レノバ（9519） – Briefing on Financial Results for the Fiscal Year Ending March 2022 May 11, 2022

Briefing on Financial Results for the Fiscal Year Ending March 2022May 11, 2022Quang Tri Onshore Wind Projects(144.0MW, Quang Tri, Vietnam)DisclaimerThis document has been prepared to provide corporate information and other details about RENOVA, Inc (“RENOVA,” hereafter) and the RENOVA Group, and does not constitute solicitation to acquire shares or other securities issued by RENOVA, whether in Japan or overseas.Information listed herein concerning industry and market trends, the economic climate and so on has been prepared based on currently available information. RENOVA does not guarantee the veracity, accuracy, reasonableness or completeness of the information and assumes no obligation to update the particulars of any information.Moreover, RENOVA Group plans, forecasts, estimates, predictions and other forward-looking information described herein represent only the current determinations or ideas of RENOVA. Actual RENOVA Group operating results, financial status and other outcomes may diverge considerably from the details described herein and the estimates made on that basis due to a variety of factors including trends in energy policy, legislation, schemes, markets and other institutions in Japan and overseas, the status of licenses and permits required for RENOVA Group projects, success or failure in the acquisition and development of land and power generating facilities, etc., along with fluctuations in weather, climate and the natural environment.As a general rule and unless indicated otherwise, consolidated figures are used for the monetary amounts listed in this document. As amounts less than one million yen are rounded off (figures for J-GAAP are rounded down), totals in each column may not match. In this document, current(quarterly) profit is listed as net(quarterly) income attributable to owners of the parent.For inquiries about this document:IR Office, RENOVA, Inc.Telephone: +81-3-3516-6263Email: ir@renovainc.comIR website: https://www.renovainc.com/en/ir11. Overview of the Fiscal Year Ending March 20222Key Highlights for FY3/2022 and Recent UpdatesKanda Biomass (75.0MW) reached COD and contributed to consolidated financial results; Revenue and EBITDA reached record highsDevelopment of Reihoku Onshore wind (54.6MW) is progressing smoothly, construction is scheduled to begin during FY3/2023Promotion of new businesses including non-FIT modelin overseas and domestic markets3123I.Financial Results for the Fiscal Year Ending March 2022 (IFRS)4Trend in Revenue and EBITDA*1 (IFRS) (Million yen) Revenue and EBITDA increased from the same period of the previous fiscal year due to the commencement of operation of Kanda Biomass and Karumai Sonbou Solar.Revenue (Actual)EBITDA (Actual)*129,207 13,087 20,553 10,620 30,00024,00018,00012,0006,000015,00010,0005,0000FY3/2021FY3/2022FY3/2021FY3/2022*1 EBITDA= Revenue – Fuel expenses – Outsourcing expenses – Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method (except for Akita Yurihonjo offshore wind G.K.) + Other income and expenses. EBITDA is subject to neither audit nor quarterly review.5FY3/2022 Financial Highlights (IFRS)(Unit: Million yen) Posted record figures for Revenue and EBITDA.RevenueEBITDA*1EBITDA MarginOperating ProfitProfit attributable to owners of the parentFY3/2021(Actual)FY3/2022(Actual)Change20,55329,20710,62013,087Record HighRecord High51.7%44.8%4,60587411,5071,58142.1%23.2%-▲81.0%▲86.3%*1 EBITDA= Revenue – Fuel expenses – Outsourcing expenses – Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method (except for Akita Yurihonjo offshore wind G.K.) + Other income and expenses. EBITDA is subject to neither audit nor quarterly review.62. Progress of Projects7Schedules for Projects Under Construction*1*2As of May 2022 Construction of all nine projects*2 is progressing as scheduled.Minami-Aso-Yunotani(2.0MW)Tokushima-Tsuda (74.8MW)Ishinomaki Hibarino(75.0MW)Hitoyoshi(20.8MW)Omaezakikou(75.0MW)Sendai-Gamo(75.0MW)Karatsu(49.9MW)Abukuma(Appx. 147MW)Kiangan（17.4MW）FY3/2023December2022Planned to be consolidated after CODMarch2023ConsolidatedSolarBiomassCOD(Planned)Onshore windHydroelectricGeothermalFY3/2024May2023June2023July2023November2023FY3/2025December2024Spring2025COD is TBD*1 Projects under construction may be altered, delayed or cancelled. Projects for which work has commenced in accordance with the EPC contract are shown as “under construction”. *2 The COD of Kiangan Hydropower (17.4MW), which started construction in August 2021, has not been disclosed. 8Progress of Projects under Construction (1/4)*1Tokushima-Tsuda Biomass（74.8MW, Tokushima-shi Tokushima Prefecture) (As of May 2022) Steady progress towards commencement of operation for March 2023. Commissioning is scheduled for October 2022. Aerial View（April 2022）Project OverviewCapacity*274.8MWMain FuelFIT PriceExpected Revenue*3Wood pellets(co-fired with PKS and domestic woodchips)¥24/kWh(¥32/kWh for domestic wood biomass)Appx. ¥13 billion / yearTotal project cost*4Appx. ¥50 billionLTC90%Equity Interest after COD*5RENOVA:60.8%*5Osaka Gas：33.5%OthersCOD in March 2023 (Planned)*3*1 Projects for which work has commenced in accordance with the EPC contract are shown as “under construction”. *2 The generation capacity for biomass power plants is based upon the generator output. *3 Projects under construction may be altered, delayed or cancelled. *4 Amount includes all costs and expenses required to start operation, such as power generation facilities, buildings, land, civil engineering development, finance related expenses (including reserves), and start-up related expenses. *5 RENOVA currently has 60.8% SPC’s shares as largest shareholder.9Progress of Projects under Construction (2/4)*1As of May 2022 Installation of main equipment for Ishinomaki Hibarino Biomass (75.0MW) is Installation of boiler equipment for Omaezakikou Biomass (75.0MW) is progressing progressing smoothly.smoothly.Ishinomaki Hibarino Biomass（75.0MW、Ishinomaki-shi, Miyagi Prefecture）Omaezakikou Biomass（75.0MW、Omaezaki-shi etc., Shizuoka Prefecture）Construction of boiler building（April 2022）Installation of boiler equipment(As of Apr. 2022)Capacity*1Main Fuel Wood pellets75.0MWCapacity*1Main Fuel Wood pellets75.0MW(co-fired with PKS and domestic woodchips)(co-fired with PKS and domestic woodchips)FIT Price¥24/kWh(¥32/kWh for domestic wood biomass)FIT Price¥24/kWh(¥32/kWh for domestic wood biomass)COD in May 2023（Planned）*2COD in July 2023（Planned）*2*1 The generation capacity for biomass power plants is based upon the generator output. *2 Figures are as currently planned and may be subject to change. 