23-D-0249
June 15, 2023

Enex Infrastructure Investment Corporation's PropertyAcquisition—JCR Will Focus on Post-Acquisition Operationand Other Developments
The following is Japan Credit Rating Agency, Ltd. (JCR)'s opinion on the acquisition of new properties at Enex
Infrastructure Investment Corporation (security code: 9286).

(1) The asset management company of Enex Infrastructure Investment Corporation (“EII”) announced
today that it will acquire a new solar power plant with an installed capacity of 53.6 MW (based onpanel output) located in Takasaki City, Gunma Prefecture, for a total of 25.2 billion yen in connection
with a public offering. The acquisition is expected to increase the portfolio assets to 101.2 billion yen(240.8MW installed capacity) at a total acquisition price. The power generation performance of theproperty to be acquired has fluctuated but has remained at an appropriate level, and JCR does notbelieve at this point that the acquisition will have any impact on the rating.
(2) On March 10, 2022, JCR announced the affirmation of EII’s “A/Stable” long-term issuer rating. Theacquisition is in line with EII’s asset scale expansion and financial management policies assumed byJCR, and is expected to enhance the stability of the portfolio cash flow through expansion of scaleand diversification. JCR will closely monitor the future expansion of the asset scale, financial
soundness, and other developments, as well as the operating status of the properties owned,including the acquired property.
Kiichi Sugiura, Satoshi Inomata<Reference>Issuer: Enex Infrastructure Investment Corporation
Long-term Issuer Rating: A

Outlook: Stable

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