Ichigo Green(9282)

FY19/6 H1 Corporate Presentation
January 13,
February
14, 2017
2019

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

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

www.ichigo-green.co.jp/en

Ichigo Preserves andImproves Real EstateContents
Mission & Deliverables to Shareholders

Solar Power Plant Data
‒ Solar Power Plant Map‒ Solar Power Plant Portfolio‒ Individual Solar Power Plant Earnings(July – Dec 2018)‒ Individual Solar Power Plant Details

FY19/6 H1 Results‒ Solar Power Plant Portfolio Details‒ FY19/6 H1 Highlights‒ Earnings‒ Power Generation +0.4% vs. Forecast‒ Power Generation (YOY)‒ Power Generation by Individual Power Plant‒ Financing Details‒ Japan’s First Ten-Year Earnings Forecast

Appendix

Driving Shareholder Value‒ Ichigo (2337) Power Plant Performance Guarantee‒ Customized Solar Power Plant Builds‒ Fully-Networked Panel-Level Production Monitoring‒ World-Class Disclosure: Real-Time Power Production Data

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

4

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

Stable &Growing EPS

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

Leverage Sponsor
Ichigo’s Strengths

・ Power plant operator is Ichigo (2337) subsidiary, Ichigo ECO Energy, with a strong track-record
developing and operating 49 solar power plants nationwide.
・ Ichigo has extensive experience managing Ichigo Office (8975) and Ichigo Hotel (3463).

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

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

5

FY19/6 H1 Results© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

6

Solar Power Plant Portfolio Details
as of December 31, 2018

No. of Power Plants

Acquisition Price

Panel Output

15

JPY 11.4B

29.43MWAverage FIT

CO2 Reduction

Annual Power
Generation

JPY 38.7

22,752 Tons

10,592 Households* Annualized CO2 reduction relative to fossil fuels based on each plant’s forecast power generation. Annualized number of households based oneach plant’s projected forecast generation assuming monthly power consumption per household is 271.2 kWh.

By Region

Okinawa
29.8%

Kyushu4.5%

Hokkaido
30.2%

Shikoku
13.9% Chugoku
12.8%

Kanto
4.3%

By Years in Operation

By FIT>5 years inoperation
2-3 years 4.3%
in operation
8.1%
4-5 years
in operation
30.3%

JPY 32
4.6%

3-4 years inoperation
57.4%

JPY 3622.3%
JPY 40
73.1%

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

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

7

FY19/6 H1 Highlights– Western Japan Storm Response (July 2018)
 No injuries or damages at Ichigo Green power plants– Hokkaido Earthquake Response (Sept 2018)
 No injuries or damages at Ichigo Green power plants (seven in Hokkaido)
 Plants offline for up to six days due to Hokkaido Electric grid outage
Power Plant

Motomombetsu

MuroranHatchodaira

EngaruKiyokawa

Nakashibetsu
Midorigaoka

Abira Toasa

Toyokoro

EngaruHigashimachi

Days Offline

4 days6 days4 days4 days4 days4 days4 days– Kyushu Electric Power Purchase Suspension (Oct – Nov 2018)
 Ichigo Miyakonojo Yasuhisacho ECO Power Plant (Miyazaki) stopped power
production on October 14, 2018 (Sunday) and November 10, 2018
(Saturday) Despite the two-day power suspension, the plant’s actual power generationin both months was above forecast – no negative impact on dividend
Ichigo Miyakonojo Yasuhisacho
ECO Power Plant

October 2018

November 2018

Forecast Power Generation

149,989kWh

116,510kWh

Actual Power Generation

153,378kWh

123,598kWh© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

8

Earnings– Net Income JPY 47M (-13% vs. Initial Forecast) due to Early Recognition
of Operating Expenses– No Change to Full-Year Forecast; Annual Dividend Paid in September(Record Date: June 30)(JPY million)

FY18/6
H1 Actual

FY19/6
H1 Forecast

FY19/6
H1 Actual

vs. Forecast

FY19/6Full-Year Forecast

Operating Revenue

548

535

535

100.1%

1,090

Operating Expenses

426

423

432

102.1%

836(Depreciation)