10Progress of Projects under Construction (3/4)*1As of May 2022 Construction of boiler building for Sendai-Gamo Biomass (75.0MW) is progressing Land preparation work for Karatsu Biomass (49.9MW) is progressing smoothly. Sendai-Gamo Biomass(75.0MW, Sendai-shi, Miyagi Prefecture)Karatsu Biomass(49.9MW, Karatsu-shi, Saga Prefecture)smoothly. Construction of boiler building（April 2022）Site preparation（April 2022）Capacity*175.0MWCapacity*149.9MWMain Fuel Wood pellets(co-fired with PKS and domestic woodchips)Main Fuel Wood pellets(co-fired with PKS)FIT Price¥24/kWh(¥32/kWh for domestic wood biomass)FIT Price¥24/kWhCOD in November 2023（Planned）*2COD in December 2024（Planned）*2*1 The generation capacity for biomass power plants is based upon the generator output. *2 Figures are as currently planned and may be subject to change. 11Progress of Projects under Construction (4/4)*1As of May 2022 Civil work for Minami-Aso Yunotani Geothermal, Hitoyoshi Solar and KianganHydroelectric is progressing smoothly. Minami-Aso YunotaniGeothermal（2.0MW、Minami-Aso Village, Minami-Aso District, Kumamoto Prefecture）Hitoyoshi Solar(20.8MW, Hitoyoshi-shi, Kumamoto Prefecture) Kiangan Hydroelectric(17.4MW, Ifugao Province, the Philippines)Construction of cooling tower（April 2022）Maintenance of the balancing reservoir(As of Apr. 2022)Frame construction(As of Apr. 2022)Capacity*1 2.0MWCapacity*1 20.8MWCapacity*1 17.4MWFIT Price¥40/kWhFIT Price¥36/kWhFIT Price5.87PHP/ kWh*3（Appx. ¥11.7*4）COD in December 2022（Planned）*2COD in June 2023（Planned）*2Under construction for COD *2*5* 1 For projects that have reached the start date of construction on the EPC contract, they are indicated as the construction started and under construction phases. * 2 Indicated as the current targets that are subject to change. * 3 Assumed FIT unit price in case operation is started during the remaining period of the FIT target frame for small hydroelectric. * 4 Reference value converted to Philippine peso = 2 Japanese yen. * 5 The COD has not been disclosed.123. Progress of priority areas13RENOVA’s Growth Trajectory Accelerating the development of multiple techniques of renewable power generation to meet the growing demand for renewable energy. RENOVA is also promoting the development of new green business models that contribute to the acceleration of decarbonization. eziS ssenisuB)egamI lautpecnoC(Current2022FutureDevelopment of new green businessSourcing for domestic offshore wind♨Accumulation of domestic renewable energy business(Solar, Onshore Wind etc.)Acceleration of overseas expansionRenewable plants in operation and under construction14Overseas BusinessAs of May 2022 RENOVA began development activity in the Asian region in 2017, and is currently undertaking business operations in 5 cities. Currently, RENOVA’s international team is comprised of about 40 people globally, including dedicated engineering experts.Overseas office locations and publicly disclosed projectsLocal officeVietnam Onshore Wind Power Projects in Quang Tri Province（144.0MW／COD in October 2021）Laos Green Ammonia Manufacturing and Supply Business（feasibility study）（NEDO・with Hitachi Zosen Corporation）KoreaThe Philippines Kiangan Hydroelectric Power Projects（17.4MW／under construction）American Samoa Onshore wind project with battery storage（42.0MW／feasibility study）（with Nippon Koei Co., Ltd. ）15SingaporeIndonesia(Under establishment)RENOVA’s Core Competencies Apply comprehensive know-how acquired from domestic projects to accelerate growth across the renewable energy value chain.SourcingDevelopmentFinancingDevelop proposals alongside local communitiesIn-houseengineering teamProven trackrecord of financingOperation/OwnershipOperational know-how A total of about 40 people globally― Sourcing coordinated with engineering experts Partnership with local developers in each country In-house dedicatedteam leads designand process control In-house procurement team improves cost competitiveness Financing track Promote stable operation led by local members Utilize engineering expertise to develop sophisticated operation techniquesrecord―Quang Tri Onshore Wind： Asian Development Bank, JICA, etc.―Kiangan Hydro: Development Bank of the Philippines, etc. 16Overseas ProjectQuang Tri Onshore Wind (144.0MW, Vietnam) Approximately 1 year and 5 months from the start of construction to COD. RENOVA served as project lead for finance and engineering, and the project has achieved stable O&M activities at about 97%*1 efficiency since COD.① Sourcing② Start of construction③ Construction④ CODFrom Sourcing to CODAppx. 1 year and 5 monthsProject OverviewCapacityFIT Price*2*3Year of Construction144.0MWAppx. ¥11.1 / kWhMay 2020December 2021Completion dateExpected Revenue*3*4Appx. ¥6.4 billion / yearYearly expected EBITDA*3*4 Appx. ¥5.7 billion / yearOwnership StructurePC1 Group：60.0%, RENOVA：40.0%*1 Cumulative average from December to March when O & M contracts started. *2 Electric power will be sold in accordance with Vietnam’s FIT scheme.*3 Reference value converted at $1 = 130 yen. *4 Revenue is current estimate and may fluctuate. 