November 6, 2019
For Immediate Release

Infrastructure Fund Issuer
Takara Leben Infrastructure Fund, Inc.
Representative:
Masahide Kikuchi,

Executive Director
Securities Code: 9281

Management Company
Takara Asset Management Co., Ltd.
Representative:
Mamoru Takahashi,Contact:

President & CEO
Vice President & Director of
Infrastructure Fund
Division, Investment
Management Department

Masahide Kikuchi,

TEL: +81-3-6262-6402

Notice Regarding Acquisition and Lease of Domestic Infrastructure Projects
Takara Leben Infrastructure Fund, Inc. (hereinafter referred to as the “Investment Corporation”) hereby announces that Takara AssetManagement Co., Ltd., the company that it commissions to conduct asset management (hereinafter referred to as the “Asset Manager”),
has today decided to acquire and lease infrastructure projects (hereinafter referred to as the “Assets to be Acquired”) as follows.
The parties from which the projects will be acquired and the parties to which they will be leased correspond to interested persons orother close affiliates (hereinafter referred to as the “Interested Persons”) under the Act on Investment Trusts and Investment Corporations(hereinafter referred to as the “Investment Trust Act”) as well as the same under the Asset Manager’s internal Regulations on Transactions
with Interested Parties, etc. Accordingly, the Asset Manager has obtained consent from the Executive Board of the Investment
Corporation at the meeting held on November 6, 2019 in accordance with the Investment Trust Act and the Regulations on Transactions
with Interested Parties, etc.
1.

Outline of Acquisition

Project No.

Project Name
(Note 1)

Location(Note 2)

AnticipatedAcquisition Price

Acquired From

(Million Yen) (Note 3)
870

Takara Leben Co., Ltd.
Takara Leben Co., Ltd.

S-27

LS Sakuragawa 1

Sakuragawa, Ibaraki

S-28

LS Sakuragawa 4

Chikusei, Ibaraki

826

S-29

LS Chiba Sammu, East/West

Sammu, Chiba

2,290

S-30

LS Nagasaki Isahaya

Isahaya, Nagasaki

575(Land) Takara Leben Co., Ltd.
(Facility) Leben Solar Chiba Sammu G.K.
Takara Leben Co., Ltd.

S-31

LS Shioya 2

Shioyamachi, Shioya-gun, Tochigi

4,797

Takara Leben Co., Ltd.

S-32

LS Hiroshima Mihara

Mihara, Hiroshima

4,500

Leben Solar Hiroshima Mihara G.K.

13,858-

Total(Note 1) Here and hereafter, “LS” is an abbreviation of “Leben Solar” as the name of the series of solar power generation facilities acquired by the Investment Corporation.
(Note 2) Here and hereafter, the “Location” is based on the statement in the register concerning the land (or a single parcel if there is more than one) where the solar power generation facility
concerned with the specified Assets to be Acquired is installed. However, the locations are stated only in terms of their associated municipality.

1(Note 3) Here and hereafter, the “Anticipated Acquisition Price” represents the amount of the transaction specified in the sale and purchase agreements pertaining to the specific Assets to be
Acquired (but excluding acquisition expenses such as the amount equivalent to brokerage commissions, fixed asset taxes, urban planning taxes, consumption taxes, and other fees),with such amounts rounded down to the nearest million yen.

(1) Date of execution ofNovember 6, 2019agreement on transaction:(2) Scheduled acquisition date:

December 2, 2019 (date of delivery and settlement)(3) Acquired from:

Please refer to “3. Status of Asset Acquirer and Other Parties” below(4) Funds for acquisition:

Proceeds from the issuance of new investment units approved by a resolution of the Executive Board
meeting of the Investment Corporation held on November 6, 2019, and borrowings (Note)(5) Payment method:

Payment in full at the time of delivery(6) Intermediary:

None(Note) For details of the proceeds, please refer to the press release “Notice Concerning Issuance of New Investment Units and Secondary Offering of Investment Units” announced as of today.
For details of the borrowings, please refer to the press release “Notice Regarding Borrowing of Funds” announced as of today.

2.

Descriptions of the Assets to be Acquired(1) Overview of the Assets to be Acquired
An overview of the individual Assets to be Acquired is shown in the tables below. Unless specifically stated otherwise, the descriptions inthe sections in the tables and the terms used therein are as defined below. As a rule, information stated without any reference to timing iscorrect as of October 29, 2019.
a. “Project Overview”
・ “Outline of Specific Contract” states the details of the specific contract for the solar power generation facility concerned with thespecified Assets to be Acquired.
・ “Power Generation Operator” states, as of today, the party among the parties to the specific contract promising to supply ofelectricity pursuant to such agreement. “Purchasing Electric Utilities Operator,” “FIT Price” and “Expiration Date of Supply
Receipt Period” state the details of the specific contract that will come into effect on the scheduled date of purchase of thespecified Assets to be Acquired. “FIT Price” states the amount exclusive of any consumption tax and local consumption tax.
The revenue of the Power Generation Operator based on the FIT Price under the specific contract does not constitute revenue
for the Investment Corporation.
・ “Location” is based on the statement in the register concerning the land (or a single parcel if there is more than one) where thesolar power generation facility concerned with the specified Assets to be Acquired is installed.
・ “Lot Number” is based on the statement in the register.
・ “Use District” states the district specified in item (i) of paragraph (1) of Article 8 in the City Planning Act or the areaclassification specified in Article 7 of the same Act. It indicates “non-classified city planning area” for any land designated as acity planning area but without area classification under Article 7 of the City Planning Act, and “outside the city planning area”
for any land that is not designated as a city planning area.
・

As a rule, “Area” is based on the statement in the register, which may be inconsistent with the actually measured area.

・ “Type of Right” to the land states the type of right to be owned by the Investment Corporation to the land on which the solar
power generation facility concerned with the specified Assets to be Acquired is located.
・ “Approval Date” states the date when the solar power generation facility concerned with the specified Assets to be Acquired2was approved.
・ “Supply Start Date” states the date when the solar power generation facility concerned with the specified Assets to be Acquired
will commence its operation, excluding trial operation, and its supply of renewable energy electricity in accordance with thespecific contract at the relevant time.
・ “Remaining Procurement Period” states the period in months from the scheduled date of acquisition of the solar power
generation facility concerned with the specified Assets to be Acquired to the expiration date of the procurement period, with any
fractional portion of less than one month disregarded.
・ “Expiration Date of Procurement Period” states the date when the procurement period regarding the solar power generation
facility concerned with the specified Assets to be Acquired expires.
・ “Procurement Price” states the procurement price regarding the solar power generation facility concerned with the specified
Assets to be Acquired, exclusive of any consumption tax and local consumption tax.
・ “Panel Type” states power generation elements incorporated into solar cell modules in the solar power generation facility
concerned with the specified Assets to be Acquired according to the statement in the “Technical Report” prepared by E&E
Solutions Inc. and other sources.
・ “Panel Output” states the maximum output of solar cell modules in the solar power generation facility concerned with thespecified Assets to be Acquired according to the statement in the “Technical Report” prepared by E&E Solutions Inc. and othersources.
・ “Number of Panels” states the number of solar cell modules in the solar power generation facility concerned with the specified
Assets to be Acquired according to the statement in the “Technical Report” prepared by E&E Solutions Inc. and other sources.
・ “Panel Manufacturer” states the manufacturer of the solar cell modules used in the solar power generation facility concernedwith the specified Assets to be Acquired according to the statement in the “Technical Report” prepared by E&E Solutions Inc.
and other sources.
・ “PCS Manufacturer” states the manufacturer of the power conditioner system (hereinafter “PCS”) used in the solar power
generation facility concerned with the specified Assets to be Acquired according to the statement in the “Technical Report”
prepared by E&E Solutions Inc. and other sources.
・ “EPC Operator” states the contracted operator responsible for the construction of the solar power generation facility concernedwith the specified Assets to be Acquired.
・ “Electricity Output” states either the solar cell module capacity or the PCS capacity of the solar power generation facility
concerned with the specified Assets to be Acquired according to the statement in the “Technical Report” prepared by E&E
Solutions Inc. and other sources, whichever is the smaller.
・ “Estimated Annual Electricity Generation” states the annual electricity generation of the solar power generation facility
concerned with the specified Assets to be Acquired mentioned in the “Technical Report” prepared by E&E Solutions Inc. as thevalue in the 50th percentile of excess probability calculated after a statistical analysis at the local meteorological office of thevariation in solar radiation for twenty years in the first, 10th and 20th years of the operation of the power plant. The value statedis rounded down to the nearest second decimal place. It is to be noted, however, that the 50th percentile of excess probability
differs from the percentile of excess probability that serves as the basis of the calculation of the guaranteed minimum rent that
the Investment Corporation will receive from the lessee in accordance with the agreement on the lease of the power generation
facility and others concerned with the specified Assets to be Acquired.
・ “Estimated Facility Operation Ratio” states the estimated annual operation ratio of the solar power generation facility concernedwith the specified Assets to be Acquired stated in the “Technical Report” prepared by E&E Solutions Inc. as the value in the50th percentile of excess probability calculated after a statistical analysis at the local meteorological office of the variation insolar radiation for twenty years in the first, 10th and 20th years of operation of the power plant. It is to be noted, however, thatthe 50th percentile of excess probability differs from the percentile of excess probability that serves as the basis of thecalculation of the guaranteed minimum rent that the Investment Corporation will receive from the lessee in accordance with the3agreement on the lease of the power generation facility and others concerned with the specified Assets to be Acquired.
“Estimated Facility Operation Ratio” is shown as “Annual Electricity Generation (kWh) / (the rated capacity of the concerned
solar power generation facility (kW) x 8,760 hours) x 100”. The rated capacity used in the above formula is calculated as the
maximum output of each solar cell module multiplied by the number of panels installed.
・ “Platform Foundation Structure” states the structure of the foundation for the module platform in the solar power generation
facility concerned with the specified Assets to be Acquired according to the statement in the “Technical Report” prepared by
E&E Solutions Inc. and other sources.
・ “Type of Right” to the facility states the type of right to be owned by the Investment Corporation to the solar power generation
facility concerned with the specified Assets to be Acquired.
・ “Encumbrance” states the presence or absence of encumbrance that the Investment Corporation is scheduled to bear after theacquisition of the specified Assets to be Acquired.
・ “Operator” states the company that will serve as the operator of the specified Assets to be Acquired as of the date of acquisitionof Assets to be Acquired.
・ “O&M Provider” states the operator that will conclude an effective O&M agreement with respect to major O&M services as ofthe date of acquisition of the specified Assets to be Acquired.
・ “Special Remarks” describe the rights and use of individual projects that are regarded as important as well as other matters thatare considered significant in view of the impact on the appraised value, profitability and disposability of the specified project, inprinciple on the basis of information as of October 29, 2019.
b. “Project Characteristics”
・ “Project Characteristics” describe the basic features, characteristics and regional peculiarities and other factors of the specified
Assets to be Acquired on the basis of the “Technical Report” prepared by E&E Solutions Inc., the “Valuation Report” preparedby Pricewaterhouse Coopers Sustainability LLC, the “Real Estate Appraisal Report” prepared by CBRE K.K., and partly on thebasis of materials obtained by the Asset Manager. These reports and materials merely refer to the judgments and opinions ofoutside specialists at a specific point in time; they do not guarantee the appropriateness and accuracy of their information. Nor
do they reflect changes in circumstances after their preparation.
c. “Electricity Generation in the Past Year”
・ “Electricity Generation in the Past Year” describes the numerical data and information, which are not processed for theaccounting audit and other procedures, in principle provided as they are without being edited by the preceding owner or thecurrent owner of the specified Assets to be Acquired. These data are provided for reference purposes only and may be
incomplete or inaccurate. “Electricity Sold” states the total volume of electricity in the specified month after the per-diem
calculation of the electricity measured on the meter reading day of the month for the simple number of days and electricity inthe specified month after the per diem calculation of the electricity measured on the meter reading day of the following monthfor the simple number of days on the basis of electricity purchased stated in the notice of electricity purchased issued by thepurchasing electric utilities operator. This value is not an indicator stipulated in the corporate accounting standards that are
generally recognized as fair and appropriate in Japan. It is not necessarily calculated in the same manner as in the accounting
treatment adopted by the Investment Corporation, and the circumstances surrounding the specified Assets to be Acquired
serving as a precondition for the calculation may not be the same as those after the acquisition made by the Investment
Corporation.
As a result, the electricity generation in the past year is not necessarily identical to the electricity generation in the future. It does
not ensure, guarantee or forecast the electricity generation in the future, and may differ significantly from the actual electricity
generation in the future depending on the circumstances.

4

(2) Grounds for Acquisition
The Assets to be Acquired are renewable energy generation facilities and the like that comply with the conditions and policy for
asset management prescribed in the articles of incorporation of the Investment Corporation. The acquisition of these Projects isaimed at expanding the scale of the assets of the Investment Corporation and at increasing the net income per unit by improving
the profitability of the Investment Corporation. The acquisition of these Assets is expected to increase the distribution per unit,
exclusive of any distribution of surplus earnings, by 128 yen for the fiscal period ending May 2020. For subsequent periods, theacquisition is deemed to be beneficial to the distribution policy pursued by the Investment Corporation. It is for these reasonsthat the decision on the acquisition in question has been made.

5

(3) Summary of Specific Projects
S-27

LS Sakuragawa 1

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project
Scheduled acquisition date

Expected acquisition price

Assessed Value of Power Plant(as-of date)

Appraised Value of Land(as-of date)
LocationLand

Lease of renewable energy power generation facility and real project (leasehold of superficies)
Type of Renewable Energy Power
Solar power generation
December 2, 2019
Generation Facility
facility
Power Generation
Takara Leben Co., Ltd.
Operator
870,000,000 yen
Purchasing Electric
TEPCO Energy Partner,
Utilities Operator
Incorporated
863,000,000 yen
Outline of- 1,127,000,000 yen
FIT Price
36 yen/kWh
Specific(September 30, 2019)
Contract
The day before the first
Expiration Date ofmeter reading day after
16,900,000 yen
Supply Receipt Period
the lapse of 240 months(September 30, 2019)(Note)
from December 5, 2016
(including this date)
Aza-Ueno, Uenoharachi Shinden, Sakuragawa City, Ibaraki Prefecture

Lot Number

221-34 and other (7 lots)

Panel TypeCIS

Use District

Controlled urbanization area

Panel Output

2,545.92kW

Area

40,636.00m2

Number of Panels

14,976

Type of Right

Leasehold of superficies

Panel Manufacturer

Approval Date

March 24, 2014

Solar Frontier K.K.
DAIHENCORPORATION
Hitachi Zosen
Corporation

PCS Manufacturer
EPC Operator

Supply Start Date

Facility

December 5, 2016

Facility
Remaining
Procurement Period

17 years and 0 month

Electricity Output

1,990.00kW

Estimated
AnnualElectricity
Generation
Estimated
Facility
Operation
Ratio

Year 13,106.04MWh

Year 102,950.74MWh

Year 20
Year 1
Year 102,795.44MWh
13.93%
13.23%

Year 20

12.53%

Expiration Date ofProcurement Period

December 4, 2036

Platform Foundation
Structure

Pile foundation

Procurement Price

36 yen/kWh

Type of Right

LeaseholdEncumbrance

None

Operator

Takara Leben Co., Ltd.