318

318

318

100.0%

636

Operating Profit

122

111

103

92.4%

254

Recurring Profit

65

55

48

87.3%

144

Net Income

64

55

47

86.8%

143

Dividend

–

–

–

–

JPY 3,560(excluding DEE)

–

–

–

–

JPY 1,375

(DEE)

–

–

–

–

JPY 2,185

Number of Power Plants

15

15

15

–

15

17.20M kWh

16.96M kWh

17.03M kWh

Power Generation

100.4%

34.47M kWh

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

9

Power Generation +0.4% vs. Forecast
FY19/6 H1 Power Generation and Power Production Revenue (15 Power Plants)(kWh)(JPY million)

5,000,000

150
138

Forecast Power Generation (left axis)
Actual Power Generation (left axis)
Power Production Revenue (right axis)

137

4,000,000
107

120

110

91
3,000,000

90

64
2,000,000

60

1,000,0003000July 2018

AugustSeptember

OctoberNovember

DecemberJan 2019

February

March

April

May

June

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

10Power Generation (YOY)
Jul-Dec 2018 Power Generation Effectively Unchanged YOY (-1.0%)
Power Generation: FY19/6 vs. FY18/6(kWh)5,000,000

Jul-Dec 2017 Actual: 17.20M kWh
Jul-Dec 2018 Actual: 17.03M kWh(-0.17M kWh, -1.0% YOY)

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

3,000,000

2,000,000

1,000,000

0July 2018

AugustSeptember

OctoberNovember

DecemberJan 2019

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

March

April

May

June

11

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

Actual Power
Generation (B)(kWh)

Difference(B) - (A)(kWh)

Actual Power
Production
Revenue(JPY thousand)Operating
Revenue*(JPY thousand)*

No.

Forecast Power
Generation (A)
(kWh)

E-01

Ichigo Kiryu Okuzawa

725,129

788,440+63,31130,842

22,769

E-02

Ichigo Motomombetsu

727,364

735,962+8,59828,872

22,398

E-03

Ichigo Muroran Hatchodaira659,357

650,332-9,02525,51919,805

E-04

Ichigo Engaru Kiyokawa

572,832

552,987-19,845

21,977

16,493E-05

Ichigo Iyo Nakayamacho Izubuchi

701,845

688,505-13,340

27,70922,201

E-06

Ichigo Nakashibetsu Midorigaoka

995,990979,895-16,095

38,36831,931

E-07

Ichigo Abira Toasa

589,246

612,476+23,230

24,481

19,626

E-08

Ichigo Toyokoro

574,620

568,812-5,80822,572

18,423

E-09

Ichigo Nago Futami

5,223,847

5,046,159-177,688

200,947

171,810

E-10

Ichigo Engaru Higashimachi

635,921588,478-47,443

23,002

18,734

E-11

Ichigo Takamatsu Kokubunjicho Nii

1,487,188

1,489,370+2,18253,60348,747

E-12

Ichigo Miyakonojo Yasuhisacho

860,969

818,124-42,845

28,88023,360E-13

Ichigo Toyokawa Mitocho Sawakihama

1,036,930

1,118,585+81,655

35,53425,069

E-14

Ichigo Yamaguchi Aionishi

737,506

798,139+60,633

31,275

26,203

E-15

Ichigo Yamaguchi Sayama

1,434,051

1,602,092+168,041

56,52548,328

16,962,795

17,038,356+75,561

650,112535,904

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

12

Financing Details
Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps
as of December 31, 2018

Amount(JPY million)

Interest Rate(% )Fixed/Floating

Borrowing Date

Maturity

5,564

0.760%Fixed

Dec 1, 2016

Nov 30, 2026

10 yearsMizuho Bank

432

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Yamaguchi Bank910

0.815%Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Loan

LenderTerm Loan I

Mizuho Bank, SMBC

Term Loan II
Term Loan III

Total

oa

Loan
Term

6,907 Average 0.771%

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

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

57.4%

58.5%

58.2%

57.8%

57.1%

56.5%

55.6%

54.7%

53.7%

52.4%

Interest Bearing Liabilities ÷ FFO (Forecast)