17Onshore Wind Project with Battery Storage（American Samoa, Study）As of May 2022 This project is expected to increase the ratio of renewable energy to 50% or more of the electricity generated on Tutuila Island, which will greatly contribute to decarbonization and the reduction of electricity prices* 1. Installation of storage battery will beneficially smooth supply fluctuations from intermittent renewable energy within the small-scale system.Project OverviewOperatorTutuila Wind Energy LLC(*2) Construction siteCapacity (planned)Project period Equity Interest after CODTutuila Island, American SamoaWind generation：42.0MW Battery storage：40MWh25 years after Commercial Operation DateRENOVA: 50%Nippon Koei：50%Our first renewable energy business with a storage battery and first in a small-scale environment.Preparing various surveys and information sessions for residents. *1 American Samoa has set a goal of increasing the share of renewable energy in the total power generation to 50% by 2025 and to 100% by 2040. *2 Tutuila Wind Energy LLC is wholly owned by Pacific Rim Energy Inc. Pacific Rim Energy Inc. is owned by RENOVA : 50%, Nippon Koei: 50%. 18Domestic Multi-technique Renewable Strategy As per METI’s 2030 Strategic Energy Plan*1, Japan must introduce renewable energy assets of 63. 0-77.1GW（Appx.115.4 billion ～132.9 billion kWh） *2 Leverage experience and know-how to develop projects across multiple renewable energy technologies and engineering techniques. Taking into account the growing needs of the demand side, RENOVA will work on flexible development, including non-FIT projects, suited to each type of energy technology.Ratio of unintroduced renewable energy to achieve 2030 Strategic Energy Plan*2Introduced capacityUnintroduced capacity*32030Target1.29～1.46 bil.kWh47 bil.kWh34 bil.kWh17 bil.kWh11 bil.kWhSolarBiomass*4Onshore windOffshore wind*5GeothermalAccelerate the development of new profitable businesses*1 Energy mix figures in the 6th Strategic Energy Plan approved in a Cabinet meeting on October 22, 2022, * 2 Calculated based on the documents of METI’s official meetings (including Hydroelectric).*3 The unintroduced amount includes the FIT-certified unutilized capacity *4 The unutilized capacity is quoted from the figures in the document of METI’s meeting. * 5 The unintroduced capacity 19includes the FIT-certified amount and amount of successful bids of first round auction （METI’s documents: https://www.meti.go.jp/shingikai/enecho/denryoku_gas/saisei_kano/pdf/040_01_00.pdf ／ https://www.meti.go.jp/shingikai/enecho/denryoku_gas/saisei_kano/pdf/035_01_00.pdf）Mid- to Long-term Vision for Business Areas Established GX (Green Transformation) Division to propel new business development that lead to carbon neutrality. AreaNew Green Enabler－ Develop business to address environmental and social issues through decarbonization and other solutionsRenewable Enabler－ Renewable energy with battery storage, hydrogen/ammonia derived from renewable energy, etc.Renewable Energy BusinessRenewable AreaExpansionof scale Expansion of revenue model (Non-FIT model etc.)204. Outlook for the Fiscal Year Ending March 2023Kanda Biomass (75.0MW, Kanda-machi, Miyako District, Fukuoka Prefecture)Full-year Outlook for FY3/2023(IFRS)(Unit: Million yen / %) Revenue and EBITDA is expected to grow due to full-year contributions from Kanda Biomass and Karumai Sonbou Solar. Gain on the sale of equity interest in Yokkaichi Solar will be recorded as “other Continue investments toward project development upon reallocation of management income”.resources. FY3/2022(Actual)FY3/2023(Outlook)ChangeRevenueEBITDA*129,20735,50013,08717,800EBITDA margin44.8%50.1%Operating ProfitProfit attributable toowners of the parentEPS(yen)*2ROE*38741,58120.256.7%8,7002,90036.7712.3% Full-year contributions of Kanda Biomass and Karumai SonboSolar COD of Tokushima Tsuda Biomass Business development fees from multiple projects Will record “a gain on the sale” for equity interest sold and expect to realize “a gain on remeasurement to fair value” for equity interest retained for Yokkaichi Solar Continuous investments towardproject development upon reallocation of management resources21.5%36.0%-895.1%83.4%‐‐*1 EBITDA= Revenue – Fuel expenses – Outsourcing expenses – Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method (except for Akita Yurihonjo offshore wind G.K.) + Other income and expenses. EBITDA is subject to neither audit nor quarterly review. *2 EPS figures represents basic EPS. EPS for FY3/2023 has been calculated assuming that the total number of issued shares will remain unchanged from the total number of issued shares at the end of FY3/2022. *3 For the purpose of calculating ROE, the profit figure for the most recent 12-month period is used, and the equity figure used is the simple average of the values at the beginning of the most recent 12-month period and at the end of the most recent month period.22Total Capacity of Projects In Operation and Under Construction*1As of February 2022 (Unit: MW) Minami-Aso Yunotani Geothermal (2.0MW) and Tokushima-Tsuda Biomass (74.8MW) are scheduled to start operation in December 2022 and March 2023, respectively. Construction of Reihoku Onshore Wind (54.6MW) is planned to begin during this fiscal year.(MW)3,000Focus for Future CommercializationUnder Development (Including auction process)Under ConstructionIn Operation Continue to build up development projects in Japan and overseasUnder Development Isumi Offshore Wind*2 Reihoku Onshore Windetc.Projects to commence operation in FY3/2023 Tokushima-Tsuda Biomass （74.8MW）913580 695361 982389 550 312 333 333 593 670 Minami-Aso YunotaniGeothermal（2.0MW）2,0001,000524271 253 374211 164 FY5/20180shown as “under construction”.