenergy power generation facilities.
[NOTES ON INVESTMENT AND RENTAL PROPERTY]CSIF has renewable energy power generation facilities, etc. The book value, change during the period and fair value at the endof the period are as shown below.
(Unit: thousand yen)
Fiscal period ended
December 31, 2023

Fiscal period ended
June 30, 2024

Book value (Note 2)
Beginning balance

69,596,907

85,395,621

Change during the period(Note 3)

15,798,713(1,699,411)

Ending balance

85,395,621

83,696,209

Fair value at the end of the period(Note 4)88,755,000

87,080,000(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus with respect
to the book value and the fair value, the amount of the renewable energy power generation facilities and real estate are stated together asone.
(Note 2) The book value is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended December 31, 2023 primarily consisted of the inrease due to acquisition of 6 photovoltaic power
generation facilities (17,403,921 thousand yen), and the decrease due to depreciation expenses (1,694,467 thousand yen). And the change
during the period ended June 30, 2024 primarily consisted of increase due to capital expenditure for photovoltaic power generation facilities(30,197 thousand yen), and the decrease due to depreciation expenses (1,729,608 thousand yen).
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles ofIncorporation on the basis of the appraised value in the range stated in the valuation report with the date of the value opinion on December
31, 2023 and June 30, 2024, which was obtained from PricewaterhouseCoopers Sustainability LLC (for S-01 to S-18) and which was
obtained from Japan Real Estate Institute (for S-31). And, the fair value is the total sum of the median amount on the basis of the appraised- 31 -

value stated in the valuation report with the date of the value opinion on December 31, 2023and June 30, 2024, which was obtained from

Kroll International Inc (for S-19 to S-30).

In addition, profits and losses from the renewable energy power generation facilities, etc. for the fiscal period ended
December 31, 2023 (the 13th period) and June 30, 2024 (the 14th period) are as stated in the “Notes to statement of income”
above.
[NOTES ON REVENUE RECOGNITION]
Not applicable.
[NOTES ON SEGMENT INFORMATION]
1.Segment information
Since CSIF has a single segment of the rental business of infrastructure assets, the segment information is omitted.
2.Related Information
Prior fiscal period (from July 1, 2023 to December 31, 2023)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds 90%of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of theoperating revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.
(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Tida Power 01 G.K.

Name of related segment
4,536,863

Yamaguchi Aio Futajima 2 G.K.

1,008

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental businessCurrent fiscal period (from January 1, 2024 to June 30, 2024)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds 90%of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of theoperating revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.

- 32 -

(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Tida Power 01 G.K.

Name of related segment
4,357,765

Yamaguchi Aio Futajima 2 G.K.

9,477

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business[NOTES ON PER UNIT INFORMATION]
Prior fiscal period
From July 1, 2023
December 31, 2023
Net assets per unit

Current fiscal period
From January 1, 2024
June 30, 2024

103,280 yen

102,543 yen

3,111 yen

3,012 yen

Net income (Net loss) per unit

(Note 1) Net income (Net loss) per unit is calculated by dividing net income (net loss) by the average number of investment units during the period. In theprevious fiscal period, a loss was posted and there were no dilutive investment units, and thus diluted loss per unit is not stated. With respect todiluted profit per unit for the period under review, there are no dilutive investment units, and thus the statement is omitted.
(Note 2) The basis of calculation of net income (net loss) per unit is as follows.

Prior fiscal period
From July 1, 2023
December 31, 2023
Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders(Thousand yen)
Net income (Net loss) attributable to Common unit
holders (Thousand yen)
Average number of investment units during the period(Units)Current fiscal period
From January 1, 2024
June 30, 2024

1,385,673

1,361,037--

1,385,673

1,361,037

445,353

451,756[NOTES ON FACTS ARISING AFTER THE SETTLEMENT OF ACCOUNTS](i) Acquisition of assets
CSIF resolved at the board of directors meeting held on August 16, 2024 regarding the acquisition of the following solar
energy facilities (“Planned Acquisition Asset”) using fund in hand based on the basic policy of asset management stipulated in
the terms and conditions, and plans to acquire the following assets on August 30, 2024.
Asset number(Note 1)

S-32

Project name

CS Sakura-shi
Power Plant

Location(Note 2)

Contemplated acquisition
price (¥ million)

Sakura shi, Chiba

321

SellerSaturn Infrastructure Fund Godo
Kaisha(photovoltaic
power
generation facilities)
Infrastructure Land Lease Godo
Kaisha (land ownership)(Note 1) Asset numbers are assigned to the projects, based on the classification of the renewable energy power generation facility. “S” denotes
a solar energy project.

(Note 2) Based on the land or parcel of land upon which the solar energy facility is located, as described in the property registry. The address
is described down to the city or district level.

(ii) Determination of the acquisition of own investment units
CSIF resolved at the board of directors meeting held on August 16, 2024 regarding the acquisition of its own investment
units, based on Article 80-2 of the Act on Investment Trusts and Investment Corporations of Japan (the “Investment Trusts Act”)
applied pursuant to Article 80-5, Paragraph 2 of the Investment Trusts Act. CSIF plans to cancel all the acquired investment
units in the fiscal period ending December 31, 2024.
(1) Reason for acquiring own investment units
Considering the overall situation of level of investment units’ price, situation of the fund in hand, financial
conditions and market enviroment etc., CSIF judged that improvement of capital efficiency and return tounitholders by the acquisition and cancellation of its own investment units should contribute to enhancement ofunitholder value over the medium and long term, and decided the acquisition of its own investment units.

