Press Release
March 25, 2024
Shizen Energy Inc.

Shizen Energy completes constructionof Inuyama Solar Power Plant for VPPA with Microsoft
The Shizen Energy Group is pleased to announce that the Inuyama Solar Power Plant, alarge-scale solar power plant in Inuyama City, Aichi Prefecture, commenced
commercial operation in February 2024, and a completion ceremony was held on 25
March at the site.
The completion ceremony was attended by many guests including, the Mayor ofInuyama City, land owners and local residents, and other dignitaries from Societe
Generale, which arranged the project financing for the development and construction ofthe plant, Caisse de dépôt et placement du Québec (CDPQ), which co-invested in theplant,, and other honored guests involved in the development of the project.

（Photo that was taken at the ceremony）
The power plant has a rated output of 31 MW DC / 25 MW AC and an estimated total
annual output of 37,000 kWh, enough to meet the annual electricity consumption ofapproximately 7,850 households.
Toshiba Energy Systems & Solutions Corporation manages the electricity from theInuyama solar power plant by selling the power to the market as an aggregator. Theenvironmental attributes from the power plant will be supplied to Microsoft Corporation(Microsoft) for a period of 20 years under a virtual PPA *1 concluded between Shizen
Energy Inc. (Shizen Energy) and Microsoft.
Shizen Energy is responsible for the overall coordination, financing and asset
management of the project, while juwi Shizen Energy Inc. was in charge ofdevelopment and EPC (engineering, procurement and construction) and JUWI Shizen
Energy Operation Inc. conducts the operation and maintenance. This project was amajor achievement for the Shizen Energy Group, which provides seamless, integrated
solutions for renewable energy power plants
In February, Shizen Energy and CDPQ announced the sale of an 80 % of economic
interest in the plant to CDPQ, with both parties now jointly invested in the plant. This
followed an initial investment of JPY 20 billion from CDPQ in Shizen Energy. Shizen
Energy and CDPQ have also agreed to a co-investment framework, which will involve
potential investments of JPY 50 billion by CDPQ. The Inuyama Solar Power Plant is thefirst jointly owned project under this framework.
Shizen Energy will “take action for the blue plane” by flexibly responding to various
needs such as decarbonization and strengthening energy resilience by combining thedevelopment of renewable energy sources in harmony with local communities such as
EMS and storage batteries, aiming to realize a 100% renewable energy world as soon
as possible with its partners.

【Project Overview】
Name

Inuyama Solar Power Plant

Location

Higashiyama, Imai, Inuyama City, Aichi Prefecture

Rated output

31 MW （DC）
25 MW （AC）

Estimated annual
outputApprox. 37,000MWh / year
（equivalent to the annual electricity consumption of approx.
7,850 households)

Start ofconstruction

November 2022

Start of operation

February 2024

*1 Shizen Energy signs Virtual PPA with Microsoft
https://www.shizenenergy.net/en/2023/10/13/seg_vppa_microsoft/

Photo of Inuyama Solar Power Plant *photo taken Feb. 2024

【About Shizen Energy Inc.】
Founded in June, 2011. With the company purpose of “We take action for the blue planet,”
the company’s business includes development, financing, and asset management ofrenewable energy power plants using solar power, wind power, small-scale hydroelectricpower, and biomass. Since 2016, the company has also been focusing on its international
operations, expanding its development and power generation projects in areas such as
Southeast Asia and Brazil. In 2019, the company also entered the energy tech business,offering micro-grid and VPP construction, smart charging and discharging services for EVs,
and other services through its self-developed EMS (energy management system). Shizen
Energy Group has been involved in more than 1 GW of renewable energy generationinternationally.
・Headquarters: Fukuoka Ohori Bldg. 1-1-6 Arato, Chuo Ward, Fukuoka City, Fukuoka
・Representative Directors: Ken Isono, Kenji Kawado, Masaya Hasegawa
・URL: https://www.shizenenergy.net/en/<For inquiries regarding this press release>
Shizen Energy Inc., Public Relations Department
E-mail: se-comm@shizenenergy.net