*2 Subject to auction processFY3/2019FY3/2020FY3/2021FY3/2022FY3/2023(Currentoutlook)*1 Projects under construction may be altered, delayed or cancelled. Projects for which work has commenced in accordance with the EPC contract are 23To create green and sustainable energy systemsOur Missionfor a better worldOur VisionTo become Asia’s renewable energy leaderSupplementary Material on Financial Results for the Fiscal Year Ending March 2022May 10, 2022DisclaimerThis document has been prepared to provide corporate information and other details about RENOVA, Inc (“RENOVA,” hereafter) and the RENOVA Group, and does not constitute solicitation to acquire shares or other securities issued by RENOVA, whether in Japan or overseas.Information listed herein concerning industry and market trends, the economic climate and so on has been prepared based on currently available information. RENOVA does not guarantee the veracity, accuracy, reasonableness or completeness of the information and assumes no obligation to update the particulars of any information.Moreover, RENOVA Group plans, forecasts, estimates, predictions and other forward-looking information described herein representonly the current determinations or ideas of RENOVA. Actual RENOVA Group operating results, financial status and other outcomes may diverge considerably from the details described herein and the estimates made on that basis due to a variety of factors including trends in energy policy, legislation, schemes, markets and other institutions in Japan and overseas, the status of licenses and permits required for RENOVA Group projects, success or failure in the acquisition and development of land and power generating facilities, etc., along with fluctuations in weather, climate and the natural environment.As a general rule and unless indicated otherwise, consolidated figures are used for the monetary amounts listed in this document. As amounts less than one million yen are rounded off, totals in each column may not match.In this document, current(quarterly) profit is listed as net(quarterly) income attributable to owners of the parent.For inquiries about this document:IR Office, RENOVA, Inc.Telephone: +81-3-3516-6263Email: ir@renovainc.comIR website: https://www.renovainc.com/en/ir1I.Financial Results for the Fiscal Year Ending March 2022 (IFRS)2Key Highlights for FY3/2022 and Recent Updates Kanda Biomass (75.0MW) reached COD and contributed to consolidated financial results; Revenue and EBITDA reached record highsDevelopment of Reihoku Onshore wind (54.6MW) is progressing smoothly, construction is scheduled to begin during FY3/2023Promotion of new businesses including non-FIT modelin overseas and domestic markets3123Trend in Revenue and EBITDA*1 (IFRS) (Unit: Million yen) Revenue and EBITDA increased from the same period of the previous fiscal year due to the commencement of operation of Kanda Biomass and Karumai Sonbou Solar.Revenue (Actual)EBITDA (Actual)*129,207 13,087 20,553 10,620 30,00024,00018,00012,0006,000015,00010,0005,0000FY3/2021FY3/2022FY3/2021FY3/2022*1 EBITDA= Revenue – Fuel expenses – Outsourcing expenses – Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method (except for Akita Yurihonjo offshore wind G.K.) + Other income and expenses. EBITDA is subject to neither audit nor quarterly review.4Financial Highlights (IFRS)(Unit: Million yen) Profit attributable to owners of the parent decreased, primarily as a result of losses on equity interests in the affiliate associated with the result of the offshore tender offer, etc.FY3/2021FY3/2022ChangeRevenueEBITDA*1EBITDA marginOperating profitEPS (yen)*2LTM ROE*3Profit attributable to owners of the parentNumber of power plants in operation (The figures in parentheses ( ) represents the number of power plants to which equity method investment is applied.)Capacity (MW)*4FY3/2022(RevisedOutlook)29,00013,00044.8%8001,50019.00-%29,20713,08744.8%8741,58120.256.7%14 (1)14 (1)593.1593.120,55310,62051.7%4,60511,507149.6781.7%12(0)333.3*1 EBITDA= Revenue – Fuel expenses – Outsourcing expenses – Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method (except for Akita Yurihonjo offshore wind G.K.) + Other income and expenses. EBITDA is subject to neither audit nor quarterly review.*2 The EPS value does not consider adjustment for dilutive shares. *3 For the purpose of calculating ROE, the profit figure for the last 12-month period is used, and the equity figure used is the simple average of the values at the beginning and the end of the last 12-month period. *4 The capacity figures represent gross generation capacity. 42.1%23.2%-81.0%-86.3%-86.5%–‐‐5Results by Segment (IFRS)(Unit: Million yen) In the Renewable Energy Power Generation Business, Revenue and EBITDA increased due to the commencement of operation at Kanda Biomass and Karumai Sonbou Solar. The impact from “Premium Electricity Purchase on FIT Price” was insignificant. In the Renewable Energy Development and Operation Business, Operating Profit decreased year-on-year due to reduced business development fees as well as losses on equity interest in the affiliate associated with the result of the offshore tender offer, etc.FY3/2021FY3/2022ChangeRenewable Energy Power Generation BusinessRenewable Energy Development and Operation Business + Elimination(A)(B)*1Total(A) + (B) *1RevenueEBITDA*2OperatingprofitRevenueEBITDA*2OperatingprofitRevenueEBITDA*2Operatingprofit17,65112,4426,5662,902-1,822-1,96116,3019,4484,94427,88716,7578,6401,320-3,670-7,76629,20713,087874+58.0%+34.7%+31.6%-54.5%NMNM+42.1%+23.2%-81.0%*1 When receiving development fees from affiliated companies, RENOVA records such development fees in its consolidated financial results after deducting amounts that correspond to RENOVA’s ownership stake in those affiliated companies.*2 EBITDA= Revenue – Fuel expenses – Outsourcing expenses – Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method (except for Akita Yurihonjo offshore wind G.K.) + Other income and expenses. EBITDA is neither subject to audit nor quarterly review. 6Key Balance Sheet Items and Credit Metrics (IFRS)(Unit: Million yen) Equity ratio rose due to the change in fair value evaluation of long-term forward exchange contracts related to fuel procurement in the biomass business. SPC project finance accounts for Appx. 80% of consolidated interest-bearing debt.The majority of project finance has fixed interest rates through swap transactions.As of FY 3/2021End of FY 3/2022ChangeMajor Factors of Increase/DecreaseTotal assets220,546296,22375,67715,25231,88616,634Consolidation of Kanda Biomass and progress of construction of Tokushima-Tsuda BiomassFair value evaluation of long-term foreign exchange contracts for biomass fuel procurement122,630163,58940,958Consolidation of Kanda Biomass and progress of construction of Tokushima-Tsuda BiomassKey balance sheet itemsEquity attributable to owners of the parentNet interest-bearing debt*1Cash and deposits*240,35644,2833,927Interest-bearing