Outstanding
Loan Amount

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

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

15.5X

8.1X

8.3X

7.8X

7.1X

6.6X

6.0X

5.4X

4.8X

4.3X

JPY 6,858M

JPY 7,160M

JPY 6,733M

JPY 6,310M

JPY 5,876M

JPY 5,439M

JPY 4,991M

JPY 4,543M

JPY 4,090M

JPY 3,637M

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

13

Japan’s First Ten-Year Earnings Forecast
Ten-Year Dividend & FFO Forecast(JPY)
ActualFFO per ShareDPS

Forecast

FY17/6

FY18/6

FY19/6

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

4,305
2,139

8,560
4,226

7,911
3,560

7,816
3,580

7,982
3,820

8,002
3,945

8,146
4,095

8,136
4,065

8,253
3,885

8,211
3,540

FFO = Funds From Operations

(JPY)

+636
Initial Forecast
JPY 1,410
Forecast Revision +JPY 636
ActualJPY 2,046

Dividend per Share (excluding DEE)

1,895

1,860

1,375

1,390

1,625

2,180

2,185

2,190

2,195

2,195

2,200

2,205

2,010

1,825

FY18/6(Actual)FY19/6

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

1,875

1,715

869

DEE per Share
DEE = Dividend in Excess of
Earnings

1,750

1,410

1,270
FY17/6*(Actual)Amortization of TSE listing andnew share-issuance expenses

Capex based onlong-term capex plan

Amortization of expenses related to Ichigo Green
establishment* Two-for-one stock split on Jan 1, 2018 (record date: Dec 31, 2017).
FY17/6 per share amounts have been adjusted to reflect stock split.
Although Ichigo Green’s FY17/6 ran from Oct 1, 2016 to June 30, 2017, its actual operating timeframe was the 7-month period from Dec 1, 2016,
the day it acquired its first power plants, to June 30, 2017.
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

14

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

15

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

Operator-Guaranteed Base Revenue

Annual P85
Production Forecast

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

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

Operating Expenses

Additional
Revenue

Additional Revenue (>P85 forecast)fully distributed as dividend

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

16

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

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

Ichigo Nago Futami ECO Power Plant(Okinawa)

17

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

Power Plant A
InverterPower Plant C

Connection Unit

Solar Panel

String Monitoring

Monitoring System

Power Plant DInternet

Comprehensive Monitoring System
Schematic

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

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

On-site inspection and repairs18World-Class Disclosure: Real-Time Power Production Data
Real-Time Individual Power Plant Data and Live Video Feeds

Live Feed

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

19

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

20

Ichigo Green’s Sponsor: Ichigo (2337)
Core Businesses: Asset Management, Real Estate Value-Add, Clean Energy‒ Manages Ichigo Green (9282), Ichigo Office (8975), and Ichigo Hotel (3463)‒ TSE First Section, JPX-Nikkei 400 Member‒ Japan’s First Zero-Carbon Listed Real Estate Company©J.LEAGUE

Key Ichigo Subsidiaries
Ichigo(TSE First Section 2337)

Ichigo Preserves andImproves Real Estate

The word “Ichigo” comes from the ancient Japanese
proverb, Ichigo Ichie, literally meaning “One lifetime,
one encounter.” The phrase was first used by a 16th
century master of the tea ceremony, Sen no Rikyu.
He called upon his disciples to give total focus andsincerity to each act of the tea ceremony for every
guest, because that particular moment will only exist
once and must be fully lived and realized.
Ichigo embraces the Ichigo Ichie philosophy ofsincerity and service, and works to build strong longterm relationships to support the success of ourclients, shareholders, and all stakeholders.

