Renewable Japan Co., Ltd.
Company Information Material©2022 Renewable Japan Co.,Ltd.

2022_3Q

Founder and the Background of Founding
Bio of President and Representative Director, Katsuhito Manabe
1991

Joined Lehman Brothers Japan Inc.

2005

Joined Barclays Capital Securities Ltd.
(current Barclays Securities Japan Limited)

2008

Appointed as President and Representative Director of ZAIS
Japan

2011

The Great East Japan Earthquake (Brought water
purification equipment to the affected area）

2012

Founded RJ and became its President and Representative
Director (current)

Solar-powered water purification equipment©2022 Renewable Japan Co.,Ltd.

2

From Development to Power Production/Operation

AM
/O&M

Power
Production/Operation

Development/Technology

Civil
Engineering
/EPC

RJ is
Renewable energy
producer/developer
conducting all processes
in one stop

FinanceSet UpFunds©2022 Renewable Japan Co.,Ltd.

3

Management Team with Significant Expertise

写真

写真

写真

写真

Katsuhito Manabe Chief Executive Officer President
Motivated by the Great East Japan Earthquake, he established Renewable Japan in January 2012 and became its
Representative Director in order to embark on renewable energy business in Japan. He concurrently serves as
Representative Director of Committee for Promotion of Long-term Stable Renewable Energy Sources (“REASP”). Prior to
the establishment of Renewable Japan, he was involved in overseas mega solar projects in the capacity of Representative
Director of a foreign investment bank and a U.S. investment company, ZAIS Japan.
Daisuke Sano Director, and Senior Managing Executive Officer
After joining Renewable Japan in December 2014 and subsequently serving as Executive Officer and General Manager ofFinancial Business Division, he assumed the position of Director in June 2015. Prior to joining Renewble Japan, he worked
at financial companies in Japan and overseas, including Lehman Brothers Securities and Barclays Securities.

Tatsuaki Makino Director and Managing Executive Officer
After joining Renewable Japan in September 2016 and subsequently serving as General Manager, Strategic Business
Division of the Financial Services Division, he became a Director in August 2017. Prior to joining Renewable Japan, he
worked at a construction company, a bank, and a U.S. investment company.

Yasuyuki Saito Director, Managing Executive Officer
In March 2018, he assumed the position of Director. Prior to joining Renewable Japan, he served as Director and Senior
Managing Executive Officer of the Industrial Systems Division of Toshiba Plant Systems & Services Corporation.

©2022 Renewable Japan Co.,Ltd.

4

Three Stages
Asset Management Model

1st Stage(Accomplished)

Sell power plants andreceive stable AM andO&M fees

Stock Business Model

Sale of power plants

Fund
Income from the sale of power
plantsAM fee・O&M fee

Sale of power plants(Recurring revenue model)

2nd Stage(Accomplished)

Own power plants aswell as selling

Fund
Income from the sale of power
plantsAM fee・O&M fee

New Market
3rd Stage(Further step)• Overseas• Non-FIT• Other energy sources©2022 Renewable Japan Co.,Ltd.

5

Key Performance Indicator (KPI) for RJ

The key performance indicatorfor RJ (KPI) is the earning power(EBITDA)©2022 Renewable Japan Co.,Ltd.

6

Key Performance Indicator (KPI)

Focus on EBITDA
EBITDA = Operating profit + Depreciation,etc.
COGS

Sales

Depreciation

Renewable energy projects
require a large initialinvestment.
⇒ The depreciation ratio to awhole project taken up islarger compared to otherindustries.

Operational availability :30 years
Big gap

depreciated over 17-20 years
for accounting purpose.
⇒ The annual depreciation
amount is large.

SG&A
Depreciation

OperatingprofitBy using EBITDA as an indicator, we are able tocorrectly track performance and compare growth.