debt*3162,986207,87144,885Ratio of equity attributable to owners of the Parent to Total assetsCredit metricsEquity RatioNet D/E ratio*4Net Debt / EBITDA*5Adjusted Net Debt / LTM EBITDA*66.9%10.8%3.8%11.3%17.7% 4.9×11.5×8.8×3.1×12.5×10.2×6.4%-1.8X1.0x1.4x*1 Net interest-bearing debt = Interest bearing debt – Cash and deposits *2 Cash and deposits = Cash and cash equivalents + Restricted bank deposit at SPCs*3 Interest-bearing debt = loans payable + bonds + lease obligations + accrued interest-bearing liabilities *4 Net D/E ratio = Net interest-bearing debt / Total Equity *5 EBITDA amounted 10,620 million yen for FY3/2021 and to 13,087 million yen for FY3/2022. *6 Calculated excluding both Net Debt and EBITDA of SPC power plants with an operating period of less than 1 year.7Consolidated Statements of Financial Position (IFRS)(Unit: Million yen) Total assets and Total liabilities increased due to the consolidation of Kanda Biomass.Current assetsNon-current assetsProperty, plant and equipmentIntangible assets Other financial assetsOther non-current assetsTotal assetsInterest-bearing debt*1Other liabilitiesTotal liabilitiesRetained earnings Other components of equityEquity articulable toowners of the ParentNon-controlling interestsAs of FY3/2021End of FY3/2022ChangeMajor Factors of Increase/Decrease46,699173,84756,1399,440240,08466,237104,148147,48043,332Increase due to consolidation of Kanda Biomass37,43917,709Increase due to consolidation of Kanda BiomassFair value evaluation of long-term forward exchange contracts for biomass fuel procurement27,1735,8049,3331,071296,22375,67735,9113,215243,78248,100207,87144,885Increase due to the consolidation of Kanda Biomass22,3031,581Increase in retained earnings6,30115,030Changes in fair value of cash flow hedges31,88616,63420,55510,943Increase due to consolidation of Kanda Biomass19,73017,8404,733220,546162,98632,696195,68220,722-8,72915,2529,61224,864Total net assets52,44127,577*1 Interest-bearing debt = loans payable + bonds + lease debt + accrued interest-bearing liabilities 8Trend in Monthly Electricity Sales Volume for Domestic Power PlantsAs of March 2022 Kanda Biomass (75.0MW) and Karumai Sonbou Solar (40.8MW) commenced operation in June and October 2021, respectively. Stable operation has been maintained since the start of operation of each power plant.(Unit: MWh )*1100,00080,00060,00040,00020,00002015 2016Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb. Aug. Feb.2014Suigo-Itako SolarKikugawa-Ishiyama SolarOzu SolarKarumai West SolarAkita BiomassKikugawa-Horinouchiya SolarNasushiobara SolarNasukarasuyama SolarKarumai Sonbou SolarFuttsu SolarKokonoe SolarYokkaichi SolarKarumai East SolarKanda Biomass2017 2018 2019 20202021*1 Units express power generation volume (1MWh = 1,000kWh)*2 United Renewable Energy Co., Ltd. 9(Reference) Consolidated Subsidiaries of the Power Generation Business(IFRS / Unit: Million yen)Power Generating Capacity (MW)Purchase Price(/kWh)RevenueEBITDAEBITDA marginProfitOwnershipInterestSuigo-Itako Solar*115.3Futtsu Solar*140.4Kikugawa-Ishiyama Solar*1Kikugawa-Horinouchiya Solar*19.47.5Kokonoe Solar*2 *325.4Nasushiobara Solar*2 *326.2¥40¥40¥40¥40¥40¥40FY3/2022 3Q FY3/2021 3Q FY3/2022 3Q FY3/2021 3Q FY3/2022 3Q FY3/2021 3Q FY3/2022 3Q FY3/2021 3Q FY3/2022 3Q FY3/2021 3Q FY3/2022 3Q FY3/2021 3Q7307312,0132,0054834763783731,0321,1001,1201,17762557585.7%78.6%1,76987.9%1,79389.4%41140031530683292796598185.2%84.0%83.3%82.0%80.6%84.3%86.2%83.3%230190692698136124988936231348640868.0%68.0%51.0%51.0%63.0%63.0%61.0%61.0%100.0%100.0%100.0%100.0%*1 K.K. (Corporation)*2 T.K. (Silent Partnership) *3 Taxable income from a T.K. belongs to the T.K. investors in proportion to their investment ratios, resulting in no taxation at the T.K. level. 10(Reference) Consolidated Subsidiaries of the Power Generation Business(IFRS / Unit: Million yen)Ozu Solar*1 *2Yokkaichi Solar*1 *2NasukarasuyamaSolar*1 *2Karumai West Solar*1 *2 Karumai East Solar*1 *2 Karumai SonbouSolar *1 *2 *3Akita Biomass(URE)*5Power Generating Capacity (MW)Purchase Price(/kWh)RevenueEBITDAEBITDA marginProfitOwnershipInterest19.021.619.248.080.840.8¥36¥36¥36¥36¥36¥36FY3/2022 3QFY3/2021 3Q FY3/2022 3Q FY3/2021 3Q FY3/2022 3Q FY3/2021 3Q FY3/2022 3Q FY3/2021 3Q FY3/2022 3Q FY3/2021 3Q FY3/2022 3Q FY3/2021 3Q FY3/2022 3Q FY3/2021 3Q FY3/2021 3Q 7567908528867907531,8941,7723,0072,855618–58761667272162757977.7%78.0%78.8%81.4%79.4%76.9%1,54881.7%1,43080.7%2,49783.0%2,36382.8%—-20.5¥32/¥244,4554,7311,41331.7%1,74136.8%206147217233200133310152629510504700–40164.9%-143100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%55.0%46.0%35.3%35.3%53.1%43.1%Kanda Biomass75.0¥24/¥32FY3/2022 3Q 9,7593,68637.8%1,052*1 T.K. (Silent Partnership) *2 Taxable income from a T.K. belongs to the T.K. investors in proportion to their investment ratios, resulting in no taxation at the T.K. level. *3 October 8, 2021: As a result of the additional acquisition of equity interest, our company’s equity ratio is now 55.0%.*4 United Renewable Energy Co., Ltd. 11Ⅱ. Outlook for the Fiscal Year Ending March 2023 (IFRS)12Full-year outlook for FY3/2023 (IFRS)(Unit: Million yen / %) Revenue and EBITDA is expected to grow due to full-year contributions from Kanda Biomass and Karumai Sonbou Solar. Gain on the sale of equity interest in Yokkaichi Solar will be recorded as “other income”. Continue investments toward project development upon reallocation of management resources. FY3/2022(Actual)FY3/2023(Outlook)ChangeRevenueEBITDA*129,20735,50013,08717,800EBITDA margin44.8%50.1%Operating ProfitProfit attributable toowners of the parentEPS(yen)*2ROE*38741,58120.256.7%8,7002,90036.7712.3%21.5%36.0%-895.1%83.4%‐‐ Full-year contributions of Kanda Biomass and Karumai SonboSolar COD of Tokushima Tsuda Biomass Business development fees from multiple projects Will record “a gain on the sale” for equity interest sold and expect to realize “a gain on remeasurement to fair value” for equity interest retained for Yokkaichi Solar Continuous investments toward project development upon reallocation of management resources*1 EBITDA= Revenue – Fuel expenses – Outsourcing expenses – Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method (except for Akita Yurihonjo offshore wind G.K.) + Other income and expenses. EBITDA is neither subject to audit nor quarterly review. *2 EPS figures represents basic EPS. EPS for FY3/2023 has been calculated assuming that the total number of issued shares will remain unchanged from the total number of issued shares at the end of FY3/2022. *3 For the purpose of calculating ROE, the profit figure for the most recent 12-month period is used, and the equity figure used is the simple average of the values at the beginning of the most recent 12-month period and at the end of the most recent month period.13Major Assumptions for FY3/2023 Financial ForecastFY3/2022(Actual)FY3/2023(Forecast)Consolidated Subsidiaries 12 Solar PV plants / 353.6MWConsolidated Subsidiaries 11 Solar PV plants / 332.0MW– 6-month contribution from Karumai Sonbou Solar– Forecasts for some existing solar PV plants incorporate additional output curtailment– Full-year contribution from Karumai Sonbou Solar– Forecasts for some existing solar PV plants incorporate additional output curtailment 2 Biomass plants / 95.5MW 2 Biomass plants / 170.3MW– 8-month contribution from Kanda Biomass– Includes allowance for unplanned operational – Full-year contribution from Kanda Biomass– 1-month contribution from Tokushima-Tsuda RenewableEnergy Power Generation Business downtimeIncome from equity in affiliates 1 onshore wind / 144.0MWwind 1 Biomass / 75.0MW– 5-month contribution from Quang Tri onshore – Revenue from sales of electricity during commissioning of Kanda BiomassBiomass– Contribution of revenue from sales of electricity during commissioning period of Tokushima-Tsuda Biomass– Includes allowance for unplanned operational downtimeIncome from equity in affiliates 1 onshore wind / 144.0MWwind 1 Biomass / 75.0MW– full-year contribution from Quang Tri onshore – Revenue from sales of electricity during commissioning of Ishinomaki Hibarino Biomass 1 Geothermal / 2.0MW– 4-month contribution from Minami-Aso YunotaniBusiness Development Fees Appx. ¥1 bn*1– Expected from multiple development projects14Business Development Fee ¥1 bn*1Renewable Energy Developmentand Operation *1 Figures for business development fees are after elimination of intra-company transactions.Business Outlook by Segment (IFRS)(Unit: Million yen) Power Generation Business is expected to grow due to full-year contributions from Kanda Biomass and Karumai Sonbou Solar, and the COD of Tokushima-Tsuda Biomass. In the Development and Operation Business, business development fees are expected from multiple projects. RENOVA will continue investments towards new project development. FY3/2022(Actual)FY3/2023(Outlook)ChangeRenewable Energy Power Generation Business (A)Renewable Energy Development and Operation Business + Elimination (B)*1Total*1(A + B)RevenueEBITDA*2Operating profitRevenueEBITDA*2Operating profitRevenueEBITDA*2Operating profit27,88716,7578,6401,320-3,670-7,76629,20713,087874 Contributions to Kanda Biomass and Karumai Sonbo Solar COD of Tokushima-Tsuda Biomass Expect recognition of multiple business development fees Continuous investments toward project development upon reallocation of resources33,9006,01318,2001,4439,2001,600-400-500560280NMNM35,5006,29317,8004,7138,7007,826*1 When receiving Business development fees from affiliated companies, RENOVA records such development fees in its consolidated financial results after deducting amounts that correspond to RENOVA’s ownership stake in those affiliated companies. *2 EBITDA= Revenue – Fuel expenses – Outsourcing expenses – Payroll and related personnel expenses + Share of profit (loss) of investments accounted for using the equity method (except for Akita Yurihonjo offshore wind G.K.) + Other income and expenses. EBITDA is neither subject to audit nor quarterly review. 15Ⅲ. Update on Project Development16COD Schedule for Projects Under Construction*1*2As of May 2022 Construction of all nine projects*2 is progressing as scheduled.FY3/2023December2022March2023Planned to be consolidated after CODSolarConsolidated BiomassMinami-Aso-Yunotani(2.0MW)Tokushima-Tsuda (74.8MW)Ishinomaki Hibarino(75.0MW)Hitoyoshi(20.8MW)Omaezakikou(75.0MW)Sendai-Gamo(75.0MW)Karatsu(49.9MW)Abukuma(Appx. 147MW)Kiangan(17.4MW)FY3/2024May2023June2023July2023November2023COD is TBDCOD(Planned)Onshore WindGeothermalHydroelectricFY3/2025December2024Spring2025*1 Projects under construction may be altered, delayed or cancelled. Projects for which work has commenced in accordance with the EPC contract are shown as “under construction”. *2 The COD of Kiangan hydroelectric (17.4MW), which started construction in August 2021, has not been publicly disclosed.17Progress of Projects under Construction*1(1/2)As of May 2022 The construction of turbine buildings and piling work are progressing smoothly across all biomass projects under construction.Tokushima-Tsuda Biomass(74.8MW, Tokushima-shi, Tokushima Prefecture)Ishinomaki Hibarino Biomass(75.0MW, Ishinomaki-shi, Miyagi Prefecture)Omaezakikou Biomass75.0MW, Omaezaki-shi, etc., Shizuoka Prefecture)View of Site(As of Apr. 2022)Installation of equipment(As of Apr. 2022) Installation of boiler equipment(As of Apr. 2022)COD in March 2023 (Planned)*2COD in May 2023 (Planned)*2COD in July 2023 (Planned)*2Sendai-Gamo Biomass(75.0MW, Sendai-shi, Miyagi Prefecture)Karatsu Biomass(49.9MW, Karatsu-shi, Saga Prefecture)Construction of boiler building(As of Apr. 2022)Preparation work(As of Apr. 2022)COD in Nov. 2023 (Planned)*2COD in Dec. 2024 (Planned)*2*1 Projects for which work has commenced in accordance with the EPC contract are shown as “under construction”.*2 Projects under construction may be altered, delayed or cancelled. 18Progress of Projects under Construction*1(2/2)As of May 2022 Construction of office buildings and civil engineering work are progressing smoothly for Minami-Aso Yunotani Geothermal. Civil engineering work for Hitoyoshi Solar and Kiangan Hydroelectric are making steady progress.Minami-Aso Yunotani Geothermal(2.0MW, Minamiaso-mura, Aso-gun,Kumamoto Prefecture)Hitoyoshi Sonbou Solar(20.8MW, Hitoyoshi-shi Kumamoto Prefecture)Kiangan in hydroelectric (17.4MW、 Ifugao Province, Philippines)Foundation work for cooling buildings, etc.