October 11, 2013

Tokyu Land Corporation and Renewable Japan
have signed an agreement to promote renewable energy projects in Southern Europe.

~The objective is to develop and own renewable energy power plants with a total of 1GW~
Tokyu Land Corporation (Headquarters: Shibuya ward, Tokyo, President andRepresentative Director: Hiroaki Hoshino, hereafter referred as “Tokyu Land Corporation”)
and Renewable Japan Co., Ltd (Headquarters: Minato ward, Tokyo, Representative Director
and President: Katsuhito Manabe, hereafter referred as “Renewable Japan”) have enteredinto a joint investment agreement with the goal of developing and owning a total of 1GW(1.000MW) of renewable energy power plants in Southern Europe. This agreement mainly
focuses on Spain and Italy. We are glad to inform you that the agreement has been sealed.
In line with this agreement, we are also pleased to inform you that as a first step in ourefforts, we have acquired a 39.9 MW solar power plant, located in Manzanares, Ciudad Real,
Spain. The acquisition was realized at the end of September.
The Southern European region where we are investing, including Spain, receives acomparatively high amount of sunlight and is abundant on gentle hills, suitable for solar
power generation, this makes the region an extremely attractive market for the developmentof solar power plants. Thanks to this, it is expected that in the future, stable business
opportunities can continually be secured. For the time being, it is planned to develop thesolar power plants through Renewable Japan`s Spanish subsidiary (RJ Eurodevelopment,S.L.) by way of the local network developed by our staff.
Both companies started a capital and business alliance in the renewable energy field inAugust 2017. By promoting business centred on solar power locally in Japan, bothcompanies have developed over 2GW of renewable energy projects combined. With thecommon vision of expanding renewable energy projects, both companies aim to combine
their accumulated know-how and contribute to the promotion of environmentally friendly
energy supply overseas.

By way of signing this agreement, the two organizations will combine Tokyu Land
Corporation`s resources as a comprehensive developer and Renewable Japan`s system fordevelopment, operation and management in the Southern Europe area centred on Spain.
Adding to this initiative, we also aim to strengthen our partnerships with local companies, inorder to achieve the ambitious goal of 1GW as fast as possible, and therefore, contribute toachieving an international decarbonized society.
[Tokyu Land Corporation]
Name

Tokyu Land Corporation

Representative

Hiroaki Hoshino, President and CEO

Headquarters

1-21-1 Dogenzaka, Shibuya ward, Tokyo

Established

December 17, 1953

Business Overview

Comprehensive real estate developer[Renewable Japan Co., Ltd.]
Name

Renewable Japan Co., Ltd.

Representative

Katsuhito Manabe, President and CEO

Headquarters

1-2-8 Toranomon, Minato ward, Tokyo

Established

January 25, 2012

Business Overview

Development, management and operation of renewable energy
power plants[Overview of Manzanares Solar Power Plant]
Power Plant Name

Manzanares Solar Power Plant

Location

Manzanares, Ciudad Real, Spain

Installed Capacity

39.9 MW

Commercial Operation

June 2023

Investment Ratio

Tokyu Land Corporation 65%
Renewable Japan 35%