*EBITDA = Ordinary profit + Interest expense + Commission paid + Depreciation + Amortization of goodwill + Other depreciation=Operating profit + Depreciation＋Depreciation of goodwill＋Other depreciation＋Non-operating profit
Depreciation, etc.

©2022 Renewable Japan Co.,Ltd.

7

Five revenue sources for stock business2nd Stage(Achieved)

December 31, 2021

1. High FIT
2.O&M

3rd Stage(Further step)

September 30, 2022

Total net share of power plants owned by RJ (in operation)

154.8MW

339.7MWPV Capacity in O&M business (RJ and third parties)

986.5MW

1,151.1MW

3. Non-FIT

Market is expected to expand exponentially in the
future.

4. Wind power

Further development is projected.

5. Overseas

Total net share of power plants owned by RJ (in operation)-©2022 Renewable Japan Co.,Ltd.

21.6MW8

Growth Drivers of EBITDA
Five businesses are boosting EBITDA
by continuously generating sourceof stock business income

High FIT

Non-FIT11.4bn

7.9bn

4.6bn

Overseas

3.1bn
1.6bn
FY2019ActualWind power
FY2020
ActualFY2021
ActualFY2022(Revised Plan)

FY2023(Plan)* The FY2023 plan is for reference only and has not been approved by the Board of Directors.

©2022 Renewable Japan Co.,Ltd.

9

Contents

1

Rapidly Growing Renewable Energy Market

11

2

RJ’s Advantages and Business Model

16

3

Three Advantages of RJ’s “One stop” Service

23

4

Five Revenue Sources for Stock Business Supporting EBITDA

295For Further Growth39©2022 Renewable Japan Co.,Ltd.

10

1

Rapidly Growing Renewable Energy Market©2022 Renewable Japan Co.,Ltd.

The Sixth Basic Energy Plan

Ratio of Renewable energy
expands to 1.5 times (Target for FY2030)
Ammonia / H2: About 1%

ThermalThermal(Fossil Fuel):(Fossil Fuel):

41%

56%
Nuclear:20-22%
Nuclear:20-22%
Renewable:
Renewable:

36-38%

22-24%So FarNew Target
Source： Agency for Natural Resources and Energy ”The Fifth Basic Energy Plan” and ”The Sixth Basic Energy Plan
* Compiled by Renewable Japan Co., Ltd. based on Agency for Natural Resources and Energy ”The State of Energy Policy Toward FY2030”.
“The FY 2030 target (new plan)” is a figure stated in the Agency for Natural Resources and Energy's "Outline of the Sixth Basic Energy Plan"
as "an indication of what the outlook for energy supply and demand will be if we ambitiously assume that various issues will be overcome.

©2022 Renewable Japan Co.,Ltd.

12

The Sixth Basic Energy Plan【Energy Mix】

The Growth Area in Energy Mix set for FY2030 isSolar and Onshore Wind Power■Target Renewable Energy Mix for FY2030
Solar
Wind
Geothermal
Hydro
Biomass

So Far7.0%
1.7%
1.0-1.1%
8.8-9.2%
3.7-4.6%

New Target
14.0-16.0%
5.0%
1.0%
11.0%
5.0%

Source： Agency for Natural Resources and Energy ”The Fifth Basic Energy Plan” and ”The Sixth Basic Energy Plan
*Compiled by Renewable Japan Co., Ltd. based on ” Trends since the formulation of the Basic Energy Plan and the direction of future actions”©2022 Renewable Japan Co.,Ltd.

13

Opportunity for the Development of Renewable Energy Market - 1
The Sixth Basic Energy Plan
Target for FY2030 Solar power installation（Ambitious level）

117.6GW

Potential for growth:

61.8GW（Approx. 6 trillion yen*）*1MW＝Calculated as 0.1bn yen.

FT2019 Solar power installation

55.8GW

x2

Source： Compiled by Renewable Japan Co., Ltd. based on Agency for Natural Resources and Energy ”The State of Energy Policy Toward 2030”©2022 Renewable Japan Co.,Ltd.