Hiromi Miyake(Weightlifting)

Ichigo Investment Advisors

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

Ichigo Estate

Real estate value-add

Ichigo ECO Energy

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

Ichigo Owners

Real estate owner services

Ichigo Land Shinchiku

Real estate value-add

Ichigo Real Estate Services Fukuoka

Real estate business centered on Fukuoka in the Kyushu region

Ichigo Marché

Operates Matsudo Nanbu wholesale market in Chiba Prefecture

Miyako City

Operates Miyako City shopping mall in Miyazaki Prefecture

CentroNew real estate-related businesses

Storage Plus

High-grade self storage

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

21

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

Solar Plants
Buy

Ichigo Green(9282)
OfficeIchigo Office(8975)
Hotel

Ichigo Hotel(3463)

Sell

Value-Add
Real
不動産
EstatePreserve &ImproveReal
EstateThirdParty
Investors

Sell

Buy

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

22

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

49 Plants (152MW)
Currently Operating

40 Plants (113MW)
Okinawa
Ichigo Nago Futami

8.44MW

KyushuIchigo Miyakonojo Yasuhisacho
Ichigo Kijo Takajo
Ichigo Itoshima Iwara
Ichigo Miyakonojo Takazakicho
Tsumagirishima
Total

1.44MW
0.89MW
1.48MW
2.97MW
6.79MW

Chugoku(as of Jan 11, 2019)

Hokkaido

Ichigo Yamaguchi Aionishi
Ichigo Yamaguchi Sayama
Ichigo Yonago Izumi
Ichigo Kasaoka Takumicho
Ichigo Fuchu Jogecho Yano
Ichigo Sera Tsukuchi
Ichigo Sera Aomizu
Ichigo Higashi-Hiroshima Saijocho
Taguchi
Ichigo Kasaoka Iwanoike
Ichigo Kure Yasuuracho Nakahata
Ichigo Kasaoka Osakaike
Total

1.24MW
2.35MW
2.61MW
1.11MW
0.99MW
2.54MW
2.87MW

Ichigo Motomombetsu
Ichigo Engaru Higashimachi
Ichigo Engaru Kiyokawa
Ichigo Abira Toasa
Ichigo Muroran Hatchodaira
Ichigo Toyokoro
Ichigo Nakashibetsu Midorigaoka
Ichigo Yubetsu Barou
Ichigo Betsukai Kawakamicho
Ichigo Akkeshi Shirahama
Ichigo Toyokoro Sasadamachi
Ichigo Memuro Nishishikari
Total

2.72MW
2.64MW
2.90MW
2.39MW
24.41MW

1.40MW
1.24MW
1.12MW
1.16MW
1.24MW
1.02MW
1.93MW
0.80MW
0.88MW
0.80MW
0.60MW
1.32MW
13.57MWKansai
Ichigo Sennan Kitsuneike

2.86MW

Ichigo Takashima Kutsuki

3.75MW

Total

6.61MW

TohokuIchigo Hamanaka Bokujo Tsurunokotai 2.31MW
Ichigo Hamanaka Bokujo Kajibayashi
2.31MW(Wind) Ichigo Yonezawa Itaya
7.39MW
Total
12.01MW(Wind) Iwate
7.50MW(Wind) Fukushima
7.00MW

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

Shikoku
Ichigo Takamatsu Kokubunjicho Nii
Ichigo Iyo Nakayamacho Izubuchi
Ichigo Tokushima Higashi-Okinosu
Total

2.43MW
1.23MW
2.52MW
6.19MW

Ichigo Toyokawa Mitocho Sawakihama 1.80MW
Ichigo Toki Oroshicho
1.39MW
Ichigo Tsu
2.94MW
Ichigo Toki Tsurusatocho Kakino
1.31MW
Ichigo Sakahogi Fukagaya
2.90MW
Ichigo Toki Tsurusatocho
1.77MW
Kakino Higashi
Total
12.13MW(Wind) Mie
7.50MW© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

Kanto
Ichigo Kiryu Okuzawa
Ichigo Maebashi Naegashima
Ichigo Showamura Ogose
Ichigo Toride Shimotakai Kita
Ichigo Toride Shimotakai Minami
Ichigo Minakami Aramaki
Ichigo Hitachi Omiya
Total(Wind) Chiba

1.33MW
0.67MW
43.34MW
1.03MW
0.54MW
12.02MW
2.96MW
61.91MW
4.00MW

23

Solar Power Plant Data

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

24

Solar Power Plant Map(as of December 31, 2018)

