Ichigo Green(9282)

FY18/6 Corporate Presentation
January
13,2018
2017
August 10,

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

We express our deepest condolences to all
those affected by the recent heavy rainfall inwestern Japan and our wishes for the earliest
possible recovery.

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

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

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

Contents
Mission & Deliverables to Shareholders

Solar Power Plant Data
‒ Solar Power Plant Map‒ Solar Power Generation (YOY)‒ Individual Solar Power Plant Earnings‒ FY19/6 Solar Power Generation Forecast‒ Solar Power Plant Portfolio‒ Individual Solar Power Plant Details

FY18/6 Results‒ Solar Power Plant Portfolio Details‒ FY18/6 Highlights‒ Earnings‒ Power Generation +3% vs. Forecast‒ Power Generation by Individual Power Plant‒ Financing Details‒ FY19/6 Earnings Forecast

Appendix

Driving Shareholder Value‒ Japan’s First Ten-Year Earnings Forecast‒ 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.

5

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

Stable &Growing EPS

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

Leverage Sponsor
Ichigo’s Strengths

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

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

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

6

FY18/6 Results© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

7

Solar Power Plant Portfolio Details
as of June 30, 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%

2-3 years
in operation
21.8%

Hokkaido
30.2%

Shikoku
13.9% Chugoku
12.8%

By FITBy Years in Operation

Kanto
4.3%

>4 years inoperation
20.2%

3-4 years
in operation
58.0%

JPY 32
4.6%
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.

8

FY18/6 Highlights
Achievements

Drivers

Power
Generation

35.76 million kWh(+3.3% vs. initial forecast)• July, March, April, & May actuals significantly above forecast• Kiryu Okuzawa (Kanto), Nakashibetsu Midorigaoka (Hokkaido),
and Toyokawa (Chubu) significantly above forecast

Operating
Revenue

JPY 1,153M(+JPY 58M vs. initial forecast)• Increased power production revenue +JPY 27M• Decreased plant management expenses +JPY 25M

NOI

JPY 1,056M(+JPY 58M vs. initial forecast)• NOI increase in line with Operating Revenue increaseEPS

JPY 2,046(+JPY 622 vs. initial forecast)• Increased Operating Revenue & decreased SG&A (JPY 4.7M)
contributing to EPS growth

FFO

JPY 8,560(+JPY 4,255 YOY)Dividend

JPY 4,226(+JPY 636 vs. initial forecast)

No. of Shares

102,966 shares(+51,483 shares vs. FY18/6 H1)• Cash earnings from power production significantly exceed
dividends• Dividend (ex-DEE) JPY 2,046 (+JPY 636 vs. initial forecast )• DEE
JPY 2,180• Two-for-one stock split on January 1, 2018
(record date: December 31, 2017)* EPS, FFO, DPS are based on 102,966 shares outstanding as of the end of FY18/6
FFO (Funds from Operations) = (Net Income + Depreciation + Amortization of Expenses Related to the Establishment of Ichigo Green + Amortization of Share
Issuance Expenses + Amortization of Start-up Expenses +/- Losses/Gains on Sales +/- Extraordinary Losses/Gains) / Number of Shares Outstanding© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

9

Earnings− Net Income JPY 210M (+43.6% vs. Initial Forecast)− Dividend JPY 4,226 (+17.7% vs. Initial Forecast)(JPY million)

FY17/6
ActualFY18/6 Initial
Forecast (A)FY18/6
Actual (B)vs. FY18/6 Initial
Forecast

vs. Forecast(B) - (A)Operating Revenue

566

1,095

1,153

+5.3%

+58

Operating Expenses

407

832

827

-0.5%

-4

(Depreciation)

326

635

636

－

－

Operating Profit

158

262

325

+23.9%+62

Recurring Profit

97

147

212

+43.6%+64

Net Income

94

146

210

+43.6%+63

Dividend

JPY 4,278

JPY 3,590

JPY 4,226+17.7%+JPY 636(excluding DEE)

JPY 1,738

JPY 1,410

JPY 2,046+45.1%+JPY 636(DEE)

JPY 2,540

JPY 2,180

JPY 2,180

－

－

13

15

15

－

－

Number of Power Plants* DEE = Dividend in Excess of Earnings. The DEE is paid from Ichigo Green’s solar power production revenue (which Ichigo Green receives in cash) that are nottreated as income under Japanese tax rules, because they are offset by non-cash depreciation expenses.