14

Opportunity for the Development of Renewable Energy Market - 2
Potential growth area
Ministry of Land, Infrastructure, Transport and Tourism

2.3GW

Ministry of Economy, Trade and Industry

Target for FY2030 solar power
installation（Ambitious level）

61.8GW(Approx. 6trillion yen)In addition, each ministry supports thepromotion of renewable energy. ex.
Utilization of unknown owner land.

3.5GW

Ministry of the Environment(+Ministry of Agriculture, Forestry and Fisheries )24.2GW

Utilizing airports forrenewable energy hub
Promoting measures for
new housing
Utilizing of agriculturalland & public facilities.
Promotion of selfconsumption
Organic growth

13.8GW(Approx. 1.5GW/year x 10 years）

18.0GW

FIT that is not in operation

Source： Compiled by Renewable Japan Co., Ltd. based on materials of each ministries and Subcommittee on Large-Scale Introduction of Renewable Energy and Next-Generation Power Networks* This document is based on the current target and data. These may be changed due to updates of target and data in the future.

©2022 Renewable Japan Co.,Ltd.

15

2

RJ’s Advantages and Business Model©2022 Renewable Japan Co.,Ltd.

From Development to Power Production/Operation

Three Advantages of RJ’s One-Stop Service
Advantage-2

Advantage-1

Technology

Local Presence

Land Acquisition

Administrative
Licenses andPermits

Civil Engineering/EPC

Power Production/Operation

Financing (Equity・Mezzanine・Debt)
Advantage-3

Finance©2022 Renewable Japan Co.,Ltd.

17

Three Advantages of RJ’s One -Stop Service
Power Production

Development
1. LocalPresence

2. Technology

3. Finance

Presence allover Japan

In-house
EPC+
O&M

Financial
Innovation

Local bases

Tech teamProject bond

28 locations

159 members©2022 Renewable Japan Co.,Ltd.

Share 31%
*as of September 30, 2022

18

Comparison to Other Companies

Company

1. Focus on Renewableenergy(Industry type:
Electricity, gas)

Main
Business
Development(Low-FIT-High-FIT)+
IPP/O&M

Company A

Development(High-FIT Only)+
IPP

Company B

PPS (Power Productionand Supply)＋
Contracted construction

Company C

PPS (Power Productionand Supply)＋
Contracted construction

2.Side Business(Industry type:
Construction)

Advantage
Local Presence

Technology

Finance

◎ ◎ ◎
◎
◎ ◎
◎

©2022 Renewable Japan Co.,Ltd.

19

Corporate Structure to Optimize Development
Conduct Due Diligence (Review/Study) for Project Development/Acquisition within the company

Speedy Project Development/Acquisition with minimized risks
Each team examines potential risks
in development
Land
Team

Development
Team

Civil Engineering
/EPC
Team

Power
Production/Operation
Team

Cashflow analysis
Team

MinimizeRisk©2022 Renewable Japan Co.,Ltd.

FinanceTeam

20

Expansion of Stock-type BusinessStable Revenue Build-UP
by expanding the Stock-Type Business
Development fee*Stock business= Recurring revenue business*Flow business= one-time sales business

EPC fee
Income from the sale of power
plants/TK equity share

Development
Business(Flow-type*)
Power Production /Operation Business(Stock-type*)©2022 Renewable Japan Co.,Ltd.

Income from thesale ofelectricity
AM feeO&M fee21

Expanding RJ’s Independent Power Production Business (2nd Stage)
Power Plants Owned by RJ (Plants in operation + Plants Under development)
Total Net share* 439.1MW“Net share” stands for total value of each panel output multiplying RJ’s equity share.

* As of September 30, 2022

361.3MWIn Operation（Net installed capacity）

Plants inoperation

77.7MW
Under Development（Net share）

Plants underdevelopment©2022 Renewable Japan Co.,Ltd.

