Ichigo Green Infrastructure Investment Corp. · TSE:9282
Ichigo Green Infrastructure Investment — H1 FY25/6 Earnings Presentation
52 slides from Ichigo Green Infrastructure Investment's earnings presentation, Feb 14, 2025
Slide 1: FY25/6 H1 Corporate Presentation
Ichigo Green (9282) FY25/6 H1 Corporate Presentation January 13, February 14, 2017 2025 Ichigo Green Infrastructure Investment Corporation Ichigo Investment Advisors Co., Ltd. © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. www.ichigo-gr
Slide 2: Ichigo is a Japanese sustainable infrastructure company
Ichigo is a Japanese sustainable infrastructure company dedicated to making the world more sustainable
Slide 3: seta
“i Ke seta renee TOP PARTNER @©J.LEAGUE
Slide 4: Contents
Contents FY25/6 H1 Results Ichigo’s Sustainability Commitment (ESG) ‒ Solar Power Plant Portfolio Details ‒ Ichigo Sustainability Policy ‒ FY25/6 H1 Earnings ‒ Ichigo Climate Positive: CO2 Reduction vs. ‒ Power Generation -1.2% vs. Forecast Emissions ‒ Power Generation -1.5% YOY ‒ Renewable Energy T
Slide 5: FY25/6 H1 Results
FY25/6 H1 Results © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 5
Slide 6: Solar Power Plant Portfolio Details
Solar Power Plant Portfolio Details as of December 31, 2024 No. Of Power Plants Acquisition Price Panel Output 15 JPY 11.4B 29.43MW Annual Power Average FIT (per kWh) CO2 Reduction Generation JPY 38.7 16,837 Tons 11,140 Households * Annualized CO2 reduction relative to fossil-fuel-based power produc
Slide 7: FY25/6 H1 Earnings
FY25/6 H1 Earnings No Change to Dividend Forecast Despite Below Forecast Actual as of H1 (JPY million) FY24/6 H1 FY25/6 H1 FY25/6 H1 FY25/6 Full-Year vs. Forecast Actual Forecast Actual Forecast Operating Revenue 518 516 502 97.2% 1,052 Operating Expenses 417 415 411 99.0% 801 (Depreciation) 320 323
Slide 8: Power Generation -1.2% vs. Forecast
Power Generation -1.2% vs. Forecast Geographic Diversification Offsetting Differences in Power Generation by Region FY25/6 H1 Power Generation and Power Production Revenue (JPY million) (kWh) 5,000,000 150 Forecast Power Production (left axis) Actual Power Production (left axis) 136 Power Production
Slide 9: Power Generation -1.5% YOY
Power Generation -1.5% YOY October & November YOY Decreases due to Typhoons, YOY Increases in Remaining 4 Months Power Generation: FY25/6 H1 vs. FY24/6 H1 (kWh) 5,000,000 ■ FY24/6 Actual (15 Power Plants) Jul-Dec 2023 Actual: 16.49M kWh ■ FY25/6 Actual (15 Power Plants) Jul-Dec 2024 Actual: 16.24M k
Slide 10: FY25/6 H1 Events
FY25/6 H1 Events – Power Generation -1.2% vs. Forecast due to Power Suspension Potential-Induced Degradation (PID) at Iyo & Nago Plants (Above Forecast Power Generation at Remaining 13 Plants) – Power Suspension Impact Reduced due to Online Grid Control System Installment Lost power generation dec
Slide 11: FY25/6 H1 Power Suspensions
FY25/6 H1 Power Suspensions Online Power FY25/6 H1 Power FY24/6 Suspension System Utility Co. 2024/07 2024/08 2024/09 2024/10 2024/11 2024/12 Total (H1 Actual) Installation Status 〇 Ichigo Kiryu Okuzawa TEPCO Completed Jan 2025 FY26/6 Ichigo Motomombetsu Hokkaido (Scheduled) FY26/6 Ichigo Muroran Ha
Slide 12: Power Generation by Individual Power Plant
Power Generation by Individual Power Plant Despite Ichigo Nago Futami Power Generation -22.5% vs. Forecast from Panel Failure, Total Power Generation In Line with Forecast due to Geographic Diversification (-1.2% vs. Forecast) Forecast Actual Actual Power Power Power Difference Operating Production
Slide 13: Financing Details
Financing Details Locked-In Low Long-Term Borrowing Costs via Interest Rate Swaps, Loan Balance Decrease due to Scheduled Payments as of December 31, 2024 Interest Amount Fixed/ Loan Loan Lender Rate Borrowing Date Maturity (JPY million) Floating Term (%) Term Loan I Mizuho Bank, SMBC 3,474 0.760% F
Slide 14: Share Price (Jan 1, 2024 to Jan 31, 2025)
Share Price (Jan 1, 2024 to Jan 31, 2025) – TSE Infrastructure Fund Index Including Ichigo Green Share Price Significantly Decreased due to Interest Rate Hike Concerns in Early 2024 & Reports of Solar Panel Recycling Requirements in June 2024 – Ichigo Green’s Panel Disposal Expense Reserve Limits Im