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

10Power Generation +3% vs. Forecast
FY18/6 Power Generation and Power Production Revenue (15 Power Plants)(kWh)
5,000,000

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

147
132

4,000,000(JPY million)
150

146
134

137
125

117
95

101

3,000,000

120

90
85
72

73

2,000,000

60

1,000,0003000July 2017

AugustSeptember OctoberNovember December Jan 2018

February

March

April

May

June

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

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)*

No.

Forecast Power
Generation (A)(kWh)

Operating
Revenue*(JPY thousand)E-01

Ichigo Kiryu Okuzawa

1,565,323

1,718,063+152,740

67,23454,609

E-02

Ichigo Motomombetsu

1,564,342

1,510,396-53,946

59,40147,812

E-03

Ichigo Muroran Hatchodaira

1,453,837

1,426,809-27,028

56,10345,751

E-04

Ichigo Engaru Kiyokawa

1,235,549

1,193,822-41,727

47,43738,898

E-05

Ichigo Iyo Nakayamacho Izubuchi

1,434,262

1,359,162-75,100

54,62845,467

E-06

Ichigo Nakashibetsu Midorigaoka

2,249,514

2,407,464+157,950

94,37780,421

E-07

Ichigo Abira Toasa

1,328,941

1,344,284+15,343

53,79444,338

E-08

Ichigo Toyokoro

1,298,533

1,343,668+45,135

53,40744,386

E-09

Ichigo Nago Futami

9,743,944

10,393,102+649,158

417,262360,205

E-10

Ichigo Engaru Higashimachi

1,357,732

1,265,288-92,444

49,791

41,563

E-11

Ichigo Takamatsu Kokubunjicho Nii

3,084,324

3,093,087+8,763111,009

101,937

E-12

Ichigo Miyakonojo Yasuhisacho

1,737,329

1,732,364-4,96560,88648,994

E-13

Ichigo Toyokawa Mitocho Sawakihama

2,183,522

2,354,733+171,211

75,03453,689

E-14

Ichigo Yamaguchi Aionishi

1,498,438

1,564,860+66,422

61,32652,404

E-15

Ichigo Yamaguchi Sayama

2,886,913

3,058,902+171,989

107,959

92,994

34,622,503

35,766,004+1,143,501

1,369,654

1,153,477

Total* Operating Revenue = Power Production Revenue – Operating Expenses
Note: Data for Ichigo Yamaguchi Aionishi and Ichigo Yamaguchi Sayama are fromJuly 3, 2017 to June 30, 2018.
© 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 June 30, 2018

Amount(JPY million)

Interest Rate(% )Fixed/Floating

Borrowing Date

Maturity

Loan
Term

5,762

0.760

Fixed

Dec 1, 2016

Nov 30, 2026

10 yearsMizuho Bank

450

0.815

Fixed

Jul 3, 2017

Jun 30, 2027

10 years

Yamaguchi Bank

948

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

7,160 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© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

13

FY19/6 Earnings Forecast
FY19/6 Dividend Forecast JPY 3,560
FY17/6
Actual (7 months)(JPY million)

FY18/6
Initial Forecast

FY18/6
Actual

FY19/6
Forecast

Operating Revenue

566

1,095

1,153

1,090

Operating Expenses

407

832

827

836

(Depreciation)

326

635

636

636

Operating Profit

158

262

325

254

Recurring Profit

97

147

212

144

Net Income

94

146

210

143

Dividend

JPY 4,278

JPY 3,590

JPY 4,226

JPY 3,560(excluding DEE)

JPY 1,738

JPY 1,410

JPY 2,046

JPY 1,375(DEE)

JPY 2,540

JPY 2,180

JPY 2,180

JPY 2,185

13

15

15

15

17.53M kWh

34.62M kWh

35.76M kWh

34.47M kWh

Number of Power Plants
Power Generation© 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

Japan’s First Ten-Year Earnings Forecast
Ten-Year Dividend & FFO Forecast (Includes FY17/6 and FY18/6 Actuals)(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
(JPY)

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

Dividend per Share (excluding DEE)

1,750

1,895

1,860

1,410

1,375

1,390

1,625

2,180

2,185

2,190

2,195

2,195

2,200

2,205

2,010

1,825

FY18/6(Actual)FY19/6

FY20/6

FY21/6

FY22/6

FY23/6

FY24/6

FY25/6

FY26/6

1,875

1,715

869

DEE per Share

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

16

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.