- 33 -

(2) Details of acquisition of own investment units
Total number of own investment units● units (maximum)

to be acquired
Total amount of acquisition price● million yen (maximum)

Acquisition period

From August 16, 2024 to December ●, 2024

Method of acquisition of own investment units

securities company and entrust the market purchase of its
own investment units on the Tokyo Stock Exchange.

To enter into a discretionary transaction contract with a- 34 -

(10) Change in the total number of investment units issued and outstanding
Change in the total number of investment units issued and outstanding and the total amount of unitholders' capital is as shown
below since the establishment of the CSIF.

Date

Event

Total number of investment units
issued and outstanding (units)
ChangeBalance

Total amount of unitholders'
capital (Note 1) (million yen)
ChangeRemarks

Balance

May 18, 2017

Establishment upon
private placement

1,500

1,500

150

150

(Note 2)October 27, 2017

Capital increase by
public offering

177,800

179,300

16,891

17,041(Note 3)

November 28, 2017

Capital increase by
third-party
allotment

2,890

182,190274

17,315(Note 4)September 5, 2018

Capital increase by
public offering

46,667

228,857

4,509

21,824(Note 5)-

228,857(147)

21,677(Note 6)2,333

231,190

225

21,902(Note 7)-

231,190(420)

21,482(Note 8)-231,190(133)

21,349(Note 9)-231,190(309)

21,039(Note 10)-

231,190(163)

20,876(Note 11)

151,500

382,690

18,10638,982(Note 12)-382,690(138)

38,843(Note 13)

3,966

386,656474

39,317(Note 14)-386,656(357)

38,960(Note 15)

Cash distribution inexcess of earnings
September 14, 2018(refund ofinvestment)
October 4, 2018

Capital increase by
third-party
allotment

March 14, 2019

Cash distribution inexcess of earnings(refund ofinvestment)

Cash distribution inexcess of earnings
September 17, 2019(refund ofinvestment)

March 17, 2020

Cash distribution inexcess of earnings(refund ofinvestment)

Cash distribution inexcess of earnings
September 15, 2020(refund ofinvestment)
March 5, 2021

March 16, 2021

April 7, 2021

Capital increase by
public offering
Cash distribution inexcess of earnings(refund ofinvestment)
Capital increase by
third-party
allotment
Cash distribution in

September 15, 2021

excess of earnings(refund ofinvestment)- 35 -

Date

Event

Total number of investment units
issued and outstanding (units)
ChangeBalance

Total amount of unitholders'
capital (Note 1) (million yen)
ChangeRemarks

Balance

Cash distribution in
March 15, 2022

March 14, 2023

excess of earnings(refund ofinvestment)
Cash distribution inexcess of earnings(refund ofinvestment)-

386,656(327)

38,632(Note 16)-

386,656(236)

38,396(Note 17)

July 18, 2023

Capital increase by
public offering

62,000448,656

6,973

45,369(Note 18)

August 10, 2023

Capital increase by

3,100

451,756

348

45,718(Note 19)-

451,756(446)

45,271(Note 20)-451,756(308)

44,963(Note 21)third-party
allotmen
September 15,2023 Cash distribution inexcess of earnings(refund ofinvestment)
March 15, 2024

Cash distribution inexcess of earnings(refund ofinvestment)(Note 1) The amount of deduction of total amount of unitholders’ capital is deducted.
(Note 2) In the establishment of the CSIF, the investment units were issued at an issue price of ¥100,000 per unit. The party who applied for subscriptionof investment units upon the establishment is Canadian Solar Projects K.K.
(Note 3) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥100,000 (issue value of ¥95,000) per unit.
(Note 4) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥95,000 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 5) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥102,180 (issue value of ¥96,625) per unit.
(Note 6) CSIF decided, at a meeting of its Board of Directors held on August 14, 2018, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥808 per unit for the second fiscal period (ended June 30, 2018), and began to pay it from September 14, 2018.

(Note 7) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥96,625 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 8) CSIF decided, at a meeting of its Board of Directors held on February 15, 2019, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,817 per unit for the third fiscal period (ended December 31, 2018), and began to pay it from March 14, 2019.
(Note 9) CSIF decided, at a meeting of its Board of Directors held on August 13, 2019, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥577 per unit for the fourth fiscal period (ended June 30, 2019), and began to pay it from September 17, 2019.
(Note 10) CSIF decided, at a meeting of its Board of Directors held on February 13, 2020, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,340 per unit for the fifth fiscal period (ended December 31, 2019), and began to pay it from March 17, 2020.
(Note 11) CSIF decided, at a meeting of its Board of Directors held on August 14, 2020, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥708 per unit for the sixth fiscal period (ended June 30, 2020), and began to pay it from September 15, 2020.
(Note 12) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥125,115 (issue value of ¥119,517) per unit.
(Note 13) CSIF decided, at a meeting of its Board of Directors held on February 17, 2021, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥601 per unit for the seventh fiscal period (ended December 31, 2020), and began to pay it from March 16, 2021.