Slide 15: Ichigo J.League Shareholder Program
Ichigo J.League Shareholder Program Represents Two Firsts for a Shareholder Program in Japan − First Japanese company to include not just its own shareholders, but also the shareholders of the REITs and solar power producer that it manages, in its shareholder program (93,000 shareholders total) − Fi
Slide 16: Driving Shareholder Value
Driving Shareholder Value © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 16
Slide 17: Mission & Deliverables to Shareholders
Mission & Deliverables to Shareholders Mission: To maximize shareholder value via a renewable energy portfolio that provides both return stability and growth potential, along with offering investors an opportunity to invest in Japan’s rapidly expanding green infrastructure asset class Ichigo Green’s
Slide 18: Progress on Ten-Year Earnings Forecast
Progress on Ten-Year Earnings Forecast Achieved Above-Forecast Dividends 8 Years Into 10-Year Forecast (JPY) Actual Forecast FY17/6 FY18/6 FY19/6 FY20/6 FY21/6 FY22/6 FY23/6 FY24/6 FY25/6 FY26/6 FFO per Share 4,305 8,560 8,197 8,001 8,039 8,251 8.072 7,935 8,253 8,211 Dividend per Share 2,139 4,226
Slide 19: Ichigo (2337) Power Plant Performance Guarantee
Ichigo (2337) Power Plant Performance Guarantee Further Supports and Solidifies Long-Term Returns − Power Generation Operating Revenue fully distributed to Ichigo Green shareholders − Above-forecast Operating Revenue also fully distributed Guaranteed base revenue (FIT electricity sales revenue) fr
Slide 20: Customized Solar Power Plant Builds
Customized Solar Power Plant Builds Optimized to Local Climate & Topography to Maximize Power Production Efficiency − Snow (Hokkaido): High mounting racks and 30 degree panel inclination to avoid and displace snow coverage (vs. 10 degree in other areas) − High winds (Kagawa): Mounting racks closely
Slide 21: Fully-Networked Panel-Level Production Monitoring
Fully-Networked Panel-Level Production Monitoring Real-Time Monitoring System Immediately Detects Any Failures at the Panel Level Power Plant A Power Plant B Inverter Connection Unit Solar Panel Power Plant C String Monitoring Monitoring System Power Plant D Comprehensive Monitoring System Internet
Slide 22: World-Class Disclosure: Real-Time Power Production Data
World-Class Disclosure: Real-Time Power Production Data Real-Time Individual Power Plant Data on Ichigo Green Website Ichigo Green Website www.ichigo-green.co.jp/en © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 22
Slide 23: Growth Strategy Leveraging Ichigo Strengths
Growth Strategy Leveraging Ichigo Strengths © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 23
Slide 24: Ichigo Office’s Sponsor: Ichigo (2337)
Ichigo Office’s Sponsor: Ichigo (2337) Core Businesses: Asset Management, Sustainable Real Estate, Clean Energy ‒ Manages Ichigo Green (9282), Ichigo Office (8975), and Ichigo Hotel (3463) ‒ Sustainable Real Estate business adds value to existing buildings by drawing upon its real estate technologie
Slide 25: Synergies Between Ichigo Green and Ichigo Sustainable Real Estate
Synergies Between Ichigo Green and Ichigo − Ichigo-provided solar and wind power plant pipeline − Power plant technical capabilities backed by Ichigo ECO Energy’s nationwide solar power operating track record − Ichigo Investment Advisor’s deep asset management capabilities Sustainable Real Estate Bu
Slide 26: Ichigo & Ichigo Green Solar Power Plant Portfolio
Ichigo & Ichigo Green Solar Power Plant Portfolio Serving Local Communities and the Environment Hokkaido Ichigo Motomombetsu 1.40MW Chugoku Total Operating Ichigo Yamaguchi Aionishi 1.24MW Ichigo Engaru Higashimachi 1.24MW Ichigo Power Plants Ichigo Yamaguchi Sayama 2.35MW Ichigo Engaru Kiyokawa 1.1
Slide 27: Ichigo’s Sustainability Commitment (ESG)
Ichigo’s Sustainability Commitment (ESG) © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 27