17

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

Ichigo Engaru Higashimachi ECO Power Plant Ichigo Takamatsu Kokubunjicho Nii ECO Power Plant(Hokkaido)(Kagawa)

Ichigo Nago Futami ECO Power Plant(Okinawa)

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

18

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 repairs

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

Live Camera

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

20

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

21

Ichigo Green’s Sponsor: Ichigo (2337)‒‒‒‒

Core Businesses: Real Estate 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
Committed to CSR and Sustainability
Ichigo Key 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.

Ichigo Investment Advisors Co., Ltd.

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

Ichigo Estate Co., Ltd.

Real estate value-add

Ichigo ECO Energy Co., Ltd.

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

Ichigo Owners Co., Ltd.

Real estate owner services

Ichigo Land Shinchiku Co., Ltd.

Real estate value-add

Ichigo Real Estate Services Fukuoka
Co., Ltd.

Real estate business centered on Fukuoka in Kyushu region

Ichigo Marché Co., Ltd.

Operates Matsudo Nanbu wholesale market in Chiba Prefecture

Miyako City Co., Ltd.

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

22

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.

23

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

48 Plants (144MW)
Currently Operating

39 Plants (112MW)
Okinawa
Ichigo Nago Futami

8.44MW

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

1.44MW
0.89MW
1.48MW
2.64MW
6.47MW

Chugoku
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

2.64MW
2.90MW
2.39MW
24.41MWKansai
Ichigo Sennan Kitsuneike
Ichigo Takashima Kutsuki
Total

2.86MW
3.75MW
6.61MW

1.24MW
2.35MW
2.61MW
1.11MW
0.99MW
2.54MW
2.87MW
2.72MW

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

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

2.43MW
1.23MW
2.52MW
6.19MW

Chubu
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 Kakino Higashi 1.77MW
Total
12.13MW(Wind) Mie
7.5MW© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

(as of July 12, 2018)
Hokkaido
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 Sasadamchi
Ichigo Memuro Nishishikari
Total

1.40MW
1.24MW
1.12MW
1.16MW
1.24MW
1.02MW
1.93MW
0.80MW
0.88MW
0.80MW
0.60MW
1.32MW
13.57MW

TohokuIchigo Hamanaka Bokujo Tsurunokotai
Ichigo Hamanaka Bokujo Kajiyabashi
Total(Wind) Yamagata(Wind) Iwate(Wind) Fukushima

2.31MW
2.31MW
4.62MW
7.5MW
7.5MW
7.0MW

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
61.92MW
4.0MW

24

Solar Power Plant Data

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

25

Solar Power Plant Map(as of July 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)
26

Solar Power Generation (YOY)− 2 Accretive Power Plant Acquisitions on July 3, 2017 (current total: 15 Plants)− Power Generation +15.8% YOY
Power Generation: FY18/6 vs. FY17/6(kWh)5,000,000

FY17/6 Actual: 30.86M kWh
FY18/6 Actual: 35.76M kWh(+4.89M kWh, +15.8% YOY)

FY17/6 Actual (13 Power Plants)
FY18/6 Actual (15 Power Plants)
4,000,000

3,000,000

2,000,000

1,000,000

0July

AugustSeptember

OctoberNovember

DecemberJanuary

February

March

April

May

June

* Comparison between FY17/6 actual of 13 power plants and FY18/6 actual of 15 power plants – FY17/6 actual includes power generation before
TSE listing (July to November 2016).
© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

27

Individual Solar Power Plant Earnings (July 2017－June 2018)(JPY thousand)Leaseholder
No.