Further Acquisition（70-80MW/year or more）

Acquire additional
plants22

3

Three Advantages of RJ’s “One stop” Service

1. LocalPresence

2. Technology©2022 Renewable Japan Co.,Ltd.

3. Finance1. Local
Presence

Abundant Track Record of Development/Acquisition
Abundant Development/
Acquisition Track Record(Total 185plants, 908.8MW)
Annual CO2Reduction*:440,858.8t (Estimate)*Basically, the number is counted by ID*As of September 30, 2022

Hydro

Solar

Wind
Under Development* “Annual CO2 Reduction” refers to the amount of CO2 emitted if the annual amount of power generation (the amount of power generation achieved without emitting CO2) calculated
based on our track record of developing renewable energy power plants is assumed to be generated using methods other than renewable energy.
Specifically, it is calculated by multiplying the Company's renewable energy power plant development results to date by the annual amount of power generation per MW,
and then multiplying that by the CO2 emission coefficient (0.441) set for FY2020 announced by the Council of Electric Utility Companies for Low Carbon Society.

©2022 Renewable Japan Co.,Ltd.

24

1. Local
Presence

Business Expansion by Utilizing Regional Bases

Utilize our 28 bases all over Japan for Development and O&M
Major Regional Offices
1

Sapporo Field Office17

Kurume Field Office2

Iwate Office18

Minamata Field Office3

Aomori Field Office

19

Kirishima Field Office4

Namekata Field Office5

Kumagaya Field Office

Other

9 Plants Offices

6

Noto Office7

Ishikawa Field Office

Total

28

8

Suwa Field Office9

Shizuoka Office10

Matsusaka Office11

Ise Office15

12

Yokkaichi Field Office14

13

Yoshino Office14

Osaka Office15

Osaka Office

16

Kagoshima Office

1

3
2

7

17
18
19

6

12
10
13 11

8

5

4

9 Tokyo HQ≪Legends≫：Office：Field Office：Powerplant Office16*as of October 1©2022 Renewable Japan Co.,Ltd.

25

2. Technology Excellent engineering knowhow of RJ’s in-house EPC
Expansion of in-house EPC using the special construction license(same license as general contractors)
Engineering, Procurement andConstruction (EPC) Achievements
Total 26 plants
PV Capacity 46.1 MW

Advantages of owning a
construction unit
1. Reduce cost by negotiating directly with
manufacturer*Basically, the number is counted by ID*as of September 30, 2022

2. Be able to control outsourced contractors
Ichinoseki kawasaki
HyotanToyama no.2
fushikiMatsuidaA / MatsuidaC
Shirakicho /Hirao
AharanoShimonoseki No.1/ No.2

3. Perform large scale maintenance related to
O&M within the company

Mietoba / Hinomizu
Matsusaka Iitaka Kita / Matsusaka Iitaka Minami / Hara
/ Kubo / Yamagami / Kashiwa-machi Nishinono / Sada /Kashiwa-machi Okayama / Kashiwa-machi Akamecho /Nonaka / Tamiyaji Shishigo /Tamiyaji Abiro / Tamiyaji Nishikirima©2022 Renewable Japan Co.,Ltd.

26

2. Technology

Low-Cost and High-Quality O&M Business242 plants, 1,151.1 MW (PV Capacity) in O&M business- Incl. 72 plants, 529.9 MW (PV Capacity) from third party*Basically, the number is counted by ID*As of September 30, 2022

Promotion of

Reduce Cost

in-house production(Mowing, Inspection, etc. )Technology
Conducting all processes
in one stop

Respond to various
needs swiftly©2022 Renewable Japan Co.,Ltd.