(Note 14) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥119,517 per unit for the purposeof appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 15) CSIF decided, at a meeting of its Board of Directors held on August 13, 2021, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥924 per unit for the eighth fiscal period (ended June 30, 2021), and began to pay it from September 15, 2021.
(Note 16) CSIF decided, at a meeting of its Board of Directors held on February 14, 2022, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥848 per unit for the ninth fiscal period (ended December 31, 2021), and began to pay it from March 15, 2022.
(Note 17) CSIF decided, at a meeting of its Board of Directors held on February 15, 2023, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥612 per unit for the eleventh fiscal period (ended December 31, 2022), and began to pay it from March 14, 2022.
(Note 18) New investment units were issued at an issue price of 117,292 yen per unit (issue value of 112,480 yen per unit) through public offering in order- 36 -

to raise funds for acquiring specified assets, etc.
(Note 19) New investment units were issued at an issue value of 112,480 yen per unit by way of third-party allotment to Mizuho Securities Co., Ltd. inorder to appropriate part of the funds for acquiring specified assets or for debt payments.
(Note 20) CSIF decided, at a meeting of its Board of Directors held on August 17, 2023, to a cash distribution in excess of earnings (contribution refunds)
in an amount of ¥1,155 yen per unit for the twelfth fiscal period (ended June 30, 2023), and began to pay it from September 15, 2023.
(Note 21) CSIF decided, at a meeting of its Board of Directors held on February 15, 2024, to a cash distribution in excess of earnings (contribution
refunds) in an amount of ¥683 yen per unit for the twelfth fiscal period (ended December 31, 2023), and began to pay it from March 15, 2024.

- 37 -

3. Reference(1) Conditions of Investment(as of June 30, 2024)

Type of asset

Total Asset-UnderManagement (AUM)(Note 2)
(million yen)

Region (Note 1)

Hokkaido/Tohoku

Solar energy facility

829,488

0.9

Kanto

1,918,531

2.1

Tokai

4,730,759

5.1

Chugoku/Shikoku

8,412,075

9.1

Kyushu17,851,985

19.3

33,742,839

36.5

Hokkaido/Tohoku

48,9700.1

Kanto

648,591

0.7

Tokai

63,3090.1

Chugoku/Shikoku

625,679

0.7

3,184,875

3.4

4,571,427

4.9

Hokkaido/Tohoku

112,698

0.1

Kanto

146,493

0.2

Tokai

332,4210.4

Chugoku/Shikoku

95,2390.1

Kyushu799,8380.9

1,486,690

1.6

Hokkaido/Tohoku

6,273,746

6.8

Kanto

5,026,287

5.4

Chugoku/Shikoku

1,242,075

1.3

Kyushu24,404,518

26.4

36,946,627

40.0

Hokkaido/Tohoku

116,748

0.1

Kanto

635,595

0.7

Kyushu6,196,281

6.7

6,948,625

7.5

Hokkaido/Tohoku

7,381,651

8.0

Kanto

8,375,499

9.1

Tokai

5,126,490

5.6

Chugoku/Shikoku

10,375,069

11.2

Kyushu52,437,499

56.8

83,696,209

90.6

Subtotal

Land

KyushuSubtotal

Land lease

Subtotal

Solar energy facility in trust

Subtotal

Land in trust

Subtotal

Solar energy facility etc.

% of total AUM(Note 3)

Subtotal- 38 -

Type of asset

Total Asset-UnderManagement (AUM)(Note 2)
(million yen)

Region (Note 1)

Solar energy facility etc. total% of total AUM(Note 3)

83,696,209

Amount (million yen)

90.6
% of total AUM(Note 3)

Saving/other assets

8,694,925

9.4

Asset total (Note 2)

92,391,135

100.0

Total liabilities

46,066,483

49.9

Total net assets

46,324,652

50.1(Note 1) “Hokkaido and Tohoku” denote Hokkaido, Aomori-ken, Iwate-ken, Akita-ken, Miyagi-ken, Fukushima-ken and Yamagata-ken. “Kanto”
denotes Ibaraki-ken, Tochigi-ken, Gunma-ken, Tokyo-to, Kanagawa-ken, Saitama-ken, Chiba-ken Yamanashi-ken, Nagano-ken andNiigata-ken. “Tokai” denotes Shizuoka-ken, Aichi-ken, Gifu-ken, Mie-ken, Toyama-ken, Ishikawa-ken and Fukui-ken. “Chugoku andShikoku” denote Okayama-ken, Hiroshima-ken, Yamaguchi-ken, Tottori-ken, Shimane-ken, Kagawa-ken, Kochi-ken, Tokushima-ken
and Ehime-ken. “Kyushu” denotes Fukuoka-ken, Oita-ken, Miyazaki-ken, Kagoshima-ken, Kumamoto-ken, Nagasaki-ken, Saga-ken

and Okinawa-ken.
(Note 2) The amount posted on the balance sheet as of June 30, 2024.
(Note 3) The figures have been rounded to the first decimal place.

(2) Investment Assets①Investment Securities
Not Applicable②Investment Properties
Not Applicable- 39 -

③Major Investment Assets
a. summary information for the CSIF
The following table provides summary information for the CSIF current 31 solar energy projects as of June 30, 2024.