Solar Power Plant

Power
Production
Revenue

Ichigo Green

OperatingExpenses

Operating
Revenue

Expenses

NOI

Depreciation
ExpenseIncomeE-01

Ichigo Kiryu Okuzawa

67,234

12,62554,6095,934

48,67529,767

18,907

E-02

Ichigo Motomombetsu

59,401

11,58947,812

4,975

42,837

29,405

13,431

E-03

Ichigo Muroran Hatchodaira

56,103

10,35145,751

4,701

41,05027,624

13,425

E-04

Ichigo Engaru Kiyokawa

47,437

8,539

38,8984,011

34,886

23,588

11,298

E-05

Ichigo Iyo Nakayamacho Izubuchi

54,6289,160

45,467

4,720

40,746

27,79812,948

E-06

Ichigo Nakashibetsu Midorigaoka

94,377

13,95580,421

7,760

72,661

43,67728,983

E-07

Ichigo Abira Toasa

53,794

9,455

44,3384,455

39,88225,02014,862

E-08

Ichigo Toyokoro

53,407

9,021

44,386

4,426

39,96024,624

15,335

E-09

Ichigo Nago Futami

417,262

57,056360,205

28,260331,945

190,677

141,248

E-10

Ichigo Engaru Higashimachi

49,791

8,228

41,563

3,891

37,671

26,072

11,598

E-11

Ichigo Takamatsu Kokubunjicho Nii

111,009

9,071

101,937

8,626

93,311

54,34938,961

E-12

Ichigo Miyakonojo Yasuhisacho

60,886

11,891

48,994

4,348

44,64628,381

16,265

E-13

Ichigo Toyokawa Mitocho Sawakihama

75,034

21,34553,6894,391

49,29728,446

20,850E-14

Ichigo Yamaguchi Aionishi

61,326

8,921

52,4042,432

49,972

26,07423,897

E-15

Ichigo Yamaguchi Sayama

107,959

14,964

92,994

4,159

88,83550,51238,322

1,369,654

216,177

1,153,477

97,096

1,056,380

636,041

420,339

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

28

FY19/6 Solar Power Generation Forecast
FY 19/6 Forecast 34.47 million kWh vs. FY18/6 Forecast 34.62 million kWh(FY18/6 Actual 35.76 million kWh)Power Generation: FY18/6 Actual vs. FY19/6 Forecast(kWh)5,000,000
FY18/6 Actual: 35.76M kWh
FY19/6 Forecast: 34.47M kWh (-1.29M kWh)

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

3,000,000

2,000,000

1,000,000

0July

AugustSeptember

OctoberNovember

DecemberJanuary

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

March

April

May

June

29

Solar Power Plant Portfolio
as of June 30, 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