State of Compliance with Risk Control Policy

Public Traits of ProjectToyo Bldg. MaintenanceCo., Ltd.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The otherrisks, such as the business risk, the risk of market and economic conditions and demand change, therisk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, the risk ofinstitutional changes and the other risks apply. The project will be operated in compliance with thecontrol policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
and increase Japan’s presence in the international community- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle land
O&M Provider

6

Special Remarks
 For the land of this project, a leasehold of superficies has been established and registered with the superficiary (a corporation) as lessor, and Takara
Leben Co., Ltd. as lessee. The lease agreement of such superficies after the acquisition by the Investment Corporation is outlined as follows:(Outline of the lease agreement of superficies)
Lessor: Smart Megasolar 1 G.K.
Lessee: the Investment Corporation
Duration: 20 years from January 1, 2017 (a part of land: from October 17, 2018 to December 31, 2036)
Rent: Not disclosed because the lessor's consent has not been obtained
Rent Revision: None
Security Deposit: Guarantee money for demolition costs has been deposited, but the amount is not disclosed because the lessor's consent has not beenobtained
Renewal of Agreement: None
Midterm Cancellation: The lessee may immediately terminate the lease agreement without paying any penalty upon notice to the lessor upon theoccurrence of an act of God, natural disaster, riot or any other event not attributable to the lessee, or if the lessee reasonably determinesthat it is difficult to continue the solar power generation business.
Priority Acquisition Right: None
Consent to Transfer: The lessor has acknowledged that the lessee will transfer its leasehold for the purpose of operating the solar power generation
business by installing a solar power generation facility.
 While the agreement on the establishment of superficies between the landowner (several individuals) as grantor of superficies and Smart Megasolar 1
G.K. as superficiary gives the grantor of superficies the right of midterm cancellation, it provides that when exercising such midterm cancellation rightthe grantor of superficies shall be liable for damage suffered by the superficiary due to such midterm cancellation.
 Although some boundary lines between this project and other adjoining parcels of land are not confirmed in the presence of the owners or in writing,there is no dispute etc. with the owners of such adjoining parcels of land as of the date of this document.
 Drain pipes and cover in this project cross the north boundary with the adjacent road. Permission for the occupancy of such encroaching portion has
been obtained from the Mayor of Sakuragawa City.
 Covered conduits between the parcels of land of this project are laid down across the road and road way. Permission for the occupancy of such laid
down portion has been obtained from the Mayor of Sakuragawa City.
 This project was constructed under the forest development permission obtained jointly with LS Sakuragawa 2 & 3, which is owned by Takara Leben,
and is under the common management and operation with those plants in order to comply with the terms and conditions of said permission.
(Note) It is stipulated that if a recording-type measuring apparatus is used for measurement and the purchasing electric utilities operator gives the power generation operator prior notice of thedate when the value of the electricity meter is recorded in the recording-type measuring apparatus (hereinafter referred to as the “Date of Measurement” in this note), this period shall end
on the day before the Date of Measurement.

Project Characteristics■ Project Characteristics<Location>
The project is located in the northwestern part of Sakuragawa City, Ibaraki Prefecture, behind street commercial district along Route 50.
JR Mito Line “Yamato” Station is in the southeast of the project, and Kita Kanto Expressway “Sakuragawa Chikusei IC” is in the east.
<Weather Conditions>Moka, the nearby weather station, has annual daylight hours of 1,930.7 hours, which is longer than the national average of 1,896.5 hours.
The amount of snowfall is small and the impact on power generation is considered to be minimal. In addition, the wind is not strong, and we believe that
there are no particular factors that impede the implementation of solar power generation in the weather conditions.
<Facilities>
Panels from Solar Frontier K.K. and power conditioners from DAIHEN CORPORATION are used.

Electricity Generation in the Past Year
PeriodElectricity Sold

From: September 1, 2018
To: August 31, 2019For September 2018
230,485kWh

For October 2018
241,197kWh

For November 2018
200,020kWh

For December 2018
198,965kWh

For January 2019
260,143kWh

For February 2019
226,980kWh

For March 2019316,270kWh

For April 2019
323,801kWh

For May 2019347,691kWh

For June 2019

For July 2019

For August 2019257,769kWh

273,059kWh

271,542kWh

7

S-28

LS Sakuragawa 4

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project
Scheduled acquisition date

Expected acquisition price

Assessed Value of Power Plant(as-of date)

Appraised Value of Land(as-of date)

LocationLand

Renewable energy power generation facility, leasehold of real project (leasehold of superficies)
Type of Renewable Energy Power
Solar power generation
December 2, 2019
Generation Facility
facility
Power Generation
Takara Leben Co., Ltd.
Operator
826,000,000 yen
Purchasing Electric
TEPCO Energy Partner,
Utilities Operator
Incorporated
772,000,000 yen
Outline of- 995,000,000 yen
FIT Price
36 yen/kWh
Specific(September 30, 2019)
Contract
The day before the first
Expiration Date ofmeter reading day after
19,700,000 yen
Supply Receipt
the lapse of 240 months(September 30, 2019)
Periodfrom September 28,(Note)
2016 (including thisdate)
Aza-Higashihara, Yomogida, Chikusei City, Ibaraki Prefecture

Lot Number

423-1 and others (23 lots)

Panel Type

Polycrystal silicon

Use District

Urbanization control area

Panel Output

2,421.12kW

Area

48,746.00 ㎡

Number of Panels

Type of Right

Leasehold of superficies

Panel Manufacturer

Approval Date

March 31, 2014

9,312
Neo Solar Power Corp.
(formerly Delsolar Co.,Ltd.)
Fuji Electric Co., Ltd.
Nikaden K.K.
Noguchi Shoji K.K.

PCS Manufacturer
EPC Operator
Facility
Supply Start Date

September 28, 2016

Facility
Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement Price

16 years and 9 months

September 27, 2036
36 yen/kWh

Encumbrance

None

Operator

Takara Leben Co., Ltd.

State of Compliance with Risk Control Policy

Public Traits of Project

Electricity Output

1,920.00kW

EstimatedYear 1
AnnualYear 10
Electricity
Year 20
Generation
EstimatedYear 1
Facility
Year 10
Operation
Year 20
Ratio
Platform Foundation
Structure
Type of Right

2,867.55MWh
2,724.17MWh
2,580.80MWh
13.52%
12.84%
12.17%

Screw pile foundation
Ownership

Toyo Bldg. MaintenanceCo., Ltd.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, therisk of institutional changes and the other risks apply. The project will be operated in compliance withthe control policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
and increase Japan’s presence in the international community- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
O&M Provider

8

community and the effective utilization of idle landSpecial Remarks
 For the land of this project, leasehold of superficies has been established and registered with the superficiary (a corporation) as lessor, and theInvestment Corporation as lessee. The lease agreement of such superficies after the acquisition by the Investment Corporation is outlined as follows.
(Outline of the lease agreement of superficies)
Lessor: Smart Megasolar 1 G.K.
Lessee: the Investment Corporation
Duration: 20 years from September 28, 2016
Rent: Not disclosed because the lessor's consent has not been obtained
Rent Revision: None
Security Deposit: Guarantee money for demolition costs has been deposited, but the amount is not disclosed because the lessor's consent has not beenobtained
Renewal of Agreement: None
Midterm Cancellation: The lessee may terminate without paying penalty if the lessee etc. ceases the solar power generation business due to thereason such as it becomes difficult to install or construct the power generation facility, or to operate the solar power generation business.
Priority Acquisition Right: In the event that the lessor intends to transfer the superficies, the lessee may acquire the superficies in preference to any
third party.
Consent to Transfer: The lessor has acknowledged that the lessee will transfer its leasehold for the purpose of operating the solar power generation
business by installing a solar power generation facility.
 Electric cables between the parcels of land of this project are laid down across the road. Permission for the occupancy of such laid down portion has
been obtained from the Mayor of Sakuragawa City.
(Note) It is stipulated that if a recording-type measuring apparatus is used for measurement and the purchasing electric utilities operator gives the power generation operator prior notice ofthe date when the value of the electricity meter is recorded in the recording-type measuring apparatus (hereinafter referred to as the “Date of Measurement” in this note), this period
shall end on the day before the Date of Measurement.

Project Characteristics■ Project Characteristics<Location>
This project is located on the city boundary between Sakuragawa City and Chikusei City, Ibaraki Prefecture.
JR Mito Line “Yamato” Station is located in the southeast of the project, and Kita Kanto Expressway “Sakuragawa Chikusei IC” is located in the east.
<Weather Conditions>
The nearest observatory (Moka) has annual daylight hours of 1,930.7 hours, which is longer than the national average of 1,896.5 hours.
The amount of snowfall is small and the impact on power generation is considered to be minimal. In addition, the wind is not strong, and we believethat there are no particular factors that impede the implementation of solar power generation in the weather conditions.
<Facilities>
Panels from Neo Solar Power Corp. (formerly Delsolar Co., Ltd.) and power conditioners from Fuji Electric Co., Ltd. are used.
Electricity Generation in the Past Year
PeriodElectricity Sold

From: September 1, 2018
To: August 31, 2019For September 2018
196,847kWh

For October 2018
207,083kWh

For November 2018
181,952kWh

For December 2018
165,827kWh

For January 2019
226,575kWh

For February 2019
200,400kWh

For March 2019274,480kWh

For April 2019
305,131kWh

For May 2019351,309kWh

For June 2019

For July 2019

For August 2019

251,813kWh

235,937kWh

278,046kWh

9

S-29

LS Chiba Sammu, East/West

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project
Scheduled acquisition date
Expected acquisition price

Assessed Value of Power Plant(as-of date)Renewable energy power generation facility, real projectType of Renewable Energy Power
December 2, 2019
Generation Facility
Outline ofPower Generation
2,290,000,000 yen
Specific
Operator
Contract
Purchasing Electric
Utilities Operator
2,096,000,000 yen- 2,850,000,000 yen
FIT Price(September 30, 2019)

Expiration Date ofSupply Receipt
PeriodAppraised Value of Land(as-of date)

546,000,000 yen(September 30, 2019)

Location

Aza-Nishi-Maaraidai, Shiizaki, Sammu City, Chiba Prefecture
Lot Number

1407 and others (6 lots)

Panel TypeUse District

Non-classified city planning area

Panel Output

Area

138,762.00 ㎡

Number of Panels

Type of Right

Ownership

Panel Manufacturer

Approval Date

(East) August 2, 2013
(West) August 2, 2013Land

PCS Manufacturer
EPC Operator
Electricity Output

Supply Start Date

Facility(East) March 30, 2017
(West) March 30, 2017

Estimated
AnnualElectricity
Generation

Facility

Remaining
Procurement Period

Expiration Date ofProcurement Period
Procurement Price

Estimated
Facility
Operation
Ratio(East) 17 years and 3 months(West) 17 years and 3 months(East) March 29, 2037
(West) March 29, 2037
36 yen/kWh

Encumbrance

None

Operator

Takara Leben Co., Ltd.

State of Compliance with Risk Control Policy

Year 1
Year 10
Year 20
Year 1
Year 10
Year 20

Platform Foundation
Structure
Type of Right

Solar power generation
facility
Leben Solar Chiba
Sammu G.K.
TEPCO Power Grid,
Incorporated
36 yen/kWh(East) After March 30,
2017, the day before thedate of measurement
immediately after March
29, 2037(West) After March 30,
2017, the day before thedate of measurement
immediately after March
29, 2037

CIS(East) 2,584.00kW(West) 2,475.20kW(East) 15,200(West) 14,560
Solar Frontier K.K.
Toshiba MitsubishiElectric Industrial
Systems Corporation
Toshiba Plant Systems& Services Corporation(East) 1,990.00kW(West) 1,990.00kW(East) 3,132.28MWh(West) 3,007.94MWh(East) 2,975.67MWh(West) 2,857.54MWh(East) 2,819.05MWh(West) 2,707.14MWh(East) 13.84%(West) 13.87%(East) 13.15%(West) 13.18%(East) 12.45%(West) 12.49%
Cast-in method (sander
pile method)
Ownership

Toyo Bldg.
Maintenance Co., Ltd.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
O&M Provider

10

Public Traits of Project

the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk andthe risk of institutional changes apply. The property will be operated in compliance with the control
policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
and increase Japan’s presence in the international community- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle landSpecial Remarks
 For a portion of land of this project, under the land acquisition agreement between the third preceding landowner and Sammu City (hereinafter the“Land Acquisition Agreement” in this section), a special agreement for reacquisition is set forth, with Sammu City as the right holder and thereacquisition period of 5 years from March 16, 2016. The Land Acquisition Agreement sets forth that such right of reacquisition may be exercisedwhen the relevant land is used for any purpose other than for the site of construction of a solar power generation facility.
 Although some boundary lines between this project and other adjoining parcels of land are not confirmed in the presence of the owners or inwriting, there is no dispute etc. with the owners of such adjoining parcels of land as of the date of this document.
 Drain pipes and a U-shaped gutter existing on this project cross the boundary with the road running north to south in the center of this project.
Permission for the occupancy of such encroaching portion has been obtained from the Mayor of Sammu City.
 The road running from north to south in the center of this project retracted beyond the actual boundary toward the side of this project, and part of thisproject is used for public usage. The above-mentioned retracted part of this road is maintained by the preceding owner.
 This project temporarily stopped power generation due to the influence of Typhoon No. 15 and then resumed operation. Although there is nothing
to interfere with power generation in the assets to be acquired by the Investment Corporation, the sale of electricity is limited up to 1,000kWh per
day as of the date of this press release at the request of the power company. If the restriction continues even after the Investment Corporation's
acquisition, the Investment Corporation will be able to obtain the minimum guaranteed rent from the lessee.