Geographically Diversified
Across Japan
Ichigo Motomombetsu
1.40MW

Ichigo Nago Futami
8.44MW

Ichigo Iyo Nakayamacho Izubuchi
1.23MW
Ichigo Yamaguchi Aionishi
1.24MW

Ichigo Engaru Higashimachi
1.24MW

Ichigo Abira Toasa
1.16MW

Ichigo Engaru Kiyokawa
1.12MW

Ichigo Muroran Hatchodaira
1.24MW

Ichigo Nakashibetsu Midorigaoka
1.93MW
Ichigo Kiryu Okuzawa
1.33MW

Ichigo Toyokoro
1.02MW

Ichigo Yamaguchi Sayama
2.35MW

Ichigo Toyokawa Mitocho Sawakihama
1.80MW

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

15 Plants (29MW)
25

Solar Power Plant Portfolio
as of December 31, 2018
No.

Solar Power Plant

Location

Acquisition
Date

Book Value(JPY
million)Appraisal
1

Value
(JPY
million)Panel
2

Output
(MW)

FIT
(JPY)

Portfolio

34WeightE-01

Ichigo Kiryu Okuzawa

Kiryu City, Gunma

Dec 2016

439

487

1.33

40

4.20%

E-02

Ichigo Motomombetsu

Mombetsu City, Hokkaido

Dec 2016

446

492

1.40

40

4.27%

E-03

Ichigo Muroran Hatchodaira

Muroran City, Hokkaido

Dec 2016

421

465

1.24

40

4.03%

E-04

Ichigo Engaru Kiyokawa

Mombetsu County, Hokkaido

Dec 2016

360

383

1.12

40

3.44%

E-05

Ichigo Iyo Nakayamacho Izubuchi

Iyo City, Ehime

Dec 2016

426

474

1.23

40

4.08%

E-06

Ichigo Nakashibetsu Midorigaoka

Shibetsu County, Hokkaido

Dec 2016

695

734

1.93

40

6.65%

E-07

Ichigo Abira Toasa

Yufutsu County, Hokkaido

Dec 2016

400

431

1.16

40

3.83%

E-08

Ichigo Toyokoro

Nakagawa County, Hokkaido

Dec 2016

394

431

1.02

40

3.77%

E-09

Ichigo Nago Futami

Nago City, Okinawa

Dec 2016

3,083

3,570

8.44

40

29.48%

E-10

Ichigo Engaru Higashimachi

Mombetsu County, Hokkaido

Dec 2016

421

447

1.24

40

4.03%

E-11

Ichigo Takamatsu Kokubunjicho Nii

Takamatsu City, Kagawa

Dec 2016

1,030

1,098

2.43

36

9.85%

E-12

Ichigo Miyakonojo Yasuhisacho

Miyakonojo City, Miyazaki

Dec 2016

470

523

1.44

36

4.50%

E-13

Ichigo Toyokawa Mitocho Sawakihama

Toyokawa City, Aichi

Dec 2016

476

478

1.80

32

4.56%

E-14

Ichigo Yamaguchi Aionishi

Yamaguchi City, Yamaguchi

Jul 2017

518

564

1.24

40

4.96%

E-15

Ichigo Yamaguchi Sayama

Yamaguchi City, Yamaguchi

Jul 2017

871

953

2.35

36

8.33%

10,457

11,535

29.43

38.7

100%

Total (15 Solar Power Plants)

1 Appraisal Value is from PwC Sustainability LLC’s Valuation Report using values as of June 30, 2018. The values are medians of the appraisal value ranges shown in