27

Project Bond Achievements

3. FinanceApr.2017-Sep.2022

RJ’s Record

No. 1 share in Project Bond Issuance in Japan

11 issued 90.2 billion yen (31%)
Project BondⅠ
46.7億円
14.5MW
単独主幹事

2017年8月

Project Bond
Ⅱ
69.0億円
16.5MW

Project BondⅢ
89.0億円
22.0MW

2018年4月

2019年2月

単独主幹事

単独主幹事

Project Bond
Ⅳ
57.1億円
14.8MW

RJ
RJ
31%
293.4billion yen worth36%of

2019年6月

4%
Project BondV
69.2億円
20.4MW

単独主幹事

2019年12月

Project BondVI
111.1億円
22.8MW

Project BondVII
145.0億円
38.1MW

2019年11月

2020年8月

単独主幹事

RJ

Other
9 Corporations
18%

単独主幹事

5%

単独主幹事

5%

project bond was issued
in the whole market in Japan

7%

12%
8%

127.0億円
42.3MW

Project Bond
Ⅸ
101.5億円
25.8MW

Project BondⅩ
47億円
14.5MW

Project Bond Ⅺ
40.0億円
10.5MW

2021年2月

2021年3月

2021年9月

2022年1月

Project Bond

Ⅷ

単独主幹事

単独主幹事

単独主幹事

10%

Green Bond Rating(R&I)
GA１(Top rated)

単独主幹事

・Compiled by Renewable Japan Co., Ltd. based on Japan Securities Dealers Association’s ”Securitization Market Survey Report”
and the number described on websites of R&I and Journal Citation Reports as of September 30 2022.
： Project bonds that have received a project bond rating from Rating and Investment Information, Inc.(R&I)©2022 Renewable Japan Co.,Ltd.

28

4Five Revenue Sources for Stock BusinessSupporting EBITDA©2022 Renewable Japan Co.,Ltd.

Five revenue sources for stock business : 1. High FIT
Significant increase in RJ-owned power plants
1. High FIT

Plants in operation owned by RJ(Net share*1)

132 plants

339.7MW*2

57 plants
154.8MWAs of December 31, 2021

As of September 30, 2022

*1 “Net share” stands for total value of each panel output multiplying RJ’s equity share.

©2022 Renewable Japan Co.,Ltd.

30

Five revenue sources for stock business : 1. High FIT
Significant increase in RJ-owned power plants (Breakdown)
1. High FIT

75 plants (184.9MW) have been increased during the period
from end of Dec. 2021 – end of Sep. 2022)

TOB- Renewable Japan Energy Infrastructure Fund,
Inc. (109.2MW)

Started operation of power plants which were being
developed (57.3MW)⇒Ichinoseki and Hirono-cho in Iwate Pref.

75 plants
184.9MW

Other purchases (18.4MW)©2022 Renewable Japan Co.,Ltd.

31

Five revenue sources for stock business : 2. O&M
Toward the Achievement of 2GW in O&M in 2025
2. O&M

We aim to achieve the target of 2GW in 2025
by acquiring 250MW per year.

2025 Target

2GW

Sep. 30, 2022

1,151.1MW(2,000MW)

Dec. 31, 2021

986.5MW

Increase in third party contracts

2021

2022

RJ aims to achieve the goal ahead of schedule©2022 Renewable Japan Co.,Ltd.

32

Growth Factors for O&M -1 Full-straight commissiong
2. O&M

In-house civil engineering and EPC units respondto various needs and problems power generationcompanies face together with O&M sector.

RJ’s One -Stop Service
O&M

EPC

EPC
＋
Tech teamIn-house O&M＋
159 members
Civil
Engineering

Civil
Engineering

Presence allover Japan

Local bases
28 locations*as of September 30, 2022

©2022 Renewable Japan Co.,Ltd.