Project Characteristics■ Project Characteristics<Location>
The project is located in the western part of Sammu City, Chiba Prefecture, about 1 km northeast of “Hyuga” Station on the JR Sobu Main Line,
where there are mainly forests and fields and houses are sparsely scattered.
<Weather Conditions>
The weather station near the power station (Yokoshibahikari) has annual daylight hours of 1,905.8 hours, which is comparable to the national averageof 1,896.5 hours. Although the depth of snow has not been measured in Yokoshibahikari, according to the data in Choshi, the nearest insulator withsnow cover data, it is judged that the amount of snowfall is small and the effect on power generation is negligible. In addition, the wind is not strong,
and it is believed that no special elements that impede the implementation of solar energy power generation are found.
<Facilities>
Panels from Solar Frontier K.K. and power conditioners from Toshiba Mitsubishi Electric Industrial Systems Corporation are used.
Electricity Generation in the Past Year
PeriodElectricity Sold

From: September 1, 2018
To: August 31, 2019For September 2018468,657kWhFor October 2018393,419kWh

For November 2018351,150kWh

For December 2018
370,001kWh

For January 2019
410,824kWh

For February 2019
383,118kWh

For March 2019529,326kWh

For April 2019596,704kWh

For May 2019
625,399kWh

For June 2019

For July 2019

For August 2019

532,042kWh

565,669kWh

522,509kWh

11

S-30

LS Nagasaki Isahaya

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project
Scheduled acquisition date
Expected acquisition price

Assessed Value of Power Plant(as-of date)Renewable energy power generation facility, real project, superficies
Type of Renewable Energy Power
December 2, 2019
Generation Facility
Outline ofPower Generation
575,000,000 yen
Specific
Operator
Contract
Purchasing Electric
Utilities Operator
543,000,000yen- 717,000,000 yen
FIT Price(September 30, 2019)

Expiration Date ofSupply Receipt
PeriodAppraised Value of Land(as-of date)

18,300,000 yen(September 30, 2019)

Location

Matsuzatomachi, Isahaya City, Nagasaki Prefecture

Solar power generation
facility
Takara Leben Co., Ltd.
Kyushu Electric Power
Company, Incorporated
27 yen/kWh
The day before themeter reading day of the240th month from themonth immediately
following the month
during which the firstmeter reading day
occurs after November
22, 2017

Lot Number

871 and others (19 lots)

Panel Type

Polycrystal silicon

Use District

Outside the city planning area

Panel Output

2,022.46kWArea32,131.00 ㎡

Number of Panels

6,974

Type of Right

Superficies and ownership

Panel Manufacturer

Approval Date

January 15, 2016

REC Solar Pte. Ltd.
SolarEdge
Technologies, Ltd.
MKG JAPAN CO.,
LTD.

Land

PCS Manufacturer
EPC Operator
Facility
Supply Start Date

November 22, 2017

Facility

Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement Price
Encumbrance

17 years and 11 months

November 21, 2037
27 yen/kWh

Electricity Output

1,598.40kW

EstimatedYear 1
AnnualYear 10
Electricity
Year 20
Generation
EstimatedYear 1
Facility
Year 10
Operation
Year 20
Ratio
Platform Foundation
Structure
Type of Right

2,455.15MWh
2,332.39MWh
2,209.63MWh
13.86%
13.16%
12.47%
Pile foundation
Ownership

None

Operator

Takara Leben Co., Ltd.
O&M Provider
Energy O&M Inc.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
State of Compliance with Risk Control Policy
the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, therisk of institutional changes and the other risks apply. The project will be operated in compliance withthe control policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of the
Public Traits of Projectgreenhouse gases, at the time of electricity generation to contribute to environmental improvement
and increase Japan’s presence in the international community

12

- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle landSpecial Remarks
 For the land in part of this project (hereinafter referred to as the “Land” in this Section), the superficies have been established and registered with thelandowner (a corporation/an individual) as grantor of superficies and the Investment Corporation as superficiary. The agreement on theestablishment of superficies after the acquisition by the Investment Corporation is outlined as follows.
(Outline of the agreement on the establishment of superficies (a corporation))
Grantor of superficies: Corporation
Superficiary: the Investment Corporation
Duration: May 17, 2017 to May 17, 2038
Rent: Not disclosed because the grantor's consent has not been obtained
Rent Revision: None
Security Deposit: None
Renewal of Agreement: The superficiary may request the grantor of superficies in writing for the renewal of the agreement at least 90 days prior to
the expiration for a period of 5 years from the day immediately following the date of expiration on the same terms and conditions.
Upon receipt of such request, the grantor of superficies shall respond to the superficiary within 30 days from the date of request
whether or not such request is accepted. In the absence of response within such period, the grantor of superficies shall be deemed tohave accepted such request.
Midterm Cancellation: The superficiary may terminate without paying penalty if the superficiary etc. ceases the solar power generation business dueto the reason such as it becomes difficult to install or construct the power generation facility, or to operate the solar power generation
business.
Priority Acquisition Right: In the event that the grantor of superficies transfers the land, the superficiary may purchase the land in preference to any
third party.
Consent to Transfer: The grantor of superficies has acknowledged that the superficiary will transfer its superficies for the purpose of operating thesolar power generation business by installing a solar power generation facility.
(Outline of the agreement on the establishment of superficies (an individual))
Grantor of superficies: Individual
Superficiary: the Investment Corporation
Duration: April 22, 2016 to April 21, 2038
Rent: Has been paid
Rent Revision: None
Security Deposit: None
Renewal of Agreement: The agreement will be automatically renewed for one year unless either party gives notice to the other party not later than six
months prior to the expiration of the period.
Midterm Cancellation: The superficiary may terminate without paying penalty if the superficiary etc. ceases the solar power generation business dueto the reason such as it becomes difficult to install or construct the power generation facility, or to operate the solar power generation
business.
Priority Acquisition Right: In the event that the grantor of superficies transfers the land, the superficiary may purchase the land in preference to any
third party.
Consent to Transfer: The grantor of superficies has acknowledged that the superficiary will transfer the superficies for the purpose of operating thesolar power generation business by installing a solar power generation facility.
 Although some boundary lines between this project and other adjoining parcels of land are not confirmed in the presence of the owners or inwriting, there is no dispute etc. with the owners of such adjoining parcels of land as of the date of this document.
 Drain pipes, side ditch and catchment located on the south side and the southwest side of this project cross the boundary with the road on the south
side and the southwest side, respectively. Permission for the occupancy of such encroaching portion has been obtained from the Mayor of Isahaya
City.
 Electric cables are located across the road between the lands of this project. Permission for the occupancy of such laying cables has been obtained
from the Mayor of Isahaya City.
 An agreement on the preservation of environment has been executed between neighboring power generation operators and Isahaya City, pursuant
to which the transfer of the solar power generation facility on the land of this project requires the prior written consent of Isahaya City. Such consent
is to be obtained hereafter.
 As of the date of this press release, an Application for Plan Change of Renewable Energy Power Generation Business has been submitted to the
Minister of METI to add a part of the land of this project to the lands for development, but approval under Paragraph (1) of Article 10 of theRenewable Energy Special Measures Act has not been obtained.

Project Characteristics■Project Characteristics<Location>
The Project is located near Tachibana Bay at the southern end of Isahaya City, Nagasaki Prefecture.

13

On the south side of the project, National Route 251 crosses, and Shimabara Railway Line “Onohonmachi Station” is located 6.5km north.
The area around the project is dotted with fields, etc., mainly in the forest.
<Weather Conditions>
The weather station (Unzendake) near the power plant has annual daylight hours of 1,444.6 hours, which is shorter compared to the national average of
1,896.5 hours. According to the meteorological data at the weather station (Nagasaki) used for the influence of snow, it is judged that the amount ofsnowfall is small and the effect on power generation is negligible. As there is a possibility that strong wind may blow in this area, it is necessary toconsider wind loads. It is believed that no other special factors that impede the implementation of solar energy power generation are found.
<Facilities>
The panel from REC Solar Pte. Ltd. and the power conditioner from SolarEdge Technologies, Ltd. are used.
Electricity Generation in the Past Year
PeriodElectricity Sold

From: September 1, 2018
To: August 31, 2019For September 2018
164,193kWh

For October 2018
177,707kWh

For November 2018
162,097kWh

For December 2018
133,678kWh

For January 2019
158,489kWh

For February 2019
154,102kWh

For March 2019
208,007kWh

For April 2019
201,946kWh

For May 2019
172,509kWh

For June 2019

For July 2019

For August 2019

191,909kWh

211,680kWh

173,936kWh

14

S-31

LS Shioya 2

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project
Scheduled acquisition date

Expected acquisition price

Assessed Value of Power Plant(as-of date)

Appraised Value of Land(as-of date)
LocationLand

Renewable energy power generation facility, real projectType of Renewable Energy Power
December 2, 2019
Generation Facility
Power Generation
Operator
4,797,000,000 yen
Purchasing Electric
Utilities Operator
4,509,000,000 yen
Outline of- 6,188,000,000 yen
FIT Price
Specific(September 30, 2019)
Contract
Expiration Date of
1,110,000,000 yen
Supply Receipt(September 30, 2019)
Period(Note)

Takara Leben Co., Ltd.
TEPCO Energy Partner,
Incorporated
36 yen/kWh
The day before the firstmeter reading day after
the lapse of 240 months
from May 1, 2018
(including this date)

Aza–Shimogawara, Oaza-Doshita, Shioyamachi, Shioya-gun, Tochigi Prefecture
Lot Number

1 and others (16 lots)

Panel Type

Monocrystalline silicon

Use District

Non-classified city planning area

Panel Output

11,469.60kW

Area145,094 ㎡

Number of Panels

38,880Type of Right

Ownership

Panel Manufacturer

Approval Date

January 28, 2014

PCS Manufacturer

Trina Solar (Japan) Ltd.
SUNGROW POWER
SUPPLY CO., LTD.
KANDENKO CO.,LTD.

EPC Operator

Facility
Supply Start Date

May 1, 2018

Facility

Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement Price
Encumbrance

Solar power generation
facility

18 years and 4 months

April 30, 2038
36 yen/kWh

Electricity Output

8,910.00kW

EstimatedYear 1
AnnualYear 10
Electricity
Year 20
Generation
EstimatedYear 1
Facility
Year 10
Operation
Year 20
Ratio
Platform Foundation
Structure
Type of Right

12,974.36MWh
12,325.64MWh
11,676.92MWh
12.91%
12.27%
11.62%
Concrete-based
foundation
Ownership

None

Operator

Takara Leben Co., Ltd.
O&M Provider
Energy O&M Inc.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
State of Compliance with Risk Control Policy
the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, therisk of institutional changes and the other risks apply. The project will be operated in compliance withthe control policy specified in the risk control policy in order to properly control these risks.
- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
and increase Japan’s presence in the international community
Public Traits of Project- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle landSpecial Remarks
 Although some boundary lines between this project and other adjoining parcels of land are not confirmed in the presence of the owners or inwriting, there is no dispute etc. with the owners of such adjoining parcels of land as of the date of this document.

15 An administrative office (one building) for management of operations and maintenance of power generation facilities belonging to a third party
exists on the land of the project. The operator has signed an agreement with this third party that provides for a lease of use pertaining to the site on
which the building is located for the purpose of providing for holding the building.
 A steel tower for power transmission lines owned by TEPCO Power Grid, Incorporated exists on the land of the project. The operator has signed anagreement with this company that provides for a lease of use pertaining to the site on which the tower is located.
 The operator has signed an agreement with TEPCO Power Grid, Incorporated regarding a portion of the land of the project (477.02 ㎡) for the
purpose of the company’s power transmission lines. In addition to placing limits on the construction of buildings and installation of facilities that willinterfere with the transmission lines, the company is also able to enter the land of the project for the purpose of installation, maintenance andmanagement of the transmission route. These lines are not located above the solar power generation facilities and will not impact the power
generation business.
(Note) It is stipulated that if a recording-type measuring apparatus is used for measurement and the purchasing electric utilities operator gives the power generation operator prior notice ofthe date when the value of the electricity meter is recorded in the recording-type measuring apparatus (hereinafter referred to as the “Date of Measurement” in this note), this period
shall end on the day before the Date of Measurement.

Project Characteristics■ Project Characteristics<Location>
This project is located in the eastern part of Shioya-cho, Shioya-gun, Tochigi Prefecture.
The area surrounding the project is dotted with fields, detached houses, factories, etc.
<Weather Conditions>
The weather station (Shioya) near the power station has annual daylight hours of 1,765.7 hours, which is slightly less than the nationwide prefectural
governed regional average of 1,896.5 hours. Although the depth of snow is not measured in Shioya, according to the data in Utsunomiya, the nearest
insulator with snow cover data, it is judged that the amount of snowfall is small and the effect on power generation is negligible. In addition, the wind is
not strong, and it is believed that no special elements that impede the implementation of solar energy power generation are found.
<Facilities>
The panel from Trina Solar (Japan ) Ltd. and the power conditioner from SUNGROW POWER SUPPLY CO., LTD. are used.
Electricity Generation in the Past Year
PeriodElectricity Sold

From: September 1, 2018
To: August 31, 2019For September 2018858,624kWhFor October 2018
1,035,600kWh

For November 2018
906,936kWh

For December 2018745,224kWh

For January 2019
1,032,312kWh

For February 2019
1,037,232kWh

For March 2019
1,432,368kWh

For April 2019
1,411,176kWh

For May 2019
1,717,440kWh

For June 2019

For July 2019

For August 2019

1,210,104kWh

932,736kWh

1,318,968kWh

16

S-32

LS Hiroshima Mihara

Category

Solar power generation facility, etc.

Project Overview
Type of Specific Project
Scheduled acquisition date
Expected acquisition price

Renewable energy power generation facility, superficies
Type of Renewable Energy Power
December 2, 2019
Generation Facility
Outline ofPower Generation
4,500,000,000 yen
Specific
Operator
Contract

Solar power generation
facility
Leben Solar Hiroshima
Mihara G.K.