Asset #

Site Area
2(m )FIT term end

February 26,

September 16,

2013

2034

40

February 26,
2013

June 8, 2035

42,666(Note 1)40

January 25,
2013

June 25, 2035

Isa-shi, Kagoshima

31,81836

October 2,
2013

June 28, 2035

CS Yusui-cho
Power Plant

Yusui-cho,
Aira-gun,Kagoshima

25,27436

March 14,2014

August 20,
2035

Solar Plant
etc.

CS Isa-shi Daisan Power Plant

Isa-shi, Kagoshima

40,73640

February 26,
2013

September 15,
2035

Solar Plant

CS Kasama-shi
Dai-ni Power

Kasama-shi,

53,27540

January 25,

September 23,

2013

2035

July 16, 2013

October 12,
2035

February 26,

December 10,

2013

2035

February 26,
2013 (East)
February 26,
2013 (West)

December 24,
2035 (East)
January 28,2036 (West)

December 11,

December 6,

2014

2036

Project nameLocation

Solar Plant

CS Shibushi-shi

Shibushi-shi,etc.

Power Plant

Kagoshima

S-02

Solar Plant
etc.

CS Isa-shi
Power Plant

Isa-shi, Kagoshima

22,223

S-03

Solar Plant
etc.

CS Kasama-shi
Power Plant

Kasama-shi,
Ibaraki

S-04

Solar Plant
etc.

CS Isa-shi Daini Power Plant

S-05

Solar Plant
etc.

S-06

S-01

S-07

S-08

S-09

S-10

PPA purchaseprice(yen/kwh)

Certification
Date

Category

etc.

Plant

19,861

Ibaraki40

Solar Plant
etc.

CS Hiji-machi
Power Plant

Hayami-gun, Oita

30,24636

Solar Plant

CS Ashikitamachi Power

Ashikita-machi,
Ashikita-gun,

45,74040

Plant

Kumamoto

etc.

Solar Plant
etc.

CS
Minamishimabar
a-shi Power
Plant (East) / CS
Minamishimabar
a-shi Power

Minamishimabarashi, Nagasaki

56,06640

44,90432

Plant (West)
S-11

Solar Plant
etc.

CS Minanomachi Power
Plant

Chichibu-gun,
Saitama

S-12

Solar Plant
etc.

CS Kannami-cho
Power Plant

Kannami-cho,
Tagata-gun,Shizuoka

41,33936

March 31,2014

March 2, 2037

S-13

Solar Plant
etc.

CS Mashikimachi Power
Plant

Machiki-machi,
Kamimashiki-gun,
Kumamoto

638,552(Note2)36

October 24,
2013

June 1, 2037

S-14

Solar Plant
etc.

CS Koriyamashi Power Plant

Koriyama-shi,
Fukushima

30,376(Note1)32

February 27,
2015

September 15,
2036

S-15

Solar Plant
etc.

CS Tsuyama-shi
Power Plant

Tsuyama-shi,
Okayama

31,05932

September
26, 2014

June 29, 2037

Solar Plant

CS Ena-shi

37,37332

September 12,

Power Plant

Ena-shi, Gifu

February 24,

etc.

2015

2037

S-16

- 40 -

Asset #S-17

Category

Project nameLocation

Solar Plant

CS Daisen-choPower Plant (A)Daisen-cho,
Saihaku-gun,and (B)

Tottori

etc.

S-18

Solar Plant
etc.

CS Takayamashi Power Plant

S-19

Solar Plant
etc.

CS Misatomachi Power
Plant

S-20

Solar Plant
etc.

CS Marumorimachi Power
Plant

Solar Plant

CS Izu-shi

etc.

Power Plant

S-22

Solar Plant
etc.

CS Ishikari
Shinshinotsumura Power
Plant

S-23

Solar Plant
etc.

S-21

S-24

S-25

Solar Plant
etc.
Solar Plant
etc.

CS Osaki-shi
Kejonuma

PPA purchaseprice(yen/kwh)

40

February 22,2013 (A)FIT term end

August 9,

February 28,
2013 (B)2037

32January 30,
2015

October 9,2037

Misato-machi,
Kodama-gun,
Saitama

25,31532

January 6,
2015

March 26,
2037

Marumori-machi,
Igu-gun, Miyagi

65,306(Note 4)36

February 28,
2014

July 12, 2038

Izu-shi, Shizuoka

337,160

36

Ishikari-gun,
Hokkaido

42,977

Osaki-shi, Miyagi

26,051March 31,

November 29,

2014

2038

24

November 18,
2016

July 15,2039

21

March 27,
2018

July 21,
2039

March 15,

October 30,

2013

2039

February 9,

March 19,

2015

2040

Shinshinotsu-mura,Power Plant
CS Hiji-machi
Dai-ni Power
Plant

Certification
Date

16,278(Note 1)

Takayama-shi,
Gifu

HIj-machi,

1,551,086

Hayami-gun, Oita

(Note 5)

CS Ogawaramachi Power
Plant

Ogawara-machi,
Shibata-gun,
MiyagiSolar Plant
etc.

CS Fukuyamashi Power Plant

Fukuyama-shi,
Hiroshima

S-27

Solar Plant
etc.

CS
Shichigashukumachi Power

Shichigasyukumachi,
Katta-gun,

Plant

Miyagi

CS Kamashi Power Plant

Kama-shi,
Fukuoka

Solar Plant
etc.