453

487

1.33

40

4.21%

E-02

Ichigo Motomombetsu

Mombetsu City, Hokkaido

Dec 2016

460

492

1.40

40

4.28%

E-03

Ichigo Muroran Hatchodaira

Muroran City, Hokkaido

Dec 2016

435

465

1.24

40

4.04%

E-04

Ichigo Engaru Kiyokawa

Mombetsu County, Hokkaido

Dec 2016

371

383

1.12

40

3.45%

E-05

Ichigo Iyo Nakayamacho Izubuchi

Iyo City, Ehime

Dec 2016

439

474

1.23

40

4.08%

E-06

Ichigo Nakashibetsu Midorigaoka

Shibetsu County, Hokkaido

Dec 2016

717

734

1.93

40

6.66%

E-07

Ichigo Abira Toasa

Yufutsu County, Hokkaido

Dec 2016

412

431

1.16

40

3.83%

E-08

Ichigo Toyokoro

Nakagawa County, Hokkaido

Dec 2016

406

431

1.02

40

3.77%

E-09

Ichigo Nago Futami

Nago City, Okinawa

Dec 2016

3,178

3,570

8.44

40

29.51%

E-10

Ichigo Engaru Higashimachi

Mombetsu County, Hokkaido

Dec 2016

434

447

1.24

40

4.03%

E-11

Ichigo Takamatsu Kokubunjicho Nii

Takamatsu City, Kagawa

Dec 2016

1,057

1,098

2.43

36

9.81%

E-12

Ichigo Miyakonojo Yasuhisacho

Miyakonojo City, Miyazaki

Dec 2016

484

523

1.44

36

4.50%

E-13

Ichigo Toyokawa Mitocho Sawakihama

Toyokawa City, Aichi

Dec 2016

490

478

1.80

32

4.56%

E-14

Ichigo Yamaguchi Aionishi

Yamaguchi City, Yamaguchi

Jul 2017

531

564

1.24

40

4.94%

E-15

Ichigo Yamaguchi Sayama

Yamaguchi City, Yamaguchi

Jul 2017

896

953

2.35

36

8.32%

10,771

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.

30

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
2017

Aug

Sep

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

E-02 Ichigo Motomombetsu
Forecast Power Generation
Actual Power Generation

Location

Hokkaido

Area

48,946m2

200,000

Operation
Start Date

Feb 3, 2014

150,000

Panel
Output

1.40MW

FIT

JPY 40

FIT Period

Feb 2, 2034

Power
Purchaser

Hokkaido Electric(kWh)100,000

50,000

0
Jul
2017

Aug

Sep

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

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

31

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
2017

Aug

Sep

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

E-04 Ichigo Engaru Kiyokawa
Forecast Power Generation
Actual Power Generation

Location

HokkaidoArea

27,164m2

200,000

Operation
Start Date

Mar 4, 2014

150,000

Panel
Output

1.12MW

FIT

JPY 40

FIT Period

Mar 3, 2034

Power
Purchaser

Hokkaido Electric(kWh)100,000

50,000

0
Jul
2017

Aug

Sep

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

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

32

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
2017

Aug

Sep

Oct

Nov

Dec

Jan
2018

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
2017

Aug

Sep

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

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

33

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
2017

Aug

Sep

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

E-08 Ichigo Toyokoro
Forecast Power Generation
Actual Power Generation

Location

HokkaidoArea

29,004m2

200,000

Operation
Start Date

Dec 4, 2014

150,000

Panel
Output

1.02MW

FIT

JPY 40

FIT Period

Dec 3, 2034

Power
Purchaser

Hokkaido Electric(kWh)100,000

50,000

0
Jul
2017

Aug

Sep

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

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

34

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
2017

Aug

Sep

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

E-10 Ichigo Engaru Higashimachi
Forecast Power Generation
Actual Power Generation

Location

HokkaidoArea

46,329m2

200,000

Operation
Start Date

Feb 3, 2015

150,000

Panel
Output

1.24MW

FIT

JPY 40

FIT Period

Feb 2, 2035

Power
Purchaser

Hokkaido Electric(kWh)100,000

50,000

0
Jul
2017

Aug

Sep

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

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

35

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
2017

Aug

Sep

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

E-12 Ichigo Miyakonojo Yasuhisacho
Forecast Power Generation
Actual Power Generation

LocationMiyazakiArea

94,165m2

200,000

Operation
Start Date

Jul 8, 2015

150,000

Panel
Output

1.44MW

FIT

JPY 36

FIT Period

Jul 7, 2035

Power
Purchaser

Kyushu Electric(kWh)100,000

50,000

0
Jul
2017

Aug

Sep

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

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

36

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

Location

Aichi

Area

19,393m2

Operation
Start Date

Sep 16, 2015

Panel
Output

1.80MW

FIT

JPY 32100,000

FIT Period

Sep 15, 2035

50,000Power
Purchaser

Chubu Electric

0

(kWh)

300,000
250,000
200,000
150,000

Jul
2017

Aug

Sep

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

E-14 Ichigo Yamaguchi Aionishi
Forecast Power Generation
Actual Power Generation

Location

YamaguchiArea

19,815m2

200,000

Operation
Start Date

Dec 7, 2015

150,000

Panel
Output

1.24MW

FIT

JPY 40

FIT Period

Dec 6, 2035

Power
Purchaser

Chugoku Electric(kWh)100,000

50,000

0
Jul
2017

Aug

Sep

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

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

37

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
2017

Aug

Sep

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

Oct

Nov

Dec

Jan
2018

Feb

Mar

Apr

May

Jun

38

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

39

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

FIT

Guarantee
PeriodContract Date

FIT

Guarantee
PeriodFY2012

JPY 4020 years

FY2015 (7/1～3/31)