Purchasing Electric
Utilities Operator

The Chugoku ElectricPower Company,
Incorporated

Assessed Value of Power Plant(as-of date)

4,495,000,000 yen- 6,026,000,000 yen(September 30, 2019)

FIT Price

36 yen/kWh

Appraised Value of Land(as-of date)

95,000,000 yen(September 30, 2019)

Expiration Date ofSupply Receipt
Period (Note 1)

The day before themeter reading day in
February, 2039

Location

Aza–Imadayama, Kuicho Yamanakano, Mihara City, Hiroshima Prefecture

Land

Lot Number

10327-1 and others (14 lots)

Panel Type

Polycrystal silicon

Use District

Outside the city planning area

Panel Output

11,216.70kW

Area

170,220.48 ㎡

Number of Panels

Type of Right

Superficies (Note 2)

Panel Manufacturer

Approval Date

November 27, 2013

40,788
Shanghai JA Solar
Technology Co., Ltd.
Fuji Electric Co., Ltd.
F Bit CommunicationsCorp.

PCS Manufacturer
EPC Operator

Facility
Supply Start Date

February 1, 2019

Facility
Remaining
Procurement Period
Expiration Date ofProcurement Period
Procurement Price

19 years and 1 monthJanuary 31, 2039
36 yen/kWh

Encumbrance

None

Operator

Takara Leben Co., Ltd.

State of Compliance with Risk Control Policy

Public Traits of Project

Electricity Output

9,599.00kW

EstimatedYear 1
AnnualYear 10
Electricity
Year 20
Generation
EstimatedYear 1
Facility
Year 10
Operation
Year 20
Ratio
Platform Foundation
Structure
Type of Right

13,958.04MWh
13,260.14MWh
12,562.24MWh
14.21%
13.50%
12.78%
Pile foundation
Ownership

F Bit Communications
Corp.
This project is invested in independently by the Investment Corporation and is not jointly invested.
Among the risks specified in the risk control policy, the risk of joint investors does not apply. The
other risks, such as the business risk, the risk of market and economic conditions and demand change,
the risk of demand of specific consumers, the credit risk (risk of limited users), the liquidity risk, therisk of institutional changes and the other risks apply. The project will be operated in compliance withthe control policy specified in the risk control policy in order to properly control these risks- Introduction of renewable energy that helps suppress the generation of carbon dioxide, one of thegreenhouse gases, at the time of electricity generation to contribute to environmental improvement
and increase Japan’s presence in the international community- Increase in the use of renewable energy amid significant dependency on the import of fossil fuelsfrom overseas for power generation purposes to improve the energy self-sufficiency rate
- Effects of regional revitalization such as the creation of jobs related to renewable energy in the local
community and the effective utilization of idle land
O&M Provider

Special Remarks
 For the land of this project, the superficies have been established and registered with the landowner (a corporation) as grantor of superficies and17

Leben Solar Hiroshima Mishima K.K. as superficiary. The registration of change of the name of the superficies to Leben Solar Hiroshima Mishima
G.K. will be made by the seller before the acquisition by the Investment Corporation. The agreement on the establishment of superficies after theacquisition by the Investment Corporation is outlined as follows.
(Outline of the agreement on the establishment of superficies)
Grantor of Superficies: Corporation
Superficiary: the Investment Corporation
Duration: 25 years from February 1, 2019
Rent: Not disclosed because the grantor's consent has not been obtained
Rent Revision: None
Security Deposit: None
Renewal of Agreement: Unless the superficiary gives the grantor of superficies a notice to terminate the agreement at least 60 days prior to the
expiration thereof, it shall renew for another year.
Midterm Cancellation: The superficiary may terminate the agreement without paying penalty if the solar power generation facility is destroyed ormaterially damaged, or the land of this project is destroyed or damaged in whole or in part and it becomes difficult to conduct thebusiness.
Priority Acquisition Right: None
Consent to Transfer: The grantor of superficies has acknowledged that the superficiary will transfer the superficies for the purpose of operating thesolar power generation business by installing a solar power generation facility.
 Although some boundary lines between this project and other adjoining parcels of land are not confirmed in the presence of the owners or inwriting, there is no dispute etc. with the owners of such adjoining parcels of land as of the date of this document.
 A (buried) wiring pipe conduit in this project crosses the peripheral streets. Permission for occupancy as to such crossing has been obtained from the
Mayor of Mihara City.
 An agreement with Mihara City has been executed regarding maintenance and management of a disaster prevention pond created on a part of theland of this project, and it is set forth that the transfer of superficies established with respect to the site of the disaster prevention pond requires theconsent of Mihara City. For the acquisition of such superficies by the Investment Corporation, said consent is to be obtained from Mihara City.
 Drain pipes in this project cross the north boundaries with adjoining parcels of land. A memorandum concerning such crossing has been executedwith each owner of said land.
 A pole brace in this project crosses the north boundary with the adjoining land. Such crossing will be resolved by removing the pole brace.
 An outflow facility and drainage pipes in this project crosses the west boundary with the adjoining canal. Permission for occupancy as to suchcrossing has been obtained from the mayor of Mihara City.
 A retaining wall in this project crosses the south boundary with the adjoining land. Although such crossing is not confirmed in writing, there is nodispute etc. with the owner of such adjoining land as of the date of this document.
 A concrete structure on the adjoining land on the south of this project crosses the boundary of this project. This crossing is left as is because this does
not impact the power generation business. However, if it is deemed likely to cause risks, it will be discussed with Mihara City, the custodian.
(Note 1) It is stipulated that if a recording-type measuring apparatus is used for measurement and the purchasing electric utilities operator gives the power generation operator prior notice ofthe date when the value of the electricity meter is recorded in the recording-type measuring apparatus (hereinafter referred to as the “Date of Measurement” in this note), this period
shall end on the day before the Date of Measurement.
(Note 2) For some part of the land adjacent to this project (approx. 96.89m2), an easement has been created by making each lot's owner as setter and a part of the land of this project (land forthe disaster prevention pond) as the dominant estate for the purpose of constructing canals etc.

Project Characteristics■Project Characteristics<Location>
Mihara City is located in the southern part of Hiroshima Prefecture.
The project and the surrounding area are located in the middle of Mihara City, and there are mainly forests and farmland dotted with detached houses.
<Weather Conditions>
The Sera Meteorological Observatory (hereinafter referred to as “Sera”), which is located closest to the project site, has annual daylight hours of 1,733.9
hours, which can be said to be shorter than the nationwide prefectural governed regional average of 1,896.5 hours. Although the depth of snow is notmeasured in Sera, according to the data in Hiroshima, the nearest insulator with snow cover data, it is judged that the amount of snowfall is small andthe effect on power generation is negligible. In addition, the wind is not strong, and it is believed that no special elements that impede theimplementation of solar energy power generation are found.
<Facilities>
Panels from Shanghai JA Solar Technology Co., Ltd and power conditioners from Fuji Electric Co., Ltd. are used.

18

Electricity Generation in the Past Year
PeriodElectricity Sold

From: September 1, 2018
To: August 1, 2019For September 2018For October 2018

For November 2018

For December 2018

---

---

---

---

For January 2019

For February 2019

For March 2019

For April 2019---

869,400kWh

1,268,100kWh

1,388,900kWh

For May 2019

For June 2019

For July 2019

For August 2019

1,777,300kWh

1,422,700kWh

1,213,500kWh

1,270,600kWh19

(4) Outline of Leases
For each of the Assets to be Acquired, the following describes the details of the lease agreement of the power
generation facility and others that will be effective as of each scheduled date of acquisition.
The sections on Lessee, Lease Period, Rent, Security Deposit, Renewal at Time of Expiration, Rent Revision,
Early Termination, Penalty and Method of Agreement Renewal include the terms and conditions of the leaseagreement of the power generation facility and others that will be effective as of each scheduled date of acquisitionof the Assets to be Acquired. Guaranteed Minimum Rent represents the total of the guaranteed minimum amountof monthly rent stipulated in the lease agreement of the power generation facility and others for each year from thestart date of the lease.
S-27

LS Sakuragawa 1

LesseeLease Period

Rent

Security
Deposit

Renewal at
Time of
Expiration

Rent Revision

Takara Leben Co., Ltd.
From December 2, 2019 to December 1, 2039
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1. The guaranteed minimum monthly rent shall be identical to the estimated revenue of electricity sales for eachmonth, exclusive of consumption tax and local consumption tax. The guaranteed minimum rent for any periodof less than one month shall be calculated on a per diem basis, and any fraction of less than one yen shall be
disregarded. However, the calculation of the security deposit shall use the amount of the guaranteed minimum
rent exclusive of consumption tax and local consumption tax. The 75th percentile of excess probability of
estimated electricity generation shall be the standard percentile on the basis of which the guaranteed minimum
rent is calculated.
2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shallbe calculated using the formula shown below. Any fraction of less than one yen generated in the calculation
shall be disregarded.
(1) If the actual revenue of power sales (x)equals to or does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z” is theamount (if any) received by the lessee during said month for wholesale supply to electric power retailers.
3. As used in 2 above, the actual revenue of power sales for the month refers to the amount calculated by adding
the following amounts to the charge based on the total of the electricity volume for the month calculated on a
per diem basis from the volume measured on the meter reading date of the month concerned and that for thefollowing month calculated on a per diem basis from the volume measured on the meter reading date of thesaid month:(1) The amount of compensation for output suppression implemented for the month concerned; and(2) The amount of the insurance benefit received by the lessee (including the amount received by the
security interest holder or the holder of the transferred security interest in connection with the security
interest set on the insurance benefit claim right of the lessee) under the business interruption insurance
policy with the lessee as the insured to cover the lost interest for the month in association with the solar
power generation facility, including the incidental substation facility and other related facilities, and tocover the expenses for preventing a decrease in revenue.
4. For calculating the performance-linked rent for a period of less than one month in accordance with 2 above,
the actual revenue of power sales for the month calculated in accordance with the substance of 3 above andthe estimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome for any fiscal period during the lease period becoming negative, the lessee shall pay the lessor under thelease agreement an amount equivalent to one quarter of the guaranteed minimum rent (rounded down to the nearestyen) for one calendar year under which the fiscal period falls as a security deposit for the purpose of securing all
liabilities of the lessee to the lessor pursuant to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as aresult of the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed
as a result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of the20

rent based on consideration of the selling prices applicable to the new selling destinations.
1.

Midterm
Cancellation

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum
Rent

2.

The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2029
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2029 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said dateshall have no effect for cancellation.
Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 5

105,725,021 yen

105,410,836 yen

104,873,033 yen

104,335,229 yen

103,797,424 yen

Year 6

Year 7

Year 8Year 9Year 10103,259,583 yen

102,721,778 yen

102,183,976 yen

101,646,171 yen

101,108,368 yen

Year 11

Year 12

Year 13

Year 14

Year 15

100,570,562 yen

100,032,723 yen

99,494,919 yen

98,957,115 yen

98,419,307 yen

Year 16

Year 17

Year 18

Year 19

Year 20

97,881,507 yen

97,343,702 yen

22,148,078 yen

21,392,897 yen

21,273,383 yen

21

S-28

LS Sakuragawa 4LesseeLease Period

Takara Leben Co., Ltd.

Penalty

From December 2, 2019 to December 1, 2039
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1. The guaranteed minimum monthly rent shall be identical to the estimated revenue of electricity sales for eachmonth, exclusive of consumption tax and local consumption tax. The guaranteed minimum rent for any periodof less than one month shall be calculated on a per diem basis, and any fraction of less than one yen shall be
disregarded. However, the calculation of the security deposit shall use the amount of the guaranteed minimum
rent exclusive of consumption tax and local consumption tax. The 75th percentile of excess probability of
estimated electricity generation shall be the standard percentile on the basis of which the guaranteed minimum
rent is calculated.
2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shallbe calculated using the formula shown below. Any fraction of less than one yen generated in the calculation
shall be disregarded.
(1) If the actual revenue of power sales (x) equals to or does not exceed the estimated power sales amount(y):
X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z” is theamount (if any) received by the lessee during said month for wholesale supply to electric power retailers.
3. As used in 2 above, the actual revenue of power sales for the month refers to the amount calculated by adding
the following amounts to the charge based on the total of the electricity volume for the month calculated on a
per diem basis from the volume measured on the meter reading date of the month concerned and that for thefollowing month calculated on a per diem basis from the volume measured on the meter reading date of thesaid month:(1) The amount of compensation for output suppression implemented for the month concerned; and(2) The amount of the insurance benefit received by the lessee (including the amount received by the
security interest holder or the holder of the transferred security interest in connection with the security
interest set on the insurance benefit claim right of the lessee) under the business interruption insurance
policy with the lessee as the insured to cover the lost interest for the month in association with the solar
power generation facility, including the incidental substation facility and other related facilities, and tocover the expenses for preventing a decrease in revenue.
4. For calculating the performance-linked rent for a period of less than one month in accordance with 2 above,
the actual revenue of power sales for the month calculated in accordance with the substance of 3 above andthe estimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome for any fiscal period during the lease period becoming negative, the lessee shall pay the lessor under thelease agreement an amount equivalent to one quarter of the guaranteed minimum rent (rounded down to the nearestyen) for one calendar year under which the fiscal period falls as a security deposit for the purpose of securing all
liabilities of the lessee to the lessor pursuant to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as aresult of the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed
as a result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of therent based on consideration of the selling prices applicable to the new selling destinations.
1. The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2029
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2029 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said dateshall have no effect for cancellation.
2. Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None