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

26

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

Solar Power Plant

Power
Production
Revenue

Ichigo Green

OperatingExpenses

Operating
Revenue

Expenses

NOI

Depreciation
ExpenseIncomeE-01

Ichigo Kiryu Okuzawa

30,842

8,073

22,7692,709

20,05914,895

5,164

E-02

Ichigo Motomombetsu

28,872

6,474

22,3982,756

19,642

14,715

4,926

E-03

Ichigo Muroran Hatchodaira

25,5195,713

19,8052,600

17,204

13,824

3,379

E-04

Ichigo Engaru Kiyokawa

21,977

6,185

16,493

2,219

14,273

11,806

2,466

E-05

Ichigo Iyo Nakayamacho Izubuchi

27,7095,508

22,201

2,606

19,595

13,910

5,684

E-06

Ichigo Nakashibetsu Midorigaoka

38,3686,436

31,931

4,359

27,572

21,850

5,721

E-07

Ichigo Abira Toasa

24,481

4,855

19,626

2,498

17,12812,521

4,606

E-08

Ichigo Toyokoro

22,572

4,149

18,423

2,459

15,964

12,324

3,640

E-09

Ichigo Nago Futami

200,947

29,137

171,810

13,025

158,784

95,35463,430

E-10

Ichigo Engaru Higashimachi

23,002

4,590

18,734

1,788

16,945

13,048

3,897

E-11

Ichigo Takamatsu Kokubunjicho Nii

53,603

4,855

48,747

3,972

44,77527,186

17,589

E-12

Ichigo Miyakonojo Yasuhisacho

28,8805,519

23,3601,991

21,36814,190

7,178

E-13

Ichigo Toyokawa Mitocho Sawakihama

35,534

10,46525,0692,028

23,041

14,223

8,817

E-14

Ichigo Yamaguchi Aionishi

31,275

5,071

26,203

2,424

23,77913,037

10,741

E-15

Ichigo Yamaguchi Sayama

56,525

8,196

48,3284,150

44,17725,25618,921

650,112115,232

535,904

51,592484,311

318,145

166,165

Total

Operating Revenue includes operator-guaranteed revenue.
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

27

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

Gunma

Area

27,588m2

Operation
Start Date

Sep 30, 2013

Panel
Output

1.33MW

FIT

JPY 40

FIT Period

Sep 29, 2033

Power
Purchaser

TEPCO Energy
Partner

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

150,000

100,000

50,000

0
Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-02 Ichigo Motomombetsu
Location

Hokkaido

Area

48,946m2

Operation
Start Date

Feb 3, 2014

Panel
Output

1.40MW

FIT

JPY 40

FIT Period

Feb 2, 2034

Power
Purchaser

Hokkaido Electric

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

150,000

100,000

50,000

0
Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

28

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

HokkaidoArea

35,801m2

Operation
Start Date

Mar 3, 2014

Panel
Output

1.24MW

FIT

JPY 40

FIT Period

Mar 2, 2034

Power
Purchaser

Hokkaido Electric

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

150,000

100,000

50,000

0
Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-04 Ichigo Engaru Kiyokawa
Location

HokkaidoArea

27,164m2

Operation
Start Date

Mar 4, 2014

Panel
Output

1.12MW

FIT

JPY 40

FIT Period

Mar 3, 2034

Power
Purchaser

Hokkaido Electric

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

150,000

100,000

50,000

0
Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

29

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

Ehime

Area

26,260m2

Operation
Start Date

Apr 2, 2014

Panel
Output

1.23MW

FIT

JPY 40

FIT Period

Apr 1, 2034

Power
Purchaser

Shikoku Electric

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

150,000

100,000

50,000

0
Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-06 Ichigo Nakashibetsu Midorigaoka
Location

HokkaidoArea

54,870m2

Operation
Start Date

Nov 4, 2014

Panel
Output

1.93MW

FIT

JPY 40

FIT Period

Nov 3, 2034

Power
Purchaser

Hokkaido Electric

Forecast Power Generation
Actual Power Generation(kWh)

300,000
250,000
200,000
150,000
100,000
50,000
0
Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

30

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

HokkaidoArea

29,730m2

Operation
Start Date

Dec 2, 2014

Panel
Output

1.16MW

FIT

JPY 40

FIT Period

Dec 1, 2034

Power
Purchaser

Hokkaido Electric

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

150,000

100,000

50,000

0
Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-08 Ichigo Toyokoro
Location