Slide 28: Ichigo Sustainability Policy
Ichigo Sustainability Policy Harmony With the Environment and Recycling Ichigo actively monitors and minimizes the environmental impact of its business operations via extending the useful life of its assets, reducing water and water consumption, and recycling. Addressing Climate Change and Shift to
Slide 29: RE100: Completed Renewable Energy Transition
RE100: Completed Renewable Energy Transition RE100 Progress (as of November 30, 2024) RE100達成率 Non-Fossil Certificate Tracking for Ichigo Power Plants 39% 100% 61% Renewable Energy Switch Ichigo 2030 RE100 KPI to work for a sustainable planet: 100% renewable electricity across all Ichigo operations
Slide 30: Ichigo CO2 Reduction = 4.4X CO2 Emissions
Ichigo Climate Positive: CO2 Reduction vs. Emissions (1) Ichigo CO2 Reduction = 4.4X CO2 Emissions Ichigo Green CO2 Emissions 221 tons CO2 Reduction CO2 Emissions 101,217 22,767 tons tons CO2 Reduction due to Ichigo & Ichigo Green Clean Energy Scope 1+2 Emissions Power Plant Production (Ichigo + Ich
Slide 31: Ichigo Climate Positive: CO2 Reduction vs. Emissions (2)
Ichigo Climate Positive: CO2 Reduction vs. Emissions (2) Ongoing Ichigo Clean Energy Production Growth (CO2 Reduction Increase) & Renewable Energy Transition & Carbon Offsets (CO2 Emissions Reduction) CO2 Reduction/Reduction Impact/CO2 Emissions ■ Total Ichigo Power Plant CO2 Reduction ■ Total Ichig
Slide 32: ESG Initiatives: Environmental
ESG Initiatives: Environmental Climate Positive & Sustainability-Driven Preserve & Improve Real Estate Community-Based, Productive Use of Pro-Active Environmental to End Wasteful Demolition Idle Land for Clean Energy Certifications Ichigo's Sustainable Real Estate business Ichigo will not build powe
Slide 33: ESG Initiatives: Social
ESG Initiatives: Social Contributing to Society Contributing to Regional Revitalization Ichigo University Sports Initiatives As a top partner of the J.League Ichigo works to revitalize local communities Ichigo established Ichigo University in May professional soccer league, we support the and promot
Slide 34: ESG Initiatives: Governance
ESG Initiatives: Governance Global Best Practice Governance Ichigo Green Asset Management Company Monitors Asset Management Company Global Best Practice Governance − All Ichigo Green Directors are Independent of the Asset − Majority of Directors (2 of 5) are Independent Directors Management Company
Slide 35: Solar Power Plant Data
Solar Power Plant Data © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 35
Slide 36: Geographically Diversified Portfolio
Geographically Diversified Portfolio (as of December 31, 2024) Ichigo Motomombetsu Ichigo Engaru Higashimachi 1.40MW 1.24MW Ichigo Nago Futami Ichigo Abira Toasa Ichigo Engaru Kiyokawa 8.44MW 1.16MW 1.12MW Ichigo Iyo Nakayamacho Izubuchi Ichigo Muroran Hatchodaira Ichigo Nakashibetsu Midorigaoka 1.2
Slide 37: Solar Power Plant Portfolio
Solar Power Plant Portfolio as of December 31, 2024 Book Appraisal Panel Acquisition Value Value1 FIT3 Portfolio No. Solar Power Plant Location Output2 Date (JPY (JPY (JPY) Weight4 (MW) million) million) E-01 Ichigo Kiryu Okuzawa Kiryu City, Gunma Dec 2016 283 323 1.33 40 4.15% E-02 Ichigo Motomombe
Slide 38: Individual Solar Power Plant Earnings (Jul 2024 – Dec 2024)
Individual Solar Power Plant Earnings (Jul 2024 – Dec 2024) (JPY thousand) Leaseholder Ichigo Green Power Operating Operating Depreciation No. Solar Power Plant Production Expenses NOI Income Expenses Revenue Expense Revenue E-01 Ichigo Kiryu Okuzawa 29,331 8,322 21,008 1,036 19,972 15,504 4,467 E-0
Slide 39: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-01 Ichigo Kiryu Okuzawa FY25/6 H1 Actual Power Generation: +7.1% vs. Forecast Location Gunma Forecast Power Generation Actual Power Generation (kWh) Area 27,588m2 200,000 Operation Sep 30, 2013 Start Date 150,000 Panel 1.33MW Output 100,000 FIT JPY 40 / kWh FIT