Method of

None

Rent

Security
Deposit

Renewal at
Time of
Expiration

Rent Revision

Midterm
Cancellation

22

Agreement
RenewalGuaranteed
Minimum
Rent

Year 1

Year 2

Year 3

Year 4

Year 597,601,397 yen

97,310,631 yen

96,813,613 yen

96,316,600 yen

95,819,584 yen

Year 6

Year 7

Year 8Year 9Year 10

95,322,556 yen

94,825,511 yen

94,328,497 yen

93,831,480 yen

93,334,465 yen

Year 11

Year 12

Year 13

Year 14

Year 15

92,837,447 yen

92,340,423 yen

91,843,381 yen

91,346,362 yen

90,849,346 yen

Year 16

Year 17

Year 18

Year 19

Year 20

90,352,329 yen

79,885,207 yen

19,857,394 yen

19,746,938 yen

19,636,491 yen

23

S-29

LS Chiba Sammu East/West

LesseeLease Period

Rent

Security
Deposit

Renewal at
Time of
Expiration

Rent Revision

Leben Solar Chiba Sammu G.K.
From December 2, 2019 to December 1, 2039
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1. The guaranteed minimum monthly rent shall be the amount equivalent to the estimated revenue of electricity
sales for each month after the following adjustments, exclusive of consumption tax and local consumption tax.
The guaranteed minimum rent for any period of less than one month shall be calculated on a per diem basis,
and any fraction of less than one yen shall be disregarded. However, the calculation of the security deposit
shall use the amount of the guaranteed minimum rent without making the following adjustments, exclusive ofconsumption tax and local consumption tax. The 75th percentile of excess probability of estimated electricity
generation shall be the standard percentile on the basis of which the guaranteed minimum rent is calculated.
(1)
The amount equivalent to the revenue of electricity sales for the relevant month multiplied by
1.4/100 (rounded down to the nearest yen) shall be deducted;(2)
Solely for a month immediately following the closing of each fiscal period (from June 1 toNovember 30 of each year, and from December 1 to May 31 of the following year), if the amount ofenterprise tax imposed on the lessee for such fiscal period exceeds the total amount deducted under (1)above, then the resulting difference between the two amounts shall be deducted; and(3)
Solely for a month that includes the closing of each fiscal period (referring to the last day ofeach fiscal period), the per capita tax amount of local inhabitant tax imposed on the lessee for the
relevant fiscal period shall be deducted.
2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shallbe calculated using the formula shown below. Any fraction of less than one yen generated in the calculation
shall be disregarded.
(1) If the actual revenue of power sales (x) equals or does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z” is theamount (if any) received by the lessee during said month for wholesale supply to electric power retailers.
3. As used in 2 above, the actual revenue of power sales for the month refers to the amount calculated by adding
the following amounts to the charge based on the total of the electricity volume for the month calculated on a
per diem basis from the volume measured on the meter reading date of the month concerned and that for thefollowing month calculated on a per diem basis from the volume measured on the meter reading date of thesaid month.
(1) The amount of compensation for output suppression implemented for the month concerned; and(2) The amount of the insurance benefit received by the lessee (including the amount received by the
security interest holder or the holder of the transferred security interest in connection with the security
interest set on the insurance benefit claim right of the lessee) under the business interruption insurance
policy with the lessee as the insured to cover the lost interest for the month in association with the solar
power generation facility, including the incidental substation facility and other related facilities, and tocover the expenses for preventing a decrease in revenue.
4. For calculating the performance-linked rent for a period of less than one month in accordance with 2 above,
the actual revenue of power sales for the month calculated in accordance with the substance of 3 above andthe estimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome of the Operator (referring to Takara Leben Co., Ltd. as an operator of the Facility, as defined under the
Securities Listing Regulations and their Enforcement Rules of the Tokyo Stock Exchange as being a person to be
in charge of making decisions on matters concerning the management of the Facility) for any fiscal period during
the lease period becoming negative, the lessee shall provide the lessor under the lease agreement an amountequivalent to one quarter of the guaranteed minimum rent (rounded down to the nearest yen) for one calendar year
under which the fiscal period falls as a security deposit for the purpose of securing all liabilities of the lessee to thelessor pursuant to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as aresult of the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed
as a result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of therent based on consideration of the selling prices applicable to the new selling destinations.

24

1.

Midterm
Cancellation

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum
Rent (Note)

2.

The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2029
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2029 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date or
earlier shall have no effect for cancellation.
Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 5205,917,960 yen

205,261,648 yen

204,215,456 yen

203,169,252 yen

202,123,078 yen

Year 6

Year 7

Year 8Year 9Year 10201,076,881 yen

200,030,680 yen

198,984,508 yen

197,938,314 yen

196,892,138 yen

Year 11

Year 12

Year 13

Year 14

Year 15

195,845,971 yen

194,799,777 yen

193,753,574 yen

192,707,396 yen

191,661,207 yen

Year 16

Year 17

Year 18

Year 19

Year 20

190,615,001 yen

189,568,831 yen

84,277,711 yen

41,661,435 yen

41,428,953 yen(Note) The figure is calculated by subtracting 1.4% of the expected value of actual revenue of power sales based on the 50th percentile of excess probability of
estimated electricity generation from the estimated revenue of electricity sales. The guaranteed minimum rent that the Investment Corporation can actuallyobtain is the rent obtained by performing the calculation described in “Rent” of “Outline of Leases” above.

25

S-30

LS Nagasaki Isahaya

LesseeLease Period

Rent

Security
Deposit

Renewal at
Time of
Expiration
Rent Revision

Takara Leben Co., Ltd.
From December 2, 2019 to December 1, 2039
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1. The guaranteed minimum monthly rent shall be the amount equivalent to the estimated revenue of electricity
sales for each month. Provided, however, that if the actual revenue of power sales is reduced and fall below
the estimated revenue of electricity sales due to output suppression, the guaranteed minimum monthly rent
shall be the amount remaining after deducting from the estimated power sales amount the amount calculatedusing the formula shown below (i.e., the reduced amount due to output suppression implemented for such;hereinafter referred to as the “Uncompensated Adjusted Amount for Output Suppression”) (excluding
consumption tax and local consumption tax). The guaranteed minimum rent for any period of less than one
month shall be calculated on a per diem basis, and any fraction of less than one yen shall be disregarded.
However, the calculation of the security deposit shall use the amount of the guaranteed minimum rent
exclusive of consumption tax and local consumption tax. The 75th percentile of excess probability of estimate
electricity generation shall be the standard percentile on the basis of which the estimated power sales amountis calculated. Also, the estimated power sales amount is calculated based on the estimated amount of soldpower calculated without taking into consideration the output suppression not to be compensated.
As used in the above, the “Uncompensated Adjusted Amount for Output Suppression” means either of
the amounts calculated for each month using the formula set out in (a) or (b) below (excluding
consumption tax and local consumption tax), whichever is lower. Any fraction of less than one yen
generated in the calculation shall be disregarded:(a) Estimated power sales amount － actual revenue of power sales(b) Estimated power sales amount at the time of implementation of output suppression
As used in the above, the “estimated power sales amount at the time of implementation of output
suppression” means the amount calculated using the following formula for such month:(Estimated power sales amount at the time of implementation of output suppression) ＝ (Estimatedpower generation amount at the time of implementation of output suppression) × ( Procurement price)(Estimated power generation amount at the time of implementation of output suppression) ＝ (Time of
output suppression implemented for such month (minutes)) × (Estimated power generation amount per
minute for the relevant month)(Estimated power generation amount per minute for the relevant month) ＝ (Estimated power generation
amount of such month) ÷ (Hours of sunlight of such month (minutes)) (Average year value of hours ofsunlight stated as weather data of Unzendake in the “Technical Report” prepared by E&E Solutions Inc.)
2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shallbe calculated using the formula shown below. Any fraction of less than one yen generated in the calculation
shall be disregarded.
(1) If the actual revenue of power sales (x) does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z” is theamount (if any) received by the lessee during said month for wholesale supply to electric power retailers.
3. As used in 2 above, the actual revenue of power sales for each month refers to the charge based on the total of
the electricity volume for the month calculated on a per diem basis from the volume measured on the meterreading date of such month and that for the following month calculated on a per diem basis from the volume
measured on the meter reading date of said month.
4. For calculating the performance-linked rent for a period of less than one month in accordance with 2 above,
the actual revenue of power sales for the month calculated in accordance with the substance of 3 above andthe estimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome of the lessee for any fiscal period during the lease period becoming negative, the lessee shall provide thelessor under the lease agreement an amount equivalent to one quarter of the guaranteed minimum rent (rounded
down to the nearest yen) for one calendar year under which the fiscal period falls as a security deposit for the
purpose of securing all liabilities of the lessee to the lessor pursuant to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as aresult of the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed26Midterm
Cancellation

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum
Rent (Note)

as a result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of therent based on consideration of the selling prices applicable to the new selling destinations.
1. The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2029
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2029 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date or
earlier shall have no effect for cancellation.
2. Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 563,230,351 yen

63,030,773 yen

62,710,715 yen

62,390,656 yen

62,070,598 yen

Year 6

Year 7

Year 8Year 9Year 1061,750,541 yen

61,430,482 yen

61,110,424 yen

60,790,369 yen

60,470,309 yen

Year 11

Year 12

Year 13

Year 14

Year 15

60,150,248 yen

59,830,190 yen

59,510,134 yen

59,190,078 yen

58,870,018 yen

Year 16

Year 17

Year 18

Year 19

Year 20

58,549,959 yen

58,229,904 yen

57,118,044 yen

17,063,636 yen

16,968,804 yen(Note) Among the Assets to be Acquired, for the LS Nagasaki-Isahaya, to which the specified rules for output suppression are applied, if output suppression is
implemented, the minimum guaranteed rent will be reduced by the amount equivalent to Uncompensated Adjusted Amount for Output Suppression.

27

S-31

LS Shioya 2LesseeLease Period

Rent

Security
Deposit

Renewal at
Time of
Expiration

Rent Revision

Midterm
Cancellation

Penalty
Method ofAgreement

Takara Leben Co., Ltd.
From December 2, 2019 to December 1, 2039
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1. The guaranteed minimum monthly rent shall be identical to the estimated revenue of electricity sales for eachmonth, exclusive of consumption tax and local consumption tax. The guaranteed minimum rent for any periodof less than one month shall be calculated on a per diem basis, and any fraction of less than one yen shall be
disregarded. However, the calculation of the security deposit shall use the amount of the guaranteed minimum
rent exclusive of consumption tax and local consumption tax. The 75th percentile of excess probability of
estimated electricity generation shall be the standard percentile on the basis of which the guaranteed minimum
rent is calculated.
2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shallbe calculated using the formula shown below. Any fraction of less than one yen generated in the calculation
shall be disregarded.
(1) If the actual revenue of power sales (x) does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z” is theamount (if any) received by the lessee during said month for wholesale supply to electric power retailers.
3. As used in 2 above, the actual revenue of power sales for the month refers to the amount calculated by adding
the following amounts to the charge based on the total of the electricity volume for the month calculated on a
per diem basis from the volume measured on the meter reading date of the month concerned and that for thefollowing month calculated on a per diem basis from the volume measured on the meter reading date of thesaid month.
(1) The amount of compensation for output suppression implemented for the month concerned; and(2) The amount of the insurance benefit received by the lessee (including the amount received by the
security interest holder or the holder of the transferred security interest in connection with the security
interest set on the insurance benefit claim right of the lessee) under the business interruption insurance
policy with the lessee as the insured to cover the lost interest for the month in association with the solar
power generation facility, including the incidental substation facility and other related facilities, and tocover the expenses for preventing a decrease in revenue.
4. For calculating the performance-linked rent for a period of less than one month in accordance with 2 above,
the actual revenue of power sales for the month calculated in accordance with the substance of 3 above andthe estimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome of the Operator for any fiscal period during the lease period becoming negative, the lessee shall provide thelessor under the lease agreement an amount equivalent to one quarter of the guaranteed minimum rent (rounded
down to the nearest yen) for one calendar year under which the fiscal period falls as a security deposit for the
purpose of securing all liabilities of the lessee to the lessor pursuant to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as aresult of the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed
as a result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of therent based on consideration of the selling prices applicable to the new selling destinations.
1. The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2029
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2029 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date or
earlier shall have no effect for cancellation.
2. Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None

28

Renewal

Guaranteed
Minimum
Rent

Year 1

Year 2

Year 3

Year 4

Year 5445,268,582 yen

443,965,502 yen

441,716,709 yen

439,467,913 yen

437,219,102 yen

Year 6

Year 7

Year 8Year 9Year 10434,970,311 yen

432,721,515 yen

430,472,723 yen

428,223,927 yen

425,975,114 yen

Year 11

Year 12

Year 13

Year 14

Year 15423,726,323 yen

421,477,524 yen

419,228,714 yen

416,979,922 yen

414,731,125 yen

Year 16

Year 17

Year 18

Year 19

Year 20

412,482,336 yen

410,233,537 yen

407,984,726 yen

224,227,652 yen

89,663,805 yen

29

S-32

LS Hiroshima Mihara

LesseeLease Period

Rent

Security
Deposit

Renewal at
Time of
Expiration

Rent Revision

Midterm
Cancellation

Leben Solar Hiroshima Mihara G.K.
From December 2, 2019 to December 1, 2039
The guaranteed minimum rent and the performance-linked rent are calculated in the manners specified below.
1. The guaranteed minimum monthly rent shall be the estimated revenue of electricity sales for each month after
the following adjustments, exclusive of consumption tax and local consumption tax. The guaranteed minimum
rent for any period of less than one month shall be calculated on a per diem basis, and any fraction of less than
one yen shall be disregarded. However, the calculation of the security deposit shall use the amount of theguaranteed minimum rent exclusive of consumption tax and local consumption tax, without making thefollowing adjustments. The 75th percentile of excess probability of estimated electricity generation shall be
the standard percentile on the basis of which the guaranteed minimum rent is calculated.
(1) The amount equivalent to the revenue of electricity sales for the relevant month multiplied by 1.4/100(rounded down to the nearest yen) shall be deducted;(2) Solely for a month immediately following the closing of each fiscal period (from June 1 to November
30 of each year, and from December 1 to May 31 of the following year), if the amount of enterprise tax
imposed on the lessee for such fiscal period exceeds the total amount deducted under (1) above, thenthe resulting difference between the two amounts shall be deducted; and(3) Solely for a month that includes the closing of each fiscal period (referring to the last day of each fiscal
period), the per capita tax amount of local inhabitant tax imposed on the lessee for the relevant fiscal
period shall be deducted.
2. The monthly performance-linked rent (X), which excludes consumption tax and local consumption tax, shallbe calculated using the formula shown below. Any fraction of less than one yen generated in the calculation
shall be disregarded.
(1) If the actual revenue of power sales (x) does not exceed the estimated power sales amount (y):X＝0＋z×0.5(2) If the actual revenue of power sales (x) exceeds the estimated power sales amount (y):X＝(x－y＋z)×0.5
In the above calculation, “X” is the monthly performance-linked rent, “x” is the actual revenue of power sales
for the month concerned, “y” is the estimated electricity sales revenue for the month concerned, and “z” is theamount (if any) received by the lessee during said month for wholesale supply to electric power retailers.
3. As used in 2 above, the actual revenue of power sales for the month refers to the amount calculated by adding
the following amounts to the charge based on the total of the electricity volume for the month calculated on a
per diem basis from the volume measured on the meter reading date of the month concerned and that for thefollowing month calculated on a per diem basis from the volume measured on the meter reading date of thesaid month.
(1) The amount of compensation for output suppression implemented for the month concerned; and(2) The amount of the insurance benefit received by the lessee (including the amount received by the
security interest holder or the holder of the transferred security interest in connection with the security
interest set on the insurance benefit claim right of the lessee) under the business interruption insurance
policy with the lessee as the insured to cover the lost interest for the month in association with the solar
power generation facility, including the incidental substation facility and other related facilities, and tocover the expenses for preventing a decrease in revenue
4. For calculating the performance-linked rent for a period of less than one month in accordance with 2 above,
the actual revenue of power sales for the month calculated in accordance with the substance of 3 above andthe estimated power sales amount for the month calculated on a per diem basis shall be used.
Upon the first occurrence of the ordinary profit and loss stated in the consolidated or non-consolidated statement ofincome of the Operator for any fiscal period during the lease period becoming negative, the lessee shall provide thelessor under the lease agreement an amount equivalent to one quarter of the guaranteed minimum rent (rounded
down to the nearest yen) for one calendar year under which the fiscal period falls as a security deposit for the
purpose of securing all liabilities of the lessee to the lessor pursuant to the lease agreement.
If the lessor or the lessee intends to re-execute the lease agreement, it shall provide the other party with notice ofsuch intent by not later than six months prior to the date of expiration of the lease period. In such event, the lessor
and the lessee shall confer in good faith regarding whether or not to extender-execute the agreement and also
regarding its terms and conditions, and shall execute a renewal thereof if they reach an agreement to do so as aresult of the consultations.
If inflation occurs and the real value of the rent is diminished as a result thereof, the lessee shall consider changing
or increasing the electricity selling destinations at the request of the lessor. If the selling destinations are changed
as a result of such consideration, the lessee shall confer in good faith with the lessor regarding an increase of therent based on consideration of the selling prices applicable to the new selling destinations.
1. The lessor or the lessee may request cancellation of the lease agreement at any time after December 31, 2029
by giving written notice to the other party; provided, however, that the notice of cancellation must reach theother party by not later than June 30, 2029 (if this date is a non-business day of the lessor of the project or the
Asset Manager, then by the previous business day). A notice that fails to reach the other party by said date or

30

2.