HokkaidoArea

29,004m2

Operation
Start Date

Dec 4, 2014

Panel
Output

1.02MW

FIT

JPY 40

FIT Period

Dec 3, 2034

Power
Purchaser

Hokkaido Electric

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

150,000

100,000

50,000

0
Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

31

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

OkinawaArea

146,294m2

Operation
Start Date

Feb 2, 2015

Panel
Output

8.44MW

FIT

JPY 40

FIT Period

Feb 1, 2035

Power
Purchaser

Okinawa Electric

Forecast Power Generation
Actual Power Generation(kWh)1,500,000
1,200,000
900,000
600,000
300,000
0
Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-10 Ichigo Engaru Higashimachi
Location

HokkaidoArea

46,329m2

Operation
Start Date

Feb 3, 2015

Panel
Output

1.24MW

FIT

JPY 40

FIT Period

Feb 2, 2035

Power
Purchaser

Hokkaido Electric

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

150,000

100,000

50,000

0
Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

32

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

KagawaArea

79,340m2

Operation
Start Date

Jun 2, 2015

Panel
Output

2.43MW

FIT

JPY 36

FIT Period

Jun 1, 2035

Power
Purchaser

Shikoku Electric

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

300,000

200,000

100,000

0
Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-12 Ichigo Miyakonojo Yasuhisacho
LocationMiyazakiArea

94,165m2

Operation
Start Date

Jul 8, 2015

Panel
Output

1.44MW

FIT

JPY 36

FIT Period

Jul 7, 2035

Power
Purchaser

Kyushu Electric

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

150,000

100,000

50,000

0
Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

33

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

Aichi

Area

19,393m2

Forecast Power Generation
Actual Power Generation(kWh)

300,000
250,000

Operation
Start Date

Sep 16, 2015

Panel
Output

1.80MW

FIT

JPY 32100,000

FIT Period

Sep 15, 2035

50,000Power
Purchaser

Chubu Electric

200,000
150,000

0
Jul
2018

Aug

Sep

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

E-14 Ichigo Yamaguchi Aionishi
Location

YamaguchiArea

19,815m2

Operation
Start Date

Dec 7, 2015

Panel
Output

1.24MW

FIT

JPY 40

FIT Period

Dec 6, 2035

Power
Purchaser

Chugoku Electric

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

150,000

100,000

50,000

0
Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

34

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

YamaguchiArea

43,621m2

Operation
Start Date

Apr 6, 2016

Panel
Output2.35MW

FIT

JPY 36

FIT Period

Apr 5, 2036

Power
Purchaser

Chugoku Electric

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

300,000

200,000

100,000

0
Jul
2018

Aug

Sep

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

Oct

Nov

Dec

Jan
2019

Feb

Mar

Apr

May

Jun

35

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

36

Reference: Japan’s Feed-In Tariff (FIT)
What is a FIT?
‒ A policy mechanism designed to accelerate the deployment of renewableenergy such as solar and wind, guaranteeing a long-term sale price forelectricity (in Japan, 20 years) at a fixed price.
‒ Japan’s FIT is updated every year.
Solar Power FIT

Contract Date

FIT

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

JPY 40
JPY 36
JPY 32
JPY 29JPY 27

Guarantee
Period20 years
20 years
20 years
20 years
20 years

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

Contract Date

FIT

FY2016FY2017FY2018FY2019JPY 241
JPY 21
JPY 18 1
2
JPY 14

Guarantee
Period20 years
20 years
20 years
20 years

Note: FY starts on April 1 to March 31 of the following year
1 FIT for >2MW non-residential solar power production determined

via auction process in 2017 and 2018
2 Forecast FIT for >0.5MW non-residential solar power production to

be determined via auction process starting 2019

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

37

Shareholder Composition
Shareholdings by Shareholder Type

Major Shareholders (as of December 31, 2018)