452,760(Note 3)

Shingumachi,

S-26

S-28

Site Area2(m )123,624(Note 6)40

32

90,79440

February 22,
2013

October 15,
2040

143,369(Note 7)36

March 13,
2014

March 30,2040

35,35236

March 12,2014

March 30,2037(1) March 17,2014(2) March 17,
2014

S-29

Solar Plant
etc.

CS Miyakomachi-Saigawa
Power Plant(3) March 17,
Kyouto-gun,
Fukuoka

407,76236

2014(4) March 17,
2014(5) February
14, 2014(6) February
14, 2014- 41 -March 30,2040

Site Area
2(m )Asset #

Category

Project nameLocation

S-30

Solar Plant
etc.

CS Kasama-shi
Dai-san Power
Plant

Kasama-shi,
Ibaraki

291,147(Note 8)

S-31

Solar Plant
etc.

CS Yamaguchishi Power Plant

Ymaguchi-shi,
Yamaguchi

10,065

PPA purchaseprice(yen/kwh)

Certification
Date

FIT term end

32

April 30,2014

September 29,
2040

18

March 20,2019

February 2,
2042(Note 1) Site area for the portion of the solar energy plants land under ownership is shown and excludes the portion of the land where we hold an easement.

(Note 2) Site area for the portion of the solar energy plants and high-voltage land under ownership is shown and excludes the portion of the land where we hold aneasement.
(Note 3) Site area for the portion of the solar energy plants and high-voltage land under superficies is shown and excludes the portion of the right to lease land andthe land where we hold an easement.
(Note 4) Site area for the portion of the solar energy plants and high-voltage land and access roads under superficies is shown and excludes the portion of the land
where we hold an easement.
(Note 5) Site area for the portion of the solar energy plants and high-voltage land and access roads under ownership and right to lease land is shown and excludes
the portion of the land where we hold an easement.
(Note 6) Site area for the portion of the solar energy plants and high-voltage land and access roads under superficies and right to lease land is shown and excludes
the portion of the land where we hold an easement.
(Note 7) Site area for the portion of the solar energy plants under superficies is shown and excludes the portion of the land where we hold an easement.
(Note 8) The solar energy plants land includes land for which superficies have been established for a portion of a percel of land, but the site area of the land isstated based on the area of the entire parcel of land in the registry.

- 42 -

Asset #Project name

S-01

CS Shibushi-shi
Power Plant

S-02

S-03

S-04

S-05

S-06

S-07

S-09

Fiscal period
end valuation(million yen)
(Note 2)

Tida Power 01 Kyushu Electric
G.K
Power Co., Inc

540

411

Certified
Operator

S-11

CS Kasama-shi
Power Plant

Tida Power01
G.K.

TEPCO Energy
Partner,
Incorporated

907

CS Isa-shi Dai-ni Tida Power01
Power Plant
G.K.

Kyushu ElectricPower Co., Inc778

CS Yusui-cho
Power Plant

Tida Power01
G.K.

Kyushu ElectricPower Co., Inc

670

CS Isa-shi Daisan Power Plant

Tida Power01
G.K..

Kyushu ElectricPower Co., Inc

949

CS Kasama-shi
Dai-ni Power

Tida Power01

TEPCO Energy
Partner,

272

S-12

569
777

S-13

535
563

576
27
462

485

497
22
658

703

708
44
632

850

669

629
36

Incorporated

732

Kyushu ElectricPower Co., Inc

1,029

CS Ashikitamachi Power
Plant

Tida Power01
G.K..

Kyushu ElectricPower Co., Inc

989

758

756
26
711

739

738
27

1,293

Tida Power 01 Kyushu Electric(East) / CS
G.K.
Power Co., Inc
Minamishimabar
a-shi Power Plant(West)

1,733

TEPCO Energy
Partner,
Incorporated

1,018

CS Kannami-cho Tida Power01
Power Plant
G.K..

TEPCO Energy
Partner,
Incorporated

514

Tida Power01
G.K.

1,356

628
862

849
234
397

432

444
34

Kyushu Electric
PowerTransmission
and Distribution

1,299
62

Tida Power01
G.K.

machi Power
Plant

736
208

Tida Power01
G.K.

CS Mashiki-280
15

CS Hiji-machi
Power Plant

CS Minanomachi Power
Plant

428
256

372

CS
Minamishimabar
a-shi Power Plant
S-10

Fiscal period end
book value(million yen)
(Note 4)127

Kyushu ElectricPower Co., Inc

G.K..

Appraisal value ofsolar plants(million yen)(Note 3)(upper : solar energy
facility)(lower : land)284

CS Isa-shi Power Tida Power01
Plant
G.K.

Plant
S-08

PPA company

AcquisitionPrice(million yen)
(Note 1)
(Note 5)

14,24819,751

17,67815,577
3,430

Co., Inc.
S-14

CS Koriyama-shi Tida Power01
Power Plant
G.K..

149

Tohoku ElectricPower Co., Inc.

246

200

204
50

- 43 -

Asset #Project name

Certified
Operator

S-15

CS Tsuyama-shi
Power Plant

Tida Power01
G.K..

CS Ena-shi
Power Plant

Tida Power01
G.K..

S-16

CS Daisen-cho
S-17Power Plant (A)and (B)

PPA company

Fiscal period
end valuation(million yen)
(Note 2)746

573

The Chugoku

Fiscal period end
book value(million yen)
(Note 4)683
133

The Chubu

595Electric Power
Miraiz Co., Inc.