Penalty
Method ofAgreement
RenewalGuaranteed
Minimum
Rent (Note)earlier shall have no effect for cancellation.
Following the date after which cancellation is possible as specified in 1 above, the lessor and the lessee shallconfer in good faith regarding whether or not it is necessary to prescribe a condition permitting midterm
cancellation of the lease agreement during the subsequent lease period, and if it is determined to be necessary,also regarding the details thereof.
None
None
Year 1

Year 2

Year 3

Year 4

Year 5478,259,324 yen

476,689,066 yen

474,282,901 yen

471,876,736 yen

469,470,567 yen

Year 6

Year 7

Year 8Year 9Year 10467,064,403 yen

464,658,240 yen

462,252,074 yen

459,845,907 yen

457,439,774 yen

Year 11

Year 12

Year 13

Year 14

Year 15455,033,609 yen

452,627,447 yen

450,221,281 yen

447,815,115 yen

445,408,948 yen

Year 16

Year 17

Year 18

Year 19

Year 20

443,002,782 yen

440,596,619 yen

438,190,452 yen

435,784,286 yen

134,125,903 yen(Note) The figure is calculated by subtracting 1.4% of the expected value of actual revenue of power sales based on the 50th percentile of excess probability of
estimated electricity generation from the estimated revenue of electricity sales. The guaranteed minimum rent that the Investment Corporation can actuallyobtain is the rent obtained by performing the calculation described in “Rent” of “Outline of Leases” above.

31

(5)
Outline of Valuation Reports
The following outlines each “Valuation Report” that the Investment Corporation commissioned
PricewaterhouseCoopers Sustainability LLC to prepare by valuing the specified Assets to be Acquired inaccordance with the Investment Trust Act and other laws and ordinances, the regulations established by theInvestment Trusts Association, and the asset valuation method and standards stipulated in the certificate ofincorporation of the Investment Corporation. “Non-Taxation Period” refers to the period during which the
distributions may be posted as deductible expenses given that the Investment Corporation fulfills the pay-throughrequirements of the Act on Special Measures Concerning Taxation whereas “Taxation Period” refers to the period
during which the Investment Corporation is unable to fulfill the pay-through requirements of the said Act. The
Taxation Period commences on June 1, 2036.
Each of the valuations merely reflect the judgment and opinion of the assessor at a certain time, and does notguarantee its appropriateness, accuracy or the possibility of a transaction being conducted at the price equivalent tothe assessed value.
There are no special relationships of interest between PricewaterhouseCoopers Sustainability LLC, which
carried out the valuations, and the Investment Corporation or the Asset Manager.
The position and the responsibility of the assessor are as follows.
(i) The valuation service provided by the assessor does not constitute any warranty activity, and the assessor
provides no guarantee whatsoever with respect to the assessed value.
(ii) The assessed value is disclosed to investors at the liability of the Investment Corporation based on the“Valuation Report” obtained from the assessor, and the assessor assumes no obligation or liability toinvestors.
(iii) The information and materials upon which the valuation is based are supplied by the Asset Manager. The
assessor is not under any obligation to verify their credibility, accuracy or completeness.

32

S-27

LS Sakuragawa 1

Assessed Value

863,000,000 yen～1,127,000,000 yen

Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

September 30, 2019
Income Approach
Item

Assessed Value

Results

Description
Among income approaches, there is a method of assessmentthat uses a value that discounts future cash flow to the present
value (“DCF Method”). The discounting rate is computed
based on general considerations of the value obtained by using
the weighted average of the estimated cost of capital and costof liabilities obtained from a beta value for similar corporations
during the assessment period, an opinion concerning the
procurement cost that has been reported, an analysis of themost recent bid results and results of market research. For the
Taxation Period, this figure is 1.0%~5.0%, and for the NonTaxation Period, this figure is 1.3%~5.0%.

863,000,000 yen～
1,127,000,000 yen

Market Approach
Item

Results

Assessed Value

Description
Among market approaches, there is a method that uses values
calculated for enterprise value for the subject
enterprise/company and/or shareholder value based on amultiplier obtained by dividing the transaction price of similartransactions by financial and similar indices (“similartransaction method”).

845,000,000 yen～
1,289,000,000 yen

Other Matters to which the Assessor Paid Special Attention for
Valuation Purposes

S-28

---

LS Sakuragawa 4

Assessed Value

772,000,000 yen～995,000,000 yen

Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

September 30, 2019
Income Approach
Item

Assessed Value

Results

Description
Among income approaches, there is a method of assessmentthat uses a value that discounts future cash flow to the present
value (“DCF Method”). The discounting rate is computed
based on general considerations of the value obtained by using
the weighted average of the estimated cost of capital and costof liabilities obtained from a beta value for similar corporations
during the assessment period, an opinion concerning the
procurement cost that has been reported, an analysis of themost recent bid results and results of market research. For the
Taxation Period, this figure is 1.0%~5.0%, and for the NonTaxation Period, this figure is 1.3%~5.0%.

761,000,000 yen～
995,000,000 yen

Market Approach
Item
Assessed Value

Results

Description
Among market approaches, there is a method that uses values
calculated for enterprise value for the subject
enterprise/company and/or shareholder value based on a

772,000,000 yen～
1,178,000,000 yen

33multiplier obtained by dividing the transaction price of similartransactions by financial and similar indices (“similartransaction method”).
Other Matters to which the Assessor Paid Special Attention for
Valuation Purposes

S-29

---

LS Chiba Sammu East/West
2,096,000,000 yen ～ 2,850,000,000 yen

Assessed Value
Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

September 30, 2019
Income Approach
Item

Results

Description
Among income approaches, there is a method of assessmentthat uses a value that discounts future cash flow to the present
value (“DCF Method”). The discounting rate is computed
based on general considerations of the value obtained by using
the weighted average of the estimated cost of capital and costof liabilities obtained from a beta value for similar corporations
during the assessment period, an opinion concerning the
procurement cost that has been reported, an analysis of themost recent bid results and results of market research. For the
Taxation Period, this figure is 1.0%~5.0%, and for the NonTaxation Period, this figure is 1.3%~5.0%.

2,096,000,000 yen～
2,850,000,000 yen

Assessed Value

Market Approach
Item

Results

Description
Among market approaches, there is a method that uses values
calculated for enterprise value for the subject
enterprise/company and/or shareholder value based on amultiplier obtained by dividing the transaction price of similartransactions by financial and similar indices (“similartransaction method”).

1,877,000,000 yen～
2,862,000,000 yen

Assessed Value

Other Matters to which the Assessor Paid Special Attention for
Valuation Purposes

S-30

---

LS Nagasaki Isahaya
543,000,000 yen ～ 717,000,000 yen

Assessed Value
Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

September 30, 2019
Income Approach
Item

Assessed Value

Results

543,000,000 yen～
717,000,000 yen

34

Description
Among income approaches, there is a method ofassessment that uses a value that discounts future
cash flow to the present value (“DCF Method”).
The discounting rate is computed based on
general considerations of the value obtained byusing the weighted average of the estimated costof capital and cost of liabilities obtained from abeta value for similar corporations during theassessment period, an opinion concerning the
procurement cost that has been reported, ananalysis of the most recent bid results and resultsof market research. For the Taxation Period, thisfigure is 1.0%~5.0%, and for the Non-Taxation
Period, this figure is 1.3%~5.0%.

Market Approach
Item

Assessed Value

Results

518,000,000 yen～
790,000,000 yen

Other Matters to which the Assessor Paid Special Attention for Valuation
Purposes

35

Description
Among market approaches, there is a methodthat uses values calculated for enterprise value
for the subject enterprise/company and/or
shareholder value based on a multiplier obtainedby dividing the transaction price of similartransactions by financial and similar indices(“similar transaction method”).
---

S-31

LS Shioya 2
4,509,000,000 yen ～ 6,188,000,000 yen

Assessed Value
Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

September 30, 2019
Income Approach
Item

Assessed Value

Results

4,509,000,000 yen～
6,188,000,000 yen

Description
Among income approaches, there is a method ofassessment that uses a value that discounts future
cash flow to the present value (“DCF Method”).
The discounting rate is computed based on
general considerations of the value obtained byusing the weighted average of the estimated costof capital and cost of liabilities obtained from abeta value for similar corporations during theassessment period, an opinion concerning the
procurement cost that has been reported, ananalysis of the most recent bid results and resultsof market research. For the Taxation Period, thisfigure is 1.0%~5.0%, and for the Non-Taxation
Period, this figure is 1.3%~5.0%.

Market Approach
Item

Results

Assessed Value

4,172,000,000 yen～
6,363,000,000 yen

Description
Among market approaches, there is a methodthat uses values calculated for enterprise value
for the subject enterprise/company and/or
shareholder value based on a multiplier obtainedby dividing the transaction price of similartransactions by financial and similar indices(“similar transaction method”).

Other Matters to which the Assessor Paid Special Attention for Valuation
Purposes

S-32

---

LS Hiroshima Mihara

Assessed Value

4,495,000,000yen～6,026,000,000yen

Assessor

PricewaterhouseCoopers Sustainability LLC

As-of Date

September 30, 2019
Income Approach
Item

Assessed Value

Item

Results

Description
Among income approaches, there is a method of assessmentthat uses a value that discounts future cash flow to the present
value (“DCF Method”). The discounting rate is computed
based on general considerations of the value obtained by using
the weighted average of the estimated cost of capital and costof liabilities obtained from a beta value for similar corporations
during the assessment period, an opinion concerning the
procurement cost that has been reported, an analysis of themost recent bid results and results of market research. For the
Taxation Period, this figure is 1.0%~5.0%, and for the NonTaxation Period, this figure is 1.3%~5.0%.
Description

4,495,000,000 yen～
6,026,000,000 yen

Results

Market Approach
Assessed Value

Among market approaches, there is a method that uses values
calculated for enterprise value for the subject

4,338,000,000 yen～
6,616,000,000 yen

36enterprise/company and/or shareholder value based on amultiplier obtained by dividing the transaction price of similartransactions by financial and similar indices (“similartransaction method”).
Other Matters to which the Assessor Paid Special Attention for
Valuation Purposes

---

37

(6) Outline of Real Estate Appraisal Reports
The following outlines the real estate appraisal reports that the Investment Corporation commissioned CBRE
K.K. to prepare by appraising the land in the specified Assets to be Acquired in accordance with the Act on Real
Estate Appraisal (Act No. 152 of 1963, as amended), and also with the Real Estate Appraisal Standards and the
Matters to Note on Implementation of the Real Estate Appraisal Standards stipulated by the Ministry of Land,
Infrastructure, Transport and Tourism. Each of the real estate appraisals merely reflects the judgment andopinion of the appraiser at a certain time, and does not guarantee its appropriateness, accuracy or the
possibility of a transaction being conducted at the price equivalent to the appraised value.
There are no special relationships of interest between CBRE K.K. which carried out the real estate appraisals,
and the Investment Corporation and the Asset Manager.
S-27

LS Sakuragawa 1

Appraised Value (Land)

16,900,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date
Item
Value by DCF Method(Facility and Land)

September 30, 2019
Results

Description

927,000,000yen－

Discount Rate

4.2%

Terminal Capitalization Rate
Indicated Value Using Cost
Approach(Facility and Land)－

Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, expected discount rate basedon interviews with investors, location, age, state of operation of
the solar power generation facility, contractual conditions andother factors.
－

594,000,000 yen

－

1.83%

－

Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention
for Appraisal Purposes

S-28

－

LS Sakuragawa 4

Appraised Value (Land)

19,700,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date
Item
Value by DCF Method(Facility and Land)

September 30, 2019
Results

Description

818,000,000 yen－

Discount Rate

4.1%

Terminal Capitalization Rate
Indicated Value Using Cost
Approach(Facility and Land)－%

Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, expected discount rate basedon interviews with investors, location, age, state of operation of
the solar power generation facility, contractual conditions andother factors.
－

543,000,000 yen

－

2.41%

－

Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention
for Appraisal Purposes

－

38

S-29

LS Chiba Sammu, East/West

Appraised Value (Land)

546,000,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date
Item
Value by DCF Method(Facility and Land)

September 30, 2019
Results

Description

2,320,000,000 yen－
Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, expected discount rate basedon interviews with investors, location, age, state of operation of
the solar power generation facility, contractual conditions andother factors.
Appraised in consideration of the discount rate, physicalattributes such as the remaining service life of the facility,
anticipated future risks, electricity output attenuation rate andother factors.