JPY 2720 years

FY2013

JPY 3620 years

FY2016

JPY 2420 years

FY2014

JPY 3220 years

FY2017

JPY 2120 years

FY2015 (4/1～6/30)

JPY 2920 years

FY2018JPY 1820 years

Pre-consumption tax FIT for power plants with output of >10kW
Source: METI, Agency for Natural Resources and Energy* FIT for >2MW non-residential solar power production determined via auction process
after FY2017© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

40

Shareholder Composition
Major Shareholders (as of June 30, 2018)

Shareholdings by Shareholder TypeNo. ofSharesShare

1 Ichigo Trust Pte. Ltd.

15,794

15.3%

100%

2 Ichigo Inc.

6,000

5.8%

80%

3 BARCLAYS CAPITAL SECURITIES LIMITED

4,761

4.6%

4,522

4.4%

4,204

4.1%

Name

4

MACQUARIE BANK LIMITED - MBL
LONDON BRANCH

5 CGML - LONDON EQUITY

60%

1,450

1.4%

7 Morgan Stanley MUFG Securities Co., Ltd.

1,290

1.3%

900

0.9%

9 Bank of Fukuoka, Ltd.

865

0.8%

10 Sekai Shindoukyo

715

0.7%

40,501

39.3%

Domestic Financial Institutions

Non-Financial Domestic Corporations

Domestic Individuals

14,004 shares(27.2%)
5,628 shares(10.9%)
2,120 shares(4.1%)

40%
20%

6 CLEARSTREAM BANKING S.A.

Foreign Corporations & Individuals

29,731 shares(57.7%)

18,716 shares(36.4%)

34,179 shares(33.2%)

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

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

25,121 shares(48.8%)

53,015 shares(51.5%)

0%

8

Japan Trustee Services Bank, Ltd.,
Trust AccountTotal

Jun 30, 2017
Dec 31, 2017
(51,483 shares) *(51,483 shares) ** Number of shares outstanding

Jun 30, 2018
(102,966 shares) *Shareholders by Shareholder Type

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

Jun 30, 2018
Jun 30, 2017 Dec 31, 2017
Shareholders Shareholders Shareholders Share
3,796
4,018
5,525
97.9%
13
13
18
0.3%
–
2
3
0.1%
1
1
1
–
12
10
14
0.2%
72
58
67
1.2%
23
29
33
0.6%
3,904
4,118
5,643 100.0%

41

Stock Split
Two-for-One Stock Split to Support Share Liquidity and Make it Easier for Individual
Investors to Buy Ichigo Green Shares
Record Date
Effective Date
Number of Shares before the Stock Split
Share Increase due to the Stock Split
Number of Shares after the Stock Split

December 31, 2017
January 1, 2018
51,483 shares
51,483 shares
102,966 shares

Daily Trading Volume (Nov 24, 2017 to Jan 31, 2018)(Shares)800
Dec 27, 2017 to Jan 31, 2018
Average trading volume: 318 shares per day

Dec 26, 2017
Final trading date forsettlement before
the stock split

600

Nov 24, 2017 (Announcement date) to Dec 26, 2017
Average trading volume: 130 shares per day

400

200

0
2017/11/24

11/29

12/4

12/7

12/12

12/15

12/20

12/25

12/28

2018/1/5© Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved.

1/11

1/16

1/19

1/24

1/29

42

Share Price (Dec 1, 2016 to July 31, 2018)
TSE Infrastructure Listing on Dec 1, 2016 (Securities Code 9282)(Shares Traded)(JPY)
90,00018,000Ichigo GreenTSE REIT Index

Trading Volume

80,00015,00070,00012,000

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

60,0009,000

50,0006,000

40,0003,000

30,0002016/12/1

0
2017/02/1

2017/04/1

2017/06/1

2017/08/1

2017/10/1

2017/12/1*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.

2018/02/1

2018/04/1

2018/06/1

Source: Bloomberg

43

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.

44

MEMO

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

45

MEMO

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

46

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.

47