Distribution
Company,

Appraisal value ofsolar plants(million yen)(Note 3)(upper : solar energy
facility)(lower : land)

440

Electric Power
Co., Inc.

ChugokuElectric Power
Tida Power01 Transmission &G.K..

AcquisitionPrice(million yen)
(Note 1)
(Note 5)

757

627

558
31
8,210

10,447

8,501

8,116
291

Incorporated
S-18

S-19

S-20

CS Takayama-

Tida Power01

shi Power Plant

G.K.

CS Misato-machi

Tida Power01

Power Plant

G.K.

CS Marumorimachi Power
Plant

S-21

S-22

Tida Power01
G.K.

CS Izu-shi Power

Tida Power01

Plant

G.K..

CS Ishikari
Shinshinotsumura Power

Tida Power01
G.K.

Plant

S-23

S-24

The Chubu
Electric Power
Miraiz Co., Inc.

326

TEPCO Energy
Partner,
Incorporated

470

206
262
265
380

CS Hij-machi

Tida Power01

Dai-ni Power
Plant

G.K.
（Note6）409
115

TohokuElectric
Power Network

656
850

670

691
14

Co.,
Inc.
TEPCO Power
Grid,
Incorporated

3,746
4,569

3,939

3,828
193

Hokkaido
Electric Power
Network,

482
680

540

629
57

Incorporated

CS Osaki-shi
Tida Power01
Kejonuma Power
G.K.
Plant

295
55

TohokuElectric Power
Network

133
208

174

196

Incorporated
Company

40

KyushuElectric Power
Transmission
andDistribution

20,84327,851

25,66325,1794,820

Co., Inc.

S-25

S-26

CS Ogawaramachi Power
Plant

Tida Power 01
G.K.

CS Fukuyama-shi

Tida Power 01

Power Plant

G.K.

TohokuElectric Power

2,448
2,745

NetworkCo.,Inc.

2,484

2,456
35

The Chugoku
Electric Power
Co., Inc.

1,222
1,340

1,305

1,333
82

- 44 -

Asset #S-27

PPA company

AcquisitionPrice(million yen)
(Note 1)
(Note 5)

Fiscal period
end valuation(million yen)
(Note 2)

Tohoku Electric
CS Shichigashuku- Tida Power 01
Power Network
machi Power Plant
G.K.
Co.,Inc.

3,240

3,542

Project name

Certified
Operator

Appraisal value ofsolar plants(million yen)(Note 3)(upper : solar energy
facility)(lower : land)

Fiscal period end
book value(million yen)
(Note 4)

3,498
3,202
43
541

S-28

S-29

CS Kama-shi
Power Plant

S-31

586

Dai-san PowerPlant

CS Yamaguchi-shi
Power Plant

Tida Power01
G.K..

CS Yamaguchi
Aio Futajima 2
G.K..

565

668
23

CS Miyako-machiTida Power 01 Kyushu Electric
Saigawa Power
G.K.
Power Co., Inc
Plant
CS Kasama-shi

S-30

Tida Power 01 Kyushu Electric
G.K.
Power Co., Inc

4,290
5,780

5,830

5,724
1,540

TEPCO Energy

5,171
5,840

Partner,
Incorporated

5,866

5,749
695

ChugokuElectric Power
Network
Incorporated
Company

186
230

249

241
62
74,499Total

97,01787,08083,696
12,580(Note 1) Acquisition price is based on acquisition price as described in the purchase agreements (excluding acquisition expenses related to the payment ofoutsourcing service fees, consumption taxes, local consumption taxes and other fees).
(Note 2) The fiscal period end valuation is the median amount that the CSIF calculated in accordance with Article 41, paragraph 1 of the CSIF's Articles ofIncorporation based on the range of valuation (including valuation for land, right to lease land or superficies right, hereinafter the same shall apply in
Note 2) provided to us for S-01 to S-18 by PricewaterhouseCoopers Sustainability LLC and for S-31 by Japan Real Estate Institute, and the fiscal
period end valuation for S-19 to S-30 is based on the median amount in the valuation report provided to us by Kroll International Inc. The total
amount presents the total amount of the median amount calculated by the CSIF and the median amount in the valuation report which is rounded
down to the nearest million yen. Therefore, the total amount may differ from the total of valuation amounts for each solar solar energy plant.
(Note 3) On the upper row of the appraisal value of solar plants, an assumed appraisal value of solar energy projects that is obtained by deducting the realestate appraisal value calculated by Daiwa Real Estate Appraisal Co., Ltd. for S-01 to S-30 and by Japan Real Estate Institute for S-31 from theappraised value at the end of the period in (Note 2) above is stated, and on the lower row, an amount stated in the real estate appraisal report
prepared by Daiwa Real Estate Appraisal Co., Ltd. for S-01 to S-30 and by Japan Real Estate Institute for S-31 is stated. Real estate includes its
superficies right.
(Note 4) Fiscal period end book value is the book value of solar energy.
(Note 5) The acquisition price of CS Mashiki-machi Power Plant had reduced in the amount of 332 million yen on December 16, 2020, back from thesigning date of the Property Purchase Agreement.