Discount Rate

4.0%

Terminal Capitalization Rate

11.0%

Indicated Value Using Cost
Approach(Facility and Land)

1,570,000,000 yen－

23.51%－

Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention
for Appraisal Purposes

S-30

－

LS Nagasaki IsahayaAppraised Value (Land)

18,300,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date
Item
Value by DCF Method(Facility and Land)

September 30, 2019
Results

Description

597,000,000 yen－

Discount Rate

4.2%

Terminal Capitalization Rate
Indicated Value Using Cost
Approach(Facility and Land)－

Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, expected discount rate basedon interviews with investors, location, age, state of operation of
the solar power generation facility, contractual conditions andother factors.
－

426,000,000 yen

－

3.07%

－

Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention
for Appraisal Purposes

－

39

S-31

LS Shioya 2

Appraised Value (Land)1,110,000,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date
Item
Value by DCF Method (Facility
and Land)

September 30, 2019
Results

Description

5,020,000,000 yen－
Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, expected discount rate basedon interviews with investors, location, age, state of operation of
the solar power generation facility, contractual conditions andother factors.
Appraised in consideration of the discount rate, physicalattributes such as the remaining service life of the facility,
anticipated future risks, electricity output attenuation rate andother factors.

Discount Rate

4.0%

Terminal Capitalization Rate

9.5%

Indicated Value Using Cost
Approach(Facility and Land)2,960,000,000 yen－

22.12%－

Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention
for Appraisal Purposes

S-32

－

LS Hiroshima Mihara

Appraised Value (Land)95,000,000 yen

Real Estate Appraiser

CBRE K.K.

As-of Date
Item
Value by DCF Method(Facility and Land)

September 30, 2019
Results

Description

4,890,000,000 yen－

Discount Rate

4.0%

Terminal Capitalization Rate
Indicated Value Using Cost
Approach(Facility and Land)－

Appraised in overall consideration of the discount rate based on
the accumulated risk premiums, expected discount rate basedon interviews with investors, location, age, state of operation of
the solar power generation facility, contractual conditions andother factors.
－

3,800,000,000 yen

－

1.94%

－

Land to Value Ratio

Other Matters to Which the Appraiser Paid Special Attention
for Appraisal Purposes－40

(7) Outline of the Opinion Report on the Profitability of Infrastructure Investment Projects and Its Continuity
In accordance with the Securities Listing Regulations of the Tokyo Stock Exchange, Inc., the Investment
Corporation releases the outline of the “Opinion Report on the Profitability of Infrastructure Investment Projects
and Its Continuity” commissioned to and prepared by E&E Solutions Inc. The opinion report merely reflects the
judgment and opinion of the author at a certain time, and does not guarantee its appropriateness or accuracyof the content.
There are no special relationships of interest between E&E Solutions Inc. which prepared the opinion report andthe Investment Corporation.
For LS Sakuragawa 1, LS Sakuragawa 4, LS Chiba Sammu East/West, LS Nagasaki Isahaya and LS Shioya 2,
no such opinion report has been obtained since these projects satisfy the criteria that allows for dispensing with theneed for obtaining such an opinion report under the Securities Listing Regulations and their Enforcement Rules of
the Tokyo Stock Exchange, Inc.
S-32

LS Hiroshima Mihara

AuthorReason for concluding that theauthor has expert knowledge

Explanation on independence of
the author

Assumptions underlying thecontent of the opinion (status on
the operation prospects of theinfrastructure investment projectetc.)

Status of the current profitabilityof the infrastructure investment
asset subject to the opinion
Timing and basis of the expected
revenues to be earned (including
estimated amounts)
Timing and basis of the expected
profits to be earned (including
estimated amounts)

E&E Solutions Inc.
With respect to technical due diligence conducted on the large-scale solar electric power
generation business, the author has been involved with more than 500 such projects having a
combined total capacity of approximately 3.5GW. This activity includes assessment of thetechnical reliability of solar electric power generation facilities, which is a field with much incommon with assessment of infrastructure investment assets; appropriateness of systems,
appropriateness of the content of the construction and maintenance and managementagreements; appropriateness of costs and business feasibility; legal compliance andappropriateness of procedural matters; and valuation of environmental integrity.
At the time of preparation of the Opinion Report, there were no capital relationships orconflicts of interest with any specific investment companies, management companies,
operators, sponsors or parties with authority over business transactions in relation to theOpinion Report.
The work undertaken in relation to the above was such pertaining to assessment and advice
from a third party perspective and was not for the benefit of any specific organization orenterprise.
Also with respect to the parent company of E&E Solutions Inc., DOWA Eco-System Co.,
Ltd. and its holding company, DOWA Holdings Co., Ltd., at the time of preparation of theOpinion Report, there were no capital relationships or conflicts of interest with any specificinvestment companies, management companies, operators, sponsors or parties with authority
over business transactions in relation to the Opinion Report.
Based on the foregoing, the company is able to say that E&E Solutions Inc. is independent
from any investment companies, management companies, operators, sponsors or parties withauthority over business transactions.
On November 27, 2013, the power generation facility received authorization (Ministry of
Economy, Trade and Industry, 2013 Chugoku Renewable Energy Approval No. 1087:
Facility No. A666135F34) pursuant to the provisions of Article 6(2) of the former Renewable
Energy Special Measures Act enforced in July 2012, which is effective since July 2012, asapplied mutatis mutandis to the provisions of subject to the provisions of Article 6(7) of thesame Act.
In addition, an agreement entitled “Agreement on Procurement, Supply and Connectivity for
Renewable Energy Sourced Electricity” was executed with The Chugoku Electric Power
Company, Inc. on October 22, 2018.
With regard to the actual revenues from sale of the power generation facility, this was
confirmed for the period from February 2019 through July 2019 based on the records ofpower generation released by the subject facility.
The power generation facility is already in operation with revenue confirmed in February
2019, and it has also continued its operations thereafter.
With regard to the power generation amount for the period forming the basis for the
calculation of projected income from sales, “P75+((P50 – P75)×50%)” has been used fromthe first and second year of the Business Assessment Report. As for the posting of expenses,
for the principal expense items necessary for the operation, maintenance and management ofa solar power generation facility, assumptions were made for the costs and expenses for41

Explanation of expectation of
stable future revenue

items such as O&M, lead technicians, facilities management, repairs, utilities andcommunications, insurance premiums, lease rent, apparatus to monitor power generation
facilities (referring to the costs of services, apparatus, human resources and the like toconduct ongoing monitoring of factors such as the circumstances for power generation andsunlight), tax on depreciable assets, and depreciation expense. By deducting the above costs
from revenue, it is concluded that it is possible to forecast that a profit will be posted from
December 2019.
The acquisition price of electricity generated from the power generation facility has been
decided as a fixed for a 20-year period following the start of receiving supply of electric
power based on an agreement executed with The Chugoku Electric Power Co., Inc. entitled“Agreement on Procurement, Supply and Connectivity for Renewable Energy Sourced
Electricity” under a fixed price purchase system based on the Renewable Energy Special
Measures Act (however, this is not applicable to cases coming under Article 3(1)viii of said
Act).
The module employed in this project is a silicone crystal system. According to NREL
(National Renewable Energy Laboratory), which is a United States Department of Energy
research institution, this is said to have an ordinary output deterioration rate of about –0.5%
per year.
With regard to PCS, it has been found that there is no particular deterioration of function
when proper maintenance is conducted such as performing inspections at regular intervals.
Since there are plans to do such inspections and replace parts and the like at regular intervals
for the power generation facility, it is difficult to believe that there will be any serious
deterioration of functionality for PCS. Nor are there any particular points of concern fordiminished functionality regarding transformers and system connection equipment.
As for equipment accidents and failures, in addition to having such equipment insured, sinceinspections and replacement of parts are conducted at regular intervals as well as providing
for responsive measures in O&M, it is concluded that any impact of this on safety is minor.
Nor were any noteworthy factors that would lead to corrosion and deterioration found withregard to the habitat.
From the foregoing, the execution is that it will be possible for the power generation facility
to be profitable even in the 20th year of operation after the start of the power systeminterconnection (i.e., the sale of electricity).

42

(8) Outline of the Seismic Risk Assessment Report
As part of due diligence procedures for acquiring managed assets, the Investment Corporation has requested that
Tokio Marine & Nichido Risk Consulting Co., Ltd. assess the seismic risk analyses of the projects. By theseanalyses, the PML (probable maximum loss) value (Note) of each solar power generation facility was calculated
based on drawings and specifications etc. of the facility as well as the comprehensive evaluation results of damage
due to seismological vibrations, liquefaction, and tsunami. The PML values of each solar power generation facility
stated in the “Earthquake and Tsunami Risk Assessment Report - PML Evaluation (Phase 1)” for the specified
Assets to be Acquired prepared by the above-mentioned reporter are as shown in the tables below. The content of
the seismic risk assessment report merely reflects the opinion of the reporter, and the Investment Corporation
does not guarantee appropriateness or accuracy of the content.
There are no special relationships of interest between Tokio Marine & Nichido Risk Consulting Co., Ltd and theInvestment Corporation or the Asset Manager.
Seismic Risk Assessment Report
Project
No.

Project Name

Survey Operator

PML Value (Note)
(%)

S-27

LS Sakuragawa 1

Tokio Marine & Nichido Risk Consulting Co., Ltd.

0.2

S-28

LS Sakuragawa 4

Tokio Marine & Nichido Risk Consulting Co., Ltd.

0.2

S-29

LS Chiba Sammu, East/West

Tokio Marine & Nichido Risk Consulting Co., Ltd.

0.5

S-30

LS Nagasaki Isahaya

Tokio Marine & Nichido Risk Consulting Co., Ltd.

lower than 0.1

S-31

LS Shioya 2

Tokio Marine & Nichido Risk Consulting Co., Ltd.

0.4

S-32

LS Hiroshima Mihara

Tokio Marine & Nichido Risk Consulting Co., Ltd.

0.2

(Note) “PML” represents the ratio of a physical loss at 90% probability of non-exceedance in the event of seismic movement with a 10% excess probability inthe next fifty years (equivalent to that at recurrence intervals of 475 years) that is thought to cause the greatest possible loss to the facility or the facilities inrelation to the re-procurement price.

43

3. Status of Asset Acquirer and Other Parties(1) Summary of Sellers (also acting as Operators, Lessees and/or Power Generation Operators)
The Assets to be Acquired will be acquired from Takara Leben Co., Ltd., Leben Solar Chiba Sammu G.K. andLeben Solar Hiroshima Mihara G.K. (also acting as operators, lessees and/or power generation operators). The
following is a summary of each seller.
Name
Location
Name and Title ofRepresentative
Business

Takara Leben Co., Ltd.
1-8-2 Marunouchi, Chiyoda-ku, Tokyo, Japan
Kazuichi Shimada, Representative

It engages in sales of newly built condominium units, mainly in the Tokyo region. It embarked on
the large-scale solar power plant business in 2013. Capitalizing on its wide-ranging business
operation expertise cultivated through the past development of condominiums with solar panels, itmanaged and operated 32 solar power plants (with a total output of 101.8 MW) as of the end of
September 2019. As of the end of September 2019, there are 9 personnel engaged in the operation.
The person responsible for it has at least two years’ experience in management and operation.
Capital4,819 million yen (as of June 30, 2019)
Date of Establishment
September 21, 1972
Net Assets
45,159 million yen (as of June 30, 2019)
Total Assets
194,603 million yen (as of June 30, 2019)
Major Shareholders and1. Yoshio Murayama: 25,633,000 shares (23.64%)
Equity Positions
2. Takara Leben Co., Ltd.: 12,587,000 shares (10.40%)(as of March 31, 2019)
3. The Master Trust Bank of Japan, Ltd. (Trust Account): 4,806,000 shares (4.43%)
Relationship with the Investment Corporation or Asset Manager
The company holds 14.2% of the issued and outstanding investment units in the Investment
Capital Relationship
Corporation as of November 6, 2019. It is also the wholly owning (100%) parent company of theAsset Manager and falls under the Interested Persons pursuant to the Investment Trust Act.
The company loans 1 personnel to the Asset Manager. 1 director and 1 auditor of the Asset
Personnel RelationshipManager hold dual posts.
The company invests in the Investment Corporation and in the Asset Manager. It has executed anagreement for the lease of power generation facilities and others in association with the Assets to be
Business Relationship
Acquired with the Investment Corporation. It has also concluded a sponsor support agreement anda trademark license agreement with the Investment Corporation and with the Asset Manager.
The company falls under the category of affiliated parties of the Investment Corporation. As
Whether or not it falls
mentioned above, it also falls under the Interested Persons for the Asset Manager as stipulated inunder affiliated parties
the Investment Trust Act.

44

Name
Leben Solar Chiba Sammu G.K.
Location
1-8-2 Marunouchi, Chiyoda-ku, Tokyo, Japan
Name and Title of
Yuji Shiotsuki, Executive Officer of ME General Incorporated Association as Representative
Representative
PartnerBusiness
Solar power generation business. Development, management and operation of solar power plant.
Capital
10 thousand yen (as of October 31, 2019)
Date of Establishment
November 7, 2014
Net Assets
Δ1 million yen (as of September 30, 2019)
Total Assets
1,577 million yen (as of September 30, 2019)
Major Shareholders andEquity Positions
ME General Incorporated Association (100%)(as of March 31, 2019)
Relationship with the Investment Corporation or Asset Manager
There is no capital relationship between the Investment Corporation, the Asset Manager and theCapital RelationshipSeller.
There is no personal relationship between the Investment Corporation, the Asset Manager and the
Personnel RelationshipSeller.
Business Relationship

The Investment Corporation has entered into lease agreement for power generation facilities for the
LS Chiba Sammu East/West.

Whether or not it falls
under affiliated parties

Although the seller does not fall under the category of related parties of the Investment Corporationor the Asset Manager, the company falls under the category of interested parties, etc., as defined in
the internal transaction rules regarding interested parties of the Asset Manager.

Name
Location
Name and Title ofRepresentative
Business

Leben Solar Hiroshima Mihara G.K.
16F Tekko Building, 1-8-2 Marunouchi, Chiyoda-ku, Tokyo, Japan
Yuji Shiotsuki, Executive Officer of ME General Incorporated Association as Representative
Partner
Acquisition, holding and sale of solar power generation facilities as assets under management.
Operate power generation and sales business of solar power generation facilities.
300 thousand yen (as of October 31, 2019)
December 25, 2015

CapitalDate of Establishment
Net Assets
Δ50 million yen (as of September 30, 2019)
Total Assets
4,463 million yen (as of September 30, 2019)
Major Shareholders andEquity Positions
ME General Incorporated Association (100%)(as of March 31, 2019)
Relationship with the Investment Corporation or Asset Manager
There is no capital relationship between the Investment Corporation, the Asset Manager and theCapital RelationshipSeller.
There is no personal relationship between the Investment Corporation, the Asset Manager and the
Personnel RelationshipSeller.
Business Relationship

The Investment Corporation has entered into lease agreement for power generation facilities for the
LS Hiroshima Mihara.