33

Growth Factors for O&M -2 HR Development
Establishment of RJ Academy

2. O&M

Seven-level curriculum

Current issues
1. A significant increase
in renewable energy
power plants

Development of technical and management skills

2. Shortage & aging ofelectric chief engineers

Inexperienced personnel become
successful professional within a decade
イノベーションワークが可能となる技術者

chi【標準的な役割と時期】
本社、事業所電気技術者を束ねるマネージメン

ＲＪアカデミー講師

ト力を有し、組織事業計画の策定ができる。

M2

複雑な問題に対する解決能力

として３授業以上

顧客へ問題解決に関する提案能力
チームメンバーのスキルアップ

部長級

実施可能

経産省の安全管理審査に対応可能
事業活動の世間に及ぼす影響の理解

事業所方針決定でき、所長として監督・報告をM1

主体的に行える。
新規特別高圧案件のOM費算定
特別高圧発電所の年次点検に関する要領書

次長作成、及び指導

事業所長

水力発電所の制御回路含めた各種機器の理
解

【課長級】

大規模修繕工事の仕様書作成や工事監理

事業所長の指示を理解し、円滑に事業所

L2

プロジェクトを進めることができる。
短絡容量、地絡電流の計算、継電器の整定実
施
電力設備の特性試験の計画、実施

リーダー

・計画書作成事務統括

・遮断器開閉特性試験
・変圧器特性試験

部門の基本的技術・技能・知識の習得（安全知識含む）
直営作業の実施→高圧設備の年次点検、高圧設備竣工試験

L1

第三種電気主任技術者資格

認ができる。
簡易な修繕工事、点検手配および監理、監督が実施できる。

リーダー補佐官庁申請書類の作成、提出ができる。
メンバーの作成したお客様に提出する定期報告書・提案書の確認ができる。

３年

２年

Establishment of RJ Academy
Take the initiative to tackle national issues

社内研修、及び現場OJT
特別高圧保護継電器の動作原理の理解

3年：保安法人資格取得

年次点検の作業内容理解
特別高圧制御回路シーケンスの理解

5年：第二種電気主任

中規模修繕工事の工事仕様書作成

新卒者の日常行動などの指導ができる

第3種電気主任技術者国家試験合格

社内研修、及び現場OJT
高圧保護継電器の動作原理の理解

S2

５年

実務経験により資格取得

後輩の日常行動などの指導ができる

S3

４年(入社年度合格の場合インセンティブ付与)

年次点検の作業内容理解
高圧制御回路シーケンスの理解(合格人数に応じて講師にもインセンティブ付与)

小規模修繕工事の工事仕様書作成
高圧設備の長期修繕計画の立案

新卒
社内研修、及び現場OJT
・基本的技術・技能・知識の習得
・各種電力設備の理解

S1

第三種電気主任技術者資格

・高圧、特別高圧の単線結線図・三線図の理解・絶縁抵抗試験、接地抵抗試験の理解、実施・年次点検の実施

入社

5年目

１年

©2022 Renewable Japan Co.,Ltd.

2年

3年

10年

34

Growth Factors for O&M -3 Promotion of In-house Production
Cut costs by corresponding to operations such as snow removal, mowing,inspections within the company

2. O&M

Snow removal

Annual inspection(Extra high voltage)

Radio-controlled weedingmachineSnow thrower

CH Hindrance inspection

Riding lawn mower

Wheel loader

Mowing©2022 Renewable Japan Co.,Ltd.

Relay testing35

Five revenue sources for stock business : 3. Non-FIT Market Expansion
3. Non-FIT

The market is expected to expand exponentially

Projected Capacity Transition ofSolar Power Generation

Potential for growth: approx. 18trill.
*1MW= Calculated as 0.1bn yen.
（1GW=1,000MW）

Potential for growth : approx. 6 trill.

300GW+α*1MW＝Calculated as 0.1bn yen.
（1GW=1,000MW）

55.8GW
Current

117.6GW

2050

2030

Source： Compiled by Renewable Japan Co., Ltd. based on Agency for Natural Resources and Energy ”The State of Energy Policy Toward 2030”.
Japan Photovoltaic Energy Association, “Toward Achieving Carbon Neutrality in 2050 -Solar Power 2030 Operating Targets and Challenges.