- 45 -

b. Revenue and expenses of individual renewable energy power generation facilities
Twelfth fiscal period (from January 1, 2024 to June 30, 2024)(Unit: thousand yen)
Asset number

S-01

S-02

S-03

S-04

S-05

Total portfolio

CS Shibushishi PowerPlant

3,121,911

17,597

13,43534,42927,70025,1781,245,331

5,575

4,735

12,812

9,769

4,470

383

0

-

-

-

-

4,367,626

23,173

18,17047,242

37,46929,648221,849

1,017

803

1,939

1,764

1,529

221,849

1,017

803

1,939

1,764

1,529

-

-

-

-

-

-

531,902

3,491

3,423

5,755

6,561

5,808

296,807

2,725

1,875

2,914

3,331

3,422

(Repair and maintenance costs)

58,810

-

146

1,547

432

-

(Utilities expenses)

5,480

-

-

-

-

-

(Insurance expenses)

64,339

766

604

1,294

1,207

1,122

(Land rent )96,277

-

797

-

1,590

1,263

(Trust fees)

10,188

-

-

-

-

-

-

-

-

-

-

-

Depreciation cost

1,729,608

9,546

7,925

14,956

16,547

14,364(Structures)

22,116

468

256

345

306

605

(Machinery and equipment)

895,071

9,029

7,651

14,576

16,186

13,519(Tools, furniture and fixtures)

11,986

48

17

33

54

239

(Structures in trust)

145,881

-

-

-

-

-

(Machinery and equipment intrust)

651,901

-

-

-

-

-

2,652

-

-

-

-

-

2,483,360

14,055

12,151

22,651

24,87321,702

1,884,266

9,117

6,018

24,59012,595

7,946

Project name

CS Isa-shi CS Kasama-shi CS Isa-shi Dai- CS Yusui-cho
Power Plant Power Plant ni Power Plant Power Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Other rental cost)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 46 -

(Unit: thousand yen)
Asset number

S-06

S-07

S-08

S-09

S-10

CS Isa-shi Daisan Power Plant

CS Kasama-shi
Dai-ni Power
Plant

CS Hiji-machi
Power Plant

CS Ashikitamachi Power
Plant

CS
Minamishimabara-shi Power Plant(East) / CS
Minamishimabara-shi Power Plant(West)

33,48034,011

35,622

33,52459,572

11,00913,05315,703

11,374

21,337

-

-

-

-

-

44,49047,064

51,32544,89980,910

Taxes and duties

2,126

2,035

2,436

2,255

3,979

(Property-related taxes, etc.)

2,126

2,035

2,436

2,255

3,979

-

-

-

-

-

8,758

7,713

7,430

7,575

17,393(Management entrustment
expenses)

3,746

2,874

3,714

4,385

9,046

(Repair and maintenance costs)

1,626

1,235

534

-

1,856

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

1,349

1,207

1,624

1,508

2,229

(Land rent )

2,036

2,396

1,557

1,681

4,260

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

19,971

18,07722,166

20,30635,421(Structures)

290

247

835

1,441

755

19,62917,786

21,252

18,612

34,417(Tools, furniture and fixtures)

51

42

78

252

248

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30,85627,82632,03230,136

56,794

13,633

19,23819,293

14,762

24,116

Project nameRental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.

(Other taxes)
Expenses(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 47 -

(Unit: thousand yen)
Asset number
Project name

S-11

S-12

S-13

S-14

S-15

CS Minano-machi CS Kannami-cho CS Mashiki-machi CS Koriyama-shi CS Tsuyama-shi
Power Plant
Power Plant
Power Plant
Power Plant
Power Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

34,622

19,149623,059

7,850

23,662

8,170

7,630

256,184

3,971

9,358

-

-

-

-

-

42,793

26,779879,244

11,822

33,021

2,175

1,154

47,093

652

2,013

2,175

1,154

47,093

652

2,013

-

-

-

-

-

5,539

4,379

87,705

1,152

4,935

3,814

1,809

70,274

829

2,943

209

233

7,585

-

1,159

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

1,516

681

9,789

322

829

(Land rent )

-

1,653

54

-

1

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

16,212

9,671

344,149

4,193

13,163(Structures)

766

389

3,881

327

393

15,4469,226

332,365

3,866

12,465(Tools, furniture and fixtures)

0

55

7,902

-

304

(Structures in trust)

-

-

-

-

-

(Machinery and equipment intrust)

-

-

-

-

-

-

-

-

-

-

23,92815,205478,947

5,998

20,112

18,865

11,574400,297

5,823

12,908

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Machinery and equipment)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 48 -

(Unit: thousand yen)
Asset number
Project name

S-16

S-17

S-18

S-19

S-20

CS Daisen-cho
CS Ena-shi PowerCS Takayama-shi CS Misato-machi
Power Plant (A)
PlantPower Plant
Power Plant
and (B)CS Marumorimachi Power
Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

25,735319,236

10,797

14,99031,6903,589

219,991

3,872

6,378

17,683

-

-

-

-

-

29,325539,228

14,66921,36849,373

2,076

28,868

1,248

1,583

3,028

2,076

28,868

1,248

1,583

3,028

-

-

-

-

-

5,644

65,148

2,709

1,984

10,0292,807

37,972

1,291

1,425

2,883

719

10,818

990

-

1,426

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

938

3,795

427

559

1,064

(Land rent )1,178

12,562

-

-

4,654

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

14,526

214,753

5,808

7,604

17,059(Structures)