Slide 40: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-03 Ichigo Muroran Hatchodaira FY25/6 H1 Actual Power Generation: +10.8% vs. Forecast Location Hokkaido Forecast Power Generation Actual Power Generation (kWh) Area 35,801m2 200,000 Operation Mar 3, 2014 Start Date 150,000 Panel 1.24MW Output 100,000 FIT JPY 40
Slide 41: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-05 Ichigo Iyo Nakayamacho Izubuchi FY256 H1 Actual Power Generation: -4.5% vs. Forecast Location Ehime Forecast Power Generation Actual Power Generation (kWh) Area 26,261m2 200,000 Operation Apr 2, 2014 Start Date 150,000 Panel 1.23MW Output 100,000 FIT JPY 40
Slide 42: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-07 Ichigo Abira Toasa FY25/6 H1 Actual Power Generation: +13.8% vs. Forecast Location Hokkaido Forecast Power Generation Actual Power Generation (kWh) Area 29,731m2 200,000 Operation Dec 2, 2014 Start Date 150,000 Panel 1.16MW Output 100,000 FIT JPY 40 / kWh FI
Slide 43: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-09 Ichigo Nago Futami FY25/6 H1 Actual Power Generation: -22.5% vs. Forecast Location Okinawa Forecast Power Generation Actual Power Generation (kWh) 1,500,000 Area 146,217m2 Operation 1,200,000 Feb 2, 2015 Start Date Panel 900,000 8.44MW Output FIT JPY 40 / kW
Slide 44: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-11 Ichigo Takamatsu Kokubunjicho Nii FY25/6 H1 Actual Power Generation: +5.5% vs. Forecast Location Kagawa Forecast Power Generation Actual Power Generation (kWh) Area 79,340m2 400,000 Operation Jun 2, 2015 Start Date 300,000 Panel 2.43MW Output 200,000 FIT JPY
Slide 45: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-13 Ichigo Toyokawa Mitocho Sawakihama FY25/6 H1 Actual Power Generation: +10.6% vs. Forecast Location Aichi Forecast Power Generation Actual Power Generation (kWh) Area 19,393m2 300,000 Operation 250,000 Sep 16, 2015 Start Date Panel 200,000 1.80MW Output 150,0
Slide 46: Individual Solar Power Plant Details
Individual Solar Power Plant Details E-15 Ichigo Yamaguchi Sayama FY25/6 H1 Actual Power Generation: +15.2% vs. Forecast Location Yamaguchi Forecast Power Generation Actual Power Generation (kWh) Area 43,621m2 400,000 Operation Apr 6, 2016 Start Date 300,000 Panel 2.35MW Output 200,000 FIT JPY 36 /
Slide 47: Appendix
Appendix © Ichigo Investment Advisors Co., Ltd. Ichigo Green Infrastructure Investment Corporation All rights reserved. 47
Slide 48: Reference: Japan’s Feed-In Tariff (FIT)
Reference: Japan’s Feed-In Tariff (FIT) What is a FIT? ‒ A policy mechanism designed to accelerate the deployment of renewable energy such as solar and wind, guaranteeing a long-term fixed sale price for electricity (in Japan, 20 years). ‒ Japan’s FIT is updated every year. Power Source FY2012 FY201
Slide 49: Shareholder Composition
Shareholder Composition Major Shareholders (as of December 31, 2024) Shareholdings by Shareholder Type Foreign Corporations & Individuals Domestic Financial Institutions No. Of Name Share Non-Financial Domestic Corporations Domestic Individuals Shares 100% 1 Ichigo Trust Pte. Ltd. 22,677 22.0% 24,64
Slide 50: Share Price (Dec 1, 2016 to Jan 31, 2025)
Share Price (Dec 1, 2016 to Jan 31, 2025) Listed on the TSE on Dec 1, 2016 (JPY) 90,000 Ichigo Green TSE Infrastructure Fund Index 80,000 70,000 60,000 50,000 40,000 30,000 2016/12 2017/6 2017/12 2018/6 2018/12 2019/6 2019/12 2020/6 2020/12 2021/6 2021/12 2022/6 2022/12 2023/6 2023/12 2024/6 2024/12
Slide 51: Ichigo Green Overview
Ichigo Green Overview Investment Corporation Name Ichigo Green Infrastructure Investment Corporation Securities Code 9282 Address 2-6-1 Marunouchi, Chiyoda-ku, Tokyo Executive Director Nanako Ito Fiscal Year July 1 – June 30 (Half-Year is July 1 – December 31) Asset Management Company Name Ichigo In
Slide 52: Make The World More Sustainable
These materials are for informational purposes only, and do not constitute or form a part of, and should not be construed as, an offer to sell or buy securities of Ichigo Green Investment Corporation (Ichigo Green). These materials may contain forward-looking statements regarding the intent, belief
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