Whether or not it falls
under affiliated parties

Although the seller does not fall under the category of related parties of the Investment Corporationor the Asset Manager, the company falls under the category of interested parties, etc., as defined in
the internal transaction rules regarding interested parties of the Asset Manager.

45

(2) Status of Asset Acquirer and Other Parties
The acquisitions of projects from those having a special relationship of interest are as follows.
① LS Sakuragawa 1
Company Name
Relationshipwith the party
having a special
relationship ofinterest
Background of
Acquisition
Acquisition
Price
Date of
Acquisition(Note 2)Preceding Owner (Preceding (Sub-)Leaseholder)
Takara Leben Co., Ltd.

Second Preceding Owner ((Sub-)Leasehold Grantor)
A party not having a special relationship of interest―

It is a major shareholder of the Asset Manager.

Acquired for the purpose of the development of
renewable energy power generation facilities――― (Note 1)
January 2017 and October 2018 (establishment ofleasehold of superficies)
December 2016 (new construction of power generation
facility)―(Note 1) Omitted because the leasehold of superficies was established at no cost, and because there is no second preceding owner of the power generation
facility.
(Note 2) As for the land, the date of establishment of (sub-)leasehold by the preceding (sub-)leaseholder is stated based on the register. As for the power
generation facility, the date of delivery of the work to make it possible for the power generation facility to commence operation and supply

renewable energy electricity is specified (or, if there is more than one such day, the latest day).

② LS Sakuragawa 4Company Name
Relationshipwith the party
having a special
relationship ofinterest
Background of
Acquisition
Acquisition
Price
Date of
Acquisition(Note 2)Preceding Owner (Preceding (Sub-)Leaseholder)
Takara Leben Co., Ltd.

Second Preceding Owner ((Sub-)Leasehold Grantor)
A party not having a special relationship of interest―

It is a major shareholder of the Asset Manager.

Acquired for the purpose of the development of
renewable energy power generation facilities――― (Note 1)
September 2016 (establishment of leasehold ofsuperficies)
October 2016 (new construction of power generation
facility)―(Note 1) Omitted because the leasehold of superficies was established at no cost, and because there is no second preceding owner of the power generation
facility.
(Note 2) As for the land, the date of acquisition of leasehold by the preceding leaseholder is stated based on the register. As for the power generation facility, thedate of delivery of the work to make it possible for the power generation facility to commence operation and supply renewable energy electricity
is specified (or, if there is more than one such day, the latest day).

③ LS Chiba Sammu, East/West
Company Name
Relationshipwith the party
having a special
relationship ofinterest
Background of
Acquisition

Preceding Owner (Preceding (Sub-)Leaseholder)(Land) Takara Leben Co., Ltd.
(Facility) Leben Solar Chiba Sammu G.K.
Takara Leben Co., Ltd. is a major shareholder of theAsset Manager.
Leben Solar Chiba Sammu G.K. falls under the categoryof interested parties, etc. as defined in the internaltransaction rules regarding interested parties of the AssetManager.
Acquired for the purpose of the development of
renewable energy power generation facilities

46

Second Preceding Owner ((Sub-)Leasehold Grantor)
A party not having a special relationship of interest――

Acquisition
Price
Date of
Acquisition(Note 2)―― (Note 1)
March 2018 (acquisition of land ownership)
March 2017 (new construction of power generation
facility)―(Note 1) Omitted because the date of acquisition, establishment of a leasehold or establishment of a sub-leasehold by the preceding owner or preceding (sub-)leaseholder was not within one year prior to the date of this document.
(Note 2) As for the land, the date of acquisition of ownership by the preceding owner is stated based on the register. As for the power generation facility, the dateof delivery of the work to make it possible for the power generation facility to commence operation and supply renewable energy electricity is
specified (or, if there is more than one such day, the latest day).

④ LS Nagasaki Isahaya
Company Name
Relationshipwith the party
having a special
relationship ofinterest
Background of
Acquisition
Acquisition
Price
Date of
Acquisition(Note 2)Preceding Owner (Preceding (Sub-)Leaseholder)
Takara Leben Co., Ltd.

Second Preceding Owner ((Sub-)Leasehold Grantor)
A party not having a special relationship of interest―

It is a major shareholder of the Asset Manager.

Acquired for the purpose of the operation of renewableenergy power generation facilities――― (Note 1)
August 2018 (acquisition of superficies) and May 2019(acquisition of land ownership)
August 2018 (acquisition of power generation facility)―(Note 1) Omitted because the second preceding owner's consent to disclosure has not been obtained as to a part of the land and because the date of acquisition by
the preceding owner was not within one year prior to the date of this document as to the remaining part of the land and the other power generation facility.
Please note that although the period of ownership by the preceding owner of a part of the land was less than one year, the acquisition price by theInvestment Corporation determined taking into consideration the assessed value determined by a third-party organization is considered to be appropriate,
compared to the acquisition price in the case of the preceding owner.
(Note 2) As for the land, the date of acquisition of a leasehold by the preceding leaseholder and the date of acquisition of ownership by the preceding owner arestated based on the register. As for the power generation facility, the date of acquisition by the preceding owner is specified (or, if there is more than

one such day, the latest day).

⑤ LS Shioya 2Company Name
Relationshipwith the party
having a special
relationship ofinterest
Background of
Acquisition
Acquisition
Price
Date of
Acquisition(Note 2)Preceding Owner (Preceding (Sub-)Leaseholder)
Takara Leben Co., Ltd.

Second Preceding Owner ((Sub-)Leasehold Grantor)
ACMP 3 G.K. (Note 1)
A G.K. wholly owned by Takara Leben Co., Ltd.,
which is a major shareholder of the Asset Manager

It is a major shareholder of the Asset Manager.

Acquired for the purpose of the development of
renewable energy power generation facilities― (Note 2)
June 2017 (acquisition of land ownership)
April 2018 (new construction of power generation
facility)

Acquired for the purpose of the development of
renewable energy power generation facilities― (Note 2)
June 2015, August 2016

(Note 1) This entity was merged by Takara Leben Co., Ltd. Effective as of June 20, 2017. Please note that the third preceding owner (land) is not an interested
party, etc. of the Asset Manager.
(Note 2) Omitted because the date of acquisition, establishment of a leasehold or establishment of a sub-leasehold by the preceding owner or preceding (sub-)leaseholder was not within one year prior to the date of this document.
(Note 3) As for the land, the date of acquisition of ownership by the preceding owner or the second preceding owner is stated based on the register. As for the
power generation facility, the date of delivery of the work to make it possible for the power generation facility to commence operation and supply

renewable energy electricity is specified (or, if there is more than one such day, the latest day).

⑥ LS Hiroshima Mihara
Company Name
Relationshipwith the party
having a special
relationship ofPreceding Owner (Preceding (Sub-)Leaseholder)
Leben Solar Hiroshima Mihara G.K.
Leben Solar Hiroshima Mihara G.K. falls under the
category of interested parties, etc. as defined in theinternal transaction rules regarding interested parties of
the Asset Manager.

47

Second Preceding Owner ((Sub-)Leasehold Grantor)
A party not having a special relationship of interest―interest
Background of
Acquisition
Acquisition
Price
Date of
Acquisition(Note 2)Acquired for the purpose of the development of
renewable energy power generation facilities――- (Note 1)
April 2016, February 2018 and May 2018 (establishmentof superficies)
January 2019 (new construction of power generation
facility)―(Note 1) Omitted because the superficies were established at no cost, and because there is no second preceding owner of the power generation facility.
(Note 2) As for the land, the date of establishment of leasehold by the preceding leaseholder is stated based on the register. As for the power generation facility,

the date of delivery of the work to make it possible for the power generation facility to commence operation and supply renewable energy
electricity is specified (or, if there is more than one such day, the latest day).

4.

Future Outlook
Please refer to the press release dated as of today entitled “Notice Regarding Revisions to Forecasts ofOperating Results for Fiscal Period Ending May 31, 2020 (9th Fiscal Period) and Fiscal Period Ending
November 30, 2020 (10th Fiscal Period) and Regarding Forecasts of Operating Results for Fiscal PeriodEnding May 31, 2021 (11th Fiscal Period)” with regard to the forecasts of operating results for fiscal period
ending May 31, 2020 (9th Fiscal Period, from December 1, 2019 to May 31, 2020), fiscal period ending
November 30, 2020 (10th Fiscal Period, from June 1, 2020 to November 30, 2020) and fiscal period ending
May 31, 2021 (11th Fiscal Period, from December 1, 2020 to May 31, 2021). In this regard, the forecasts of
the operating results that were announced on July 12, 2019 for the fiscal period ended November 30, 2019(8th fiscal period, from June 1, 2019 to November 30, 2019) have not been revised.

End* Material distribution location: The Kabuto Club; Ministry of Land, Infrastructure, Transport and Tourism Press
Club; Ministry of Land, Infrastructure, Transport and Tourism Trade Paper Reporters Association* Our website: http://tif9281.co.jp/en/<Attached Material>
Reference: Portfolio after the Acquisition of the Assets to be Acquired48

Reference: Portfolio after the Acquisition of the Assets to be Acquired
The following shows the projects owned and the Assets to be Acquired together with their respective locations,prices, ratios, and dates or scheduled dates of acquisition.
Project
No.

Project Name

Location
Shioyamachi, Shioya-gun,Tochigi Prefecture
Chikusei City, Ibaraki Prefecture

Price(Million Yen)
(Note 1)

Ratio(%)
(Note 2)

1,403

3.0

June 2, 2016

598

1.3

June 2, 2016

353

0.8

June 2, 2016

620

1.3

June 2, 2016

1,029

2.2

June 2, 2016

723

1.6

June 2, 2016

911

2.0

June 2, 2016

1,089

2.4

June 2, 2016

815

1.8

June 2, 2016

1,366

3.0

June 2, 2016

524

1.1

February 7, 2017

(Scheduled) Date of
Acquisition

S-01

LS Shioya

S-02

LS Chikusei

S-03

LS Chiba Wakaba-ku

S-04

LS MihoS-05

LS Kirishima Kokubu

S-06

LS Sosa

S-07

LS Miyagi Osato

S-08

LS Mito Takada

S-09

LS Aomori Hiranai

S-10

LS Tone Fukawa

S-11

LS Kamisu Hasaki

Chiba City, Chiba Prefecture
Mihomura, Inashiki-gun, Ibaraki
Prefecture
Kirishima City, Kagoshima
Prefecture
Sosa City, Chiba Prefecture
Osatocho, Kurokawa-gun,
Miyagi Prefecture
Mito City, Ibaraki Prefecture
Hiranaimachi, Higashi-Tsugarugun, Aomori Prefecture
Tonemachi, Kitasoma-gun,Ibaraki Prefecture
Kamisu City, Ibaraki Prefecture

S-12

LS Tsukuba Bochi

Tsukuba City, Ibaraki Prefecture

1,036

2.2

June 1, 2017

S-13

LS Hokota

780

1.7

June 1, 2017

S-14

LS Nasu Nakagawa

9,095

19.7

June 1, 2017

S-15

LS Fujioka A

Hokota City, Ibaraki Prefecture
Nakagawamachi, Nasu-gun,Tochigi Prefecture
Tochigi City, Tochigi Prefecture

300

0.7

June 1, 2017

S-16

LS Inashiki Aranuma 1

Inashiki City, Ibaraki Prefecture

1,128

2.4

June 1, 2017

S-17

LS Fujioka B

Tochigi City, Tochigi Prefecture

1,246

2.7

June 1, 2017

S-18

LS Inashiki Aranuma 2
LS Sakuragawa
Shimoizumi

Inashiki City, Ibaraki Prefecture
Sakuragawa City, Ibaraki
Prefecture
Yamatsurimachi,
Higashishirakawa-gun,
Fukushima Prefecture
Omaezaki City, Shizuoka
Prefecture
Yokkaichi City, Mie Prefecture
Sakuragawa City, Ibaraki
Prefecture
Kamitondacho, Nishimuro-gun,
Wakayama Prefecture
Takahagi City, Ibaraki Prefecture

498
1,128

1.1
2.4

June 1, 2017

547

1.2

December 1, 2017

519

1.1

February 28, 2018

824

1.8

June 1, 2018

1,178

2.6

June 1, 2018

3,236

7.0

June 1, 2018

502

1.1

June 1, 2018

Hanno City, Saitama Prefecture
Sakuragawa City, Ibaraki
Prefecture
Chikusei City, Ibaraki Prefecture

758

1.6

June 28, 2019

870

1.9

December 2, 2019

826

1.8

December 2, 2019

Sammu City, Chiba Prefecture

2,290

5.0

December 2, 2019

575

1.2

December 2, 2019

4,797

10.4

December 2, 2019

S-19
S-20

LS Fukushima Yamatsuri

S-21

LS Shizuoka Omaezaki

S-22

LS Mie Yokkaichi
LS Sakuragawa
Nakaizumi

S-23
S-24

LS Shirahama

S-25

LS Takahagi

S-26

LS Hanno Misugidai

S-27

LS Sakuragawa 1

S-28

LS Sakuragawa 4
LS Chiba Sammu
East/West

S-29
S-30

LS Nagasaki Isahaya

S-31

LS Shioya 2

Isahaya City, Nagasaki
Prefecture
Shioyamachi, Shioya-gun,Tochigi Prefecture49

December 1, 2017

S-32

Mihara City, Hiroshima
Prefecture

LS Hiroshima Mihara
Total

4,500

9.8

December 2, 201946,070100.0―(Note 1) Except for LS Hanno Misugidai (hereinafter referred to as the “Projects Acquired in the 8th Fiscal Period”), “Price” for the portfolio projects represents
their appraised prices. For the Projects Acquired in the 8th Fiscal Period, “Price” represents their acquisition prices. For the Assets to be Acquired, “Price”
represents their expected acquisition prices. Except for the Projects Acquired in the 8th Fiscal Period, the appraisal values of projects being held represent
the central value calculated in accordance with item 1 of paragraph 2 of Article 38 in the certificate of incorporation of the Investment Corporation within
the range of the assessed values of the power plants as of May 31, 2019 specified in the valuation report obtained from PricewaterhouseCoopers
Sustainability LLC.
(Note 2) “Ratio” states the ratio of the price of the specific project relative to the total of the prices of the owned projects and the Assets to be Acquired, rounded
to the first decimal place. For this reason, the total of the ratios of individual projects may not be identical to the total ratio of the portfolio.

50