(As of Apr. 2022)Maintenance of the balancing reservoir(As of Apr. 2022)Frame construction(As of Apr. 2022)COD in Dec. 2022 (Planned)*2COD in June 2023 (Planned)*2Under construction for COD*3*1 Projects for which work has commenced in accordance with the EPC contract are shown as “under construction”.*2 Projects under construction may be altered, delayed or cancelled.*3 The COD of Kiangan in hydroelectric is not disclosed.19Total Capacity of Projects In Operation and Under Construction*1As of February 2022 (Unit: MW) Minami-Aso Yunotani Geothermal (2.0MW) and Tokusima-Tsuda Biomass (74.8MW) are scheduled to start operation in December 2022 and March 2023, respectively. Construction of Reihoku Onshore Wind (54.6MW) is planned to begin during this fiscal year.(MW)3,0002,0001,000Focus for Future CommercializationUnder Development (Including auction process)Under ConstructionIn Operation Continue to build up development projects in Japan and overseasUnder Development Isumi Offshore Wind*2 Reihoku Onshore Windetc.Projects to commence operation in FY3/2023 Tokushima-Tsuda Biomass (74.8MW)913580 695361 982389 550 312 333 333 593 670 Minami-Aso YunotaniGeothermal(2.0MW) FY3/2019FY3/2020FY3/2021FY3/2022FY3/2023(Currentoutlook)*1 Projects under construction may be altered, delayed or cancelled. Projects for which work has commenced in accordance with the EPC contract are 20524271 253 374211 164 FY5/20180shown as “under construction”.*2 Subject to auction processIV. Appendix (Other Project Information)21RENOVA’s Generation Portfolio and Pipeline (1/4)List of plants in operation, under construction and under development*1 (As of May 2022) Construction of Hitoyoshi Solar (20.8MW) is progressing on schedule.Energy SourceProject NameLocationCurrent StatusOwnershipInterestCOD(Target)*3FIT end YearPower Generating Capacity (MW)Purchase Price*2(/kWh)Suigo-ItakoFuttsuKikugawa-IshiyamaKikugawa-HorinouchiyaIbarakiChibaShizuokaShizuokaKokonoeOitaNasushiobaraTochigiSolar OzuKumamotoYokkaichi MieNasukarasuyamaTochigiKarumai WestKarumai EastKarumai SonbouIwateIwateIwate15.340.49.47.525.426.219.021.619.248.080.840.820.8In operation61.0%¥40¥40¥40¥40¥40¥40¥36¥36¥36¥36¥36¥36¥36In operationIn operationIn operationIn operationIn operationIn operationIn operationIn operationIn operationIn operationIn operation68.0%51.0%63.0%100%100%100%20%100%100%100%55.0%38.0%*420142014201520152015201520162019201920192019October 2021203420342035203520352035203620392039203920392041HitoyoshiKumamotoUnder construction(June 2023)(Appx. 2042)*6*1 Pipeline projects may be altered, delayed or cancelled. Projects for which work has commenced in accordance with the EPC contract are shown as “under construction”. *2 Purchase price is not the actual contractual price agreed with the party that purchases the electricity, but the fixed purchase price (displayed without consumption tax) applied based on the FIT Scheme for each power generation facility.*3 Expected COD of projects under development may be subject to change.*4 RENOVA holds the right to sequentially acquire all equity (62.0%) in the silent partnership currently owned by co-sponsors..*5 Hitoyoshi Solar is expected to reach COD in the middle of 2023, due to prolonged construction of a power transmission line by Kyushu Electric Power Co. The period of electricity sales under the FIT scheme is expected to be 18 years and 8 months, as a grid connection contract was concluded on August 1, 2016, which resulted in a three-year COD time limit to receive a full 20-year .22RENOVA’s Generation Portfolio and Pipeline (2/4)List of plants in operation, under construction and pipeline projects*1 (As of May 2022) Tokushima-Tsuda Biomass (74.8MW) is scheduled to start operation in March 2023. Total generation capacity for biomass projects in operation and under construction is Appx. 450MW.Energy SourceProject NameLocationCurrent StatusOwnershipInterestCOD(Target)*3FIT end YearPower Generating Capacity (MW)Purchase Price*2(/kWh)¥32/¥24¥24/¥32In operation35.3%*42016In operation 53.1%June 202120362041Tokushima¥24/¥32Under construction70.4%*5(March 2023)(Appx. 2043)BiomassOmaezakikouShizuoka¥24/¥32Under construction57.0%*6 *7(July 2023)(Appx. 2043)Akita (URE)AkitaKandaFukuokaTokushima-TsudaIshinomakiHibarinoMiyagiSendai-Gamo MiyagiKaratsuSaga20.575.074.875.075.075.049.9¥24/¥32Under construction49.9%*8 *9(May 2023)(Appx. 2043)¥24/¥32Under construction29.0%*10(Nov. 2023)(Appx. 2043)¥24Under construction35.0%*11(Dec. 2024)(Appx. 2044)*1 Pipeline projects may be altered, delayed or cancelled. Projects for which work has commenced in accordance with the EPC contract are shown as “under construction”. *2 Purchase price is not the actual contractual price agreed with the party that purchases the electricity, but the fixed purchase price (displayed without consumption tax) applied based on the FIT Scheme for each power generation facility. *3 Expected COD of projects under development may be subject to change. *4 RENOVA has invested in the Akita Biomass Project through Sensyu Holdings Co., Ltd., a subsidiary of RENOVA. RENOVA’s ownership interest in the Akita Biomass Project , calculated as the product of RENOVA’s ownership interest in Sensyu holdings Co., Ltd., and Sensyu holdings Co., Ltd.’s ownership in the Akita Biomass Project, resulting in 35.3%. *5 The figure indicates RENOVA’s economic interest in the project. RENOVA’s investment ratio is 60.8%*6 The figure indicates RENOVA’s economic interest in the project. RENOVA’s investment ratio is 38.0%. *7 RENOVA holds the right to additionally acquire a 18.0% stake (economic interest: 18.0%) at COD from co-sponsors. Following the acquisition, RENOVA’s economic interest in the project will be 75.0% (RENOVA’s investment ratio will be 56.0%). *8 The figure indicates RENOVA’s economic interest in the project. RENOVA’s investment ratio is 38.0%. *9 RENOVA holds the right to additionally acquire a 13.0% stake (economic interest: 13.0%) at COD from a co-sponsor. Following the acquisition, RENOVA’s economic interest in the project will be 62.93% (RENOVA’s investment ratio will be 51.0%).