©2022 Renewable Japan Co.,Ltd.

36

Five revenue sources for stock business：4. Wind Power
Toward Further Development of Wind Power
4. Wind power

In addition to the existing project below, further
development is planned.

Power Output : 25.2MW＋

Furtherdevelopment is
expected

Date of Acquisition : February 2017(FIT=JPY 22)
Status : Under Development
Scheduled Commercial Operation Date : 2026
©2022 Renewable Japan Co.,Ltd.

37

Five revenue sources for stock business: 5. Overseas
Toward Overseas Development
5. Overseas

Acquired the 1st overseas project in September
Further development is planned.

Spain
MadridSocovos

Site nameSocovos

Site location

Socovos, Albacete (Spain)

Capacityy

21.6MW

COD

July 2021

Shareholding ratio

100％©2022 Renewable Japan Co.,Ltd.

38

5

For Further Growth©2022 Renewable Japan Co.,Ltd.

Expansion of Stock-type Business
RJ aims to achieve stable growth by focusing on stock-type businesssuch as Power Production and O&M business moving forward.
Flow-type business = One-time sales business
Stock-type business = Recurring revenue business

Flow-type Business

Stock-type Business©2022 Renewable Japan Co.,Ltd.

40

Mid-term Target 1. O&M Business: Further Expansion of Contract Scale

2025 Target

2GW

Technical Improvement
× In-house production
Expand orders from third party

2022 1Q Actual

1,130.6MW

2022

2023

2024

©2022 Renewable Japan Co.,Ltd.

RJ aims to achieve the goal ahead of schedule41Mid-term Target 2. EBITDA

FY2025
JPY15bn⁺

FY2021
JPY4.6bn

PreviousTerm

FY2022
JPY7.6bn

This Term*EBITDA = Ordinary profit + Interest expense + Commission paid + Depreciation + Amortization of goodwill + Other depreciation (EBITDA is exempt from audit or a quarterly review).

©2022 Renewable Japan Co.,Ltd.

3 years later42

Long-term Target : IPP Capacity Targeted within 10 Years

Domestic Solar Power

Domestic Wind Power

1GW
+α

1GW

Overseas

1GW*1GW=1,000MW©2022 Renewable Japan Co.,Ltd.

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Making everyone an energy player©2022 Renewable Japan Co.,Ltd.

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Disclaimer
This document has been prepared by Renewable Japan Co., Ltd. (the “Company”) solely to provide theCompany and its group companies’ information and does not constitute a solicitation for shares or othersecurities issued by the Company, whether in Japan or overseas.
The relevant information relating to current industry, market trends and economic conditions contained
herein is based on information the Company currently has and the Company has not independently
verified the credibility, accuracy, rationality or comprehensiveness of such information, nor assume any
responsibility for updates to its contents.
Furthermore, the information on the group’s plans, outlooks, estimates and forecasts and other future
information are solely the current determinations or ideas of the Company. As such, the actual
operating results, financial status and other outcomes may subject to the trends in energy policies,
legislation, schemes, market trends in Japan and overseas, the status of licenses and permits required
for the Group’s projects, and the acquisition or development of land and power generation facilities that
could cause actual results to differ materially from those described herein or suggested by thisdocument. The contents described in this document or the contents estimated from them may differ
greatly depending on success or failure of the acquisition or development of land or power generation
facility, changes in weather, climate, natural environment, etc.
The amount stated in this document may not match the total value in each column since the amountrepresents consolidated figures in principal and is rounded down to the nearest million yen.

©2022 Renewable Japan Co.,Ltd.

For enquiry:
Investor Relations Office,Renewable Japan Co., Ltd.
Telephone : +81-3-6670-6644
Email: rj_ir_ii@renewable-japan.com
IR Website: https://www.rn-j.com/en/

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