589

4,911

344

176

503

13,840209,058

5,442

7,346

16,321(Tools, furniture and fixtures)

97

782

21

80

234

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

22,247308,770

9,766

11,172

30,117

7,077

230,457

4,902

10,195

19,255

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 49 -

(Unit: thousand yen)
Asset number

S-21

S-22

S-23

S-24

S-25

Project nameCS Izu-shi
Power Plant

CS Ishikari
Shinshinotsumura Power
Plant

CS Osaki-shi
Kejonuma
Power Plant

CS Hiji-machi
Dai-niPower Plant

CS Ogawaramachi
Power Plant

152,681

20,746

6,727

833,477

103,515

72,362

18,1504,123

302,810

39,509

-

-

-

0

-

225,044

38,896

10,851

1,136,287

143,025

15,625

1,754

508

52,214

5,583

15,625

1,754

508

52,214

5,583

-

-

-

-

-

30,518

6,872

2,085

108,084

23,00313,018

3,221

1,394

63,957

10,789

4,432

1,900

-

12,159528(Utilities expenses)

-

-

-

5,480

-

(Insurance expenses)

1,895

1,150

391

14,1303,275(Land rent )11,173

-

-

8,757

6,310

(Trust fees)

-

600

300

3,600

2,100

(Other rental cost)

-

-

-

-

-

Depreciation cost

87,851

13,047

3,600

475,624

54,545(Structures)

4,142

-

-

-

-

(Machinery and equipment)

82,271----(Tools, furniture and fixtures)

1,437

-

-

-

-

-

547

300

114,150

6,862-

12,4593,276

360,434

46,850

-

40

23

1,040

833

133,995

21,674

6,195

635,923

83,132

91,04817,221

4,655

500,363

59,892

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Structures in trust)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 50 -

(Unit: thousand yen)
Asset number

S-26

S-27

S-28

S-29

S-30

Project name

CS Fukuyamashi Power Plant

CS
Shichigashukumachi Power
Plant

CS Kama-shi
Power Plant

CS Miyakomachi-Saigawa
Power Plant

CS Kasama-shi
Dai-san Power
Plant

56,704

138,236

27,451

177,549

172,191

13,40065,765

3,940

23,59352,807

-

-

-

17

365

70,105204,001

31,391

201,161

225,363

2,497

6,064

3,564

12,08010,802

2,497

6,064

3,564

12,08010,802

-

-

-

-

-

16,63337,798

4,523

19,946

17,527

5,392

9,219

1,768

11,62011,292

1,707

946

1,693

3,688

1,235

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

1,032

1,649

1,061

3,636

2,551

(Land rent )7,899

24,987

-

5

1,452

(Trust fees)

600

996

-

996

996

-

-

-

-

-

23,15358,935

11,687

77,89093,636(Structures)

-

-

-

-

-

(Machinery and equipment)--

11,687--(Tools, furniture and fixtures)

-

-

-

-

-

1,985

1,551

-

16,290

4,193

21,04957,351-

61,03789,442

118

32

-

562

-

42,284

102,797

19,775

109,918

121,967

27,820101,203

11,616

91,242

103,395

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Other rental cost)
Depreciation cost

(Structures in trust)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 51 -

(Unit: thousand yen)
Asset number

S-31

Project nameCS Yamaguchishi Power Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)

7,281
2,196
9,477

1,370
1,370
1,765
1,041

(Repair and maintenance costs)-(Utilities expenses)-(Insurance expenses)

724(Land rent )-(Trust fees)-(Other rental cost)-

Depreciation cost

3,209

(Structures)

138(Machinery and equipment)

3,070(Tools, furniture and fixtures)-(Structures in trust)-(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)

-

6,344

3,132

- 52 -

(3) Plan for capital expenditure
The main planned capital expenditures for renovation work, etc. currently planned for the fiscal period ending June 2024 and after
for the renewable energy power generation facilities owned by CSIF are as follows. Please note that the planned construction amounts
below include portions that will be classified as expenses for accounting purposes.

Asset number

S-15

Planned construction amount

Name ofinfrastructure
assets, etc.
CS Tsuyamashi Power
Plant

S-16

Total

CS Ena-shi
Power Plant

Location

PurposePlannedperiodTotal amountPaid amountfor this fiscal
year

Toal alreadypaid amountSnow
Tsuyama-shi,
OkayamaEna-shi, Gifu-

damagerestoration
work
Theft damage
recovery andJuly, 2024

9,070

-

-

From
September,anti-theftmeasures2024 toDecember,
2024

39,213----48,283---(4) Capital expenditure during the fiscal period
The following table shows capital expenditures for renewable energy power generation facilities, etc. owned by CSIF during the
fiscal period under review.
Name of infrastructure assets, etc.
(Location)

Purpose

Implementation period

CS Daisen-cho Power Plant (A) and (B)(Saihaku-gun, Tottori)

Curtailment online modification
work

From March, 2024
To March, 2024

23,500CS Takayama-shi Power Plant(Takayama-shi, Gifu)

Curtailment online modification
work

From March, 2024
To March, 2024

1,850

CS Kasama-shi Dai-san Power Plant(Kasama-shi, Ibaraki)

Handhole drainage work

From January, 2024
To January, 2024

1,003

Other Power Plants

Amount paid
(thousand yen)

3,844
Total

30,197- 53 -