No. ofSharesShare

1 Ichigo Trust Pte. Ltd.

15,794

15.3%

100%

2 Ichigo Inc.

6,000

5.8%

80%

3 Morgan Stanley MUFG Securities Co., Ltd.

4,942

4.8%

60%

4,522

4.4%

40%

4,500

4.4%

20%

6 CGML - LONDON EQUITY

4,204

4.1%

7 Rakuten Securities, Inc.

1,547

1.5%

8 CLEARSTREAM BANKING S.A.

1,450

1.4%

990

1.0%

Name

MACQUARIE BANK LIMITED - MBL
LONDON BRANCHBNYM SA / NV FOR BNYM FOR BNY GCM
5
CLIENT ACCOUNTS M LSCB RD
4

9 Bank of Fukuoka, Ltd.
Japan Trustee Services Bank, Ltd.,
10
Trust Account
Total

Foreign Corporations & Individuals

Domestic Financial Institutions

Non-Financial Domestic Corporations

Domestic Individuals

18,716 shares(36.4%)

34,179 shares(33.2%)

33,336 shares(32.4%)

4,927 shares(9.6%)
2,719 shares(5.3%)

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

10,585 shares(10.3%)
9,991 shares(9.7%)

25,121 shares(48.8%)

53,015 shares(51.5%)

49,054 shares(47.6%)

Dec 31, 2017
(51,483 shares) *Jun 30, 2018
(102,966 shares) *Dec 31, 2018
(102,966 shares) *0%* Number of shares outstanding

Shareholders by Shareholder TypeDec 31, 2017 Jun 30, 2018

900

0.9%

44,84943.6%

Dec 31, 2018

Shareholders Shareholders Shareholders Share
Domestic Individuals

4,018

5,525

5,974

98.1%

Domestic Financial Institutions

13

18

18

0.3%

City banks, regional banks

2

3

3

–

Trust banks
Other (including securities companies)

1
10

1
14

1
14

–
0.2%

Non-Financial Domestic Corporations

58

67

66

1.1%

Foreign Corporations & Individuals

29

33

31

0.5%

4,118

5,643

Total

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

6,089 100.0%

38

Share Price (Dec 1, 2016 to Jan 31, 2019)
Two-for-one stock split on January 1, 2018
(JPY)

(Shares Traded)

90,00018,000Ichigo Green(left axis)

TSE REIT Index(left axis)

Trading Volume(right axis)
16,00080,00070,00014,000

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

60,00012,00050,00010,00040,0008,000

30,0006,000

20,0004,000

10,0002,000

02016/120
2017/2

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

2018/4*Share price and shares traded from Dec 1, 2016 to Dec 26, 2017 has been adjusted to reflect stock split.
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

2018/62018/8

2018/10

2018/12Source: Bloomberg

39

Ichigo Green Overview
Investment Corporation
Name

Ichigo Green Infrastructure Investment Corporation

Securities Code9282

Location

1-1-1 Uchisaiwaicho, Chiyoda-ku, Tokyo

Executive Director

Mami Nagasaki

Fiscal Year

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

Asset Management Company
Name

Ichigo Investment Advisors Co., Ltd.

President

Wataru Orii

Registration & Membership

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

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

40

MEMO

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

41

MEMO

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

42

These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as,
an offer to sell or buy securities of Ichigo Green Investment Corporation (Ichigo Green).
These materials may contain forward-looking statements regarding the intent, belief or current expectations of Ichigo Green
with respect to financial condition and future results. These statements are based on certain assumptions founded on
currently available information. Accordingly, such statements are subject to risks and uncertainties, and there is no assurance
as to actual financial conditions or future results. Actual results may vary from those indicated in the forward-looking
statements.
In creating these materials, Ichigo Green and Ichigo Investment Advisors Co., Ltd. (IIA) have sought to provide accurate
information. However, there can be no assurance given as to the accuracy, certainty, validity or fairness of any suchinformation. The content of these materials is also subject to revision or retraction without prior notice.
This document is a translation. If there is any discrepancy between the Japanese version and the English translation, theJapanese version shall prevail.

Contact:
Ichigo Green IR Desk (9282)
TEL: +81-3-3502-4854
E-mail： ir_green@ichigo.gr.jp
www.ichigo-green.co.jp/en
Ichigo is Japan’s first zero-carbon listed real estate company. We are taking
responsibility for our environmental footprint by offsetting our carbon emissions
and investing in low-carbon technologies such as solar energy.

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

43