*10 RENOVA holds the right to additionally acquire a total 31.0% stake at COD from co-sponsors. Following the acquisition, RENOVA’s investment ratio in the project will be 60.0%. *11 RENOVA holds the right to additionally acquire a total 16.0% stake at COD from co-sponsors. Following the acquisition, RENOVA’s investment ratio in the project will be 51.0%.23RENOVA’s Generation Portfolio and Pipeline (3/4)List of plants in operation, under construction and pipeline projects*1 (As of May 2022) Construction of Abukuma Onshore Wind (Appx. 147MW) started in April 2022. Construction of Reihoku Onshore Wind (54.6MW) is scheduled to begin during this fiscal year.Energy SourceProject NameLocationCurrent StatusOwnershipInterestEIACOD(Target)*4FIT end YearPower Generating Capacity (MW)Purchase Price*3(/kWh)Offshore WindIsumi*5ChibaKaratsu*5SagaAppx. [350-450]Feasibility StudyUpfrontInvestment(Public tender)UpfrontInvestment(Public tender)–Completion of consideration document Completion of consideration document TBDTBD–Abukuma*6Fukushima Appx. 147Complete(2025 Spring) (Appx. 2045)Under constructionLess than 10%Onshore WindReihokuKumamoto54.6In progress‐(Appx. 2025) (Appx. 2045)Determination of Evaluation documentTBDTBD¥22¥21Quang Tri*6 Vietnam144.0$8.5 centIn operation40.0%‐October 20212041*1 Pipeline projects may be altered, delayed or cancelled. Projects for which work has commenced in accordance with the EPC contract are shown as “under construction”. *2 The Auction Process under the Offshore Wind Promotion Law (law on Promotion of Use of Territorial Waters for Offshore Renewable Energy Generation Facilities (December 7, 2018).*3 Purchase price is not the actual contractual price agreed to with the party that purchases the electricity, but the fixed purchase price (displayed without consumption tax) applied based on the FIT Scheme for each power generation facility. *4 Expected COD of projects under development may be subject to change. *5 Power generation capacity and COD target will be disclosed at a later time when there is further visibility. *6 RENOVA is participating in the project as a minority investor.24RENOVA’s Generation Portfolio and Pipeline (4/4)List of plants in operation, under construction and pipeline projects*1 (As of May 2022) Minami-Aso Yunotani Geothermal (2.0MW) is scheduled to commence operation in December 2022.Energy SourceProject NameLocationPower Generating Capacity (MW)Purchase Price*2(/kWh)Current StatusOwnershipInterestEIA StatusCOD(Target)*3FIT end YearGeothermalMinami-AsoYunotani*4Hakodate EsanKumamoto2.0¥4030.0%‐(December 2022)HokkaidoTBDTBD‐PreparingTBDHydroelectric KianganPhilippine17.4*55.87 PHP*640.0%-TBDUnder constructionUpfront investmentUnder construction*1 Pipeline projects may be altered, delayed or cancelled. Projects for which work has commenced in accordance with the EPC contract are shown as “under construction”. *2 Purchase price is not the actual contractual price agreed with the party that purchases the electricity, but the fixed purchase price (displayed without consumption tax) applied based on the FIT Scheme for each power generation facility. *3 Expected COD of projects under development may be subject to change. *4 RENOVA is participating in the project as a minority investor.*5 Licensed*6 The FIT Price represents the figure on the assumption that operation will commence before FIT capacity is fulfilled .—25(Reference) FIT Purchase Price Overview in Japan*1As of March 2022 All of RENOVA’s renewable power plants in operation and under construction have received FIT Publicly disclosed projects under development have received FIT or similar certification.― FIT Price for offshore wind projects will be decided through an auction process, as per the certification.Offshore Wind Act*2.Current FIT price as of FY 2022FIT Price of RENOVA’s ProjectsRenewable power generationfacility categories, etc.Purchase price*3 by time of entry*4 (per kWh) (tax excluded)TypeType or size FY2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023Solar PV2,000 kW or more¥40¥36¥32¥29 (End of June)¥27 (July ~)¥24bidding systemFIP*7BiomassWindGeothermalTimber from forestthinning*52,000 kW or moreGeneral wood, etc.*510,000 kW or more*6Onshore20 kW or moreOffshore(Implantation type)Offshore(floating type)15,000 kW or moreLess than 15,000 kW¥24¥22–¥24 (End of Sep.)¥21 (Oct. ~)¥22 (End of Sep.)¥21 (Oct. ~)¥36bidding system¥20¥19¥18bidding systembidding system¥36¥32¥26¥40*1 Prepared by RENOVA based on the websites of the Ministry of Economy, Trade and Industry and the Agency for Natural Resources and Energy (As of April 28, 2021), etc.*2 Act of Promoting Utilization of Sea Areas in Development of Power Generation Facilities Using Maritime Renewable Energy Resources (promulgated on December 7, 2018)*3 The feed-in price indicates a fixed feed-in price (consumption tax representation) applied over the period of purchase of renewable energy plants that meet the requirements based on FIT in each fiscal year.*4 The display year shall mean the period between April and March of the following year.*5 The purchase price of biomass is as follows: “Timber from forest thinning” = domestic timber residue & forest thinning; “General wood, etc.” = wood, imported materials, palm shells, husks, rice straw, etc.*6 Biomass power generation size category (General wood, etc.): 20,000 kW or more until FY 2017, and 10,000 kW or more from FY 2018.*7 Targeted at 1,000 kWh or more in FY 2022.—FITDuration20 years20 years20 years20 years20 years20 years15 years15 years26(Reference) Corporate OverviewAs of March 31, 2021Corporate InformationKey HistoryName:RENOVA, Inc.May 2000Established Recycle One, Inc. (currently RENOVA, Inc.)Location of Head OfficeRepresentatives2-2-1 Kyobashi Chuo-ku, TokyoOctober 2012Entered renewable energy businessSachio Semmoto, Executive Chairman & DirectorYosuke Kiminami, Founding CEOFebruary 2014COD for Suigo-Itako Solar Co., Ltd.July 2014COD for Futtsu Solar Co., Ltd.EