Note: The following is an English translation of the Japanese-language original

March 31, 2022
Japan Petroleum Exploration Co., Ltd.
SHIZUOKA GAS AND POWER
TOKYO ENERGY & SYSTEMS INC.
KAWASAKI KINKAI KISEN KAISHA, LTD.
DAIICHI JITSUGYO CO., LTD.
Iwatani Corporation
Solariant Capital LLCDecision on Construction of 50,000 kw Biomass Power Plant
in Tahara Ciy, Aichi Prefecture

Japan Petroleum Exploration Co., Ltd. (JAPEX), SHIZUOKA GAS AND POWER, TOKYO ENERGY &SYSTEMS INC., KAWASAKI KINKAI KISEN KAISHA, LTD., DAIICHI JITSUGYO CO., LTD., Iwatani
Corporation, and Solariant Capital LLC, decided construction of the Tahara Biomass Power Plant (hereinafter“the power plant”) through Tahara Bio-power LLC (hereinafter “the LLC”) which promote the biomass power
project (hereinafter “the project”) in the Tahara 4th district in coastal area of Tahara City, Aichi prefecture,since completing the investment to the LLC and the signing of the project finance for the required funding ofthe project.
The project is promoted by the seven companies above through the LLC, that are highly interested and havestrengths in renewable energy including biomass energy, for contribution to stable electricity supply fromrenewable energy sources, and to meet expectations by the local government that aim to develop a city withlower environmental impact. The power plant is fueled by wood pellets 100%, and its output scale is 50,000kW.
The construction of the power plant is planned to start in October 2022, and commercial operationcommencement is planned in April 2025.
The seven companies will cooperate and support to the LLC for the project promotion, including building
and maintaining relationships with local goverenments and neighborhoods. Also, the seven companies will be
entrusted with the works for the project based on the capabilities of each company, including fuel procurement,transportation and management of fuels, construction management, operation and maintenance after
commercial operation.
Please refer the appendix for outlines of the LLC and the power plant.
The seven companies and the LLC will contribute to expanding the use of electricity from renewable energy
sources with low environmental impact and developing local economies with the understanding and supportof stakeholders in the surrounding area.

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[Appendix]
1. Outline of the Power Plant
NameTahara Biomass Power Plant

Planned Site

4-8, Shirahama 2nd, Tahara City, Aichi Prefecture

Land Area

45,062.41m2

Generation Method

Steam Power

Output Scale

50,000kW

Generation Fuel

Wood pellets 100%Offtaker

The Chubu Electric Power Co.,Inc. (Fixed price by FIT for 19 years and 8months, 24JPY/kWh for unit sales price)Business Owner

Tahara Bio-Power LLC

Asset Management

Japex Green Energy Co., Ltd. (100% Subsidiary of JAPEX)

Administrator of LLC

SHIZUOKA GAS AND POWER

O&M / Owners

TOKYO ENERGY & SYSTEMS INC.

Engineering
2. Outline of the Business Owner
Name

Tahara Bio-Power LLC

Incorporation

September 29, 2015Head OfficePart of 4th district of in coastal area of Tahara City, Aichi Prefecture

Representative

Representative Partner: Tahara Biomass Powerplant General IncorporatedAssociationJob Executor: KITAGAWA HisayoshiSponsors

Japan Petroleum Exploration Co., Ltd.

39.9%

SHIZUOKA GAS AND POWER

20.0%

TOKYO

Business Description

ENERGY&SYSTEMS

INC.CHOFU

20.0%

KAWASAKI KINKAI KISEN KAISHA, LTD.

7.0%

DAIICHI JITSUGYO CO., LTD.

6.0%

Iwatani Corporation

5.0%

Solariant Capital LLC

2.1%

Construction and management of biomass power plant, biomass power
generation, and related businesses in Tahara City, Aichi PrefectureNote)*1: Date of change of registration from Japan Energy Ventures, which is former company established be Solariant Capital LLC.
*2: Investment Investment based on silent partnership contract with the LLC. Silent partnership contract is a form of investment stipulated in theCommercial Code in which multiple companies (silent partners) invest in an independent project and distribute the profits generated from thebusiness in proportion to their investment, and the silent partner has no rights or obligations in the management of the company. In general,
the term “silent” is used because the name is not revealed to the counterparty involved in the business.

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(Map)

NagoyaAichi
Toyohashi

Planned Site

* Added specific information on the map provided by Geospatial Information Authority of Japan(Aerial picture around the planned construction area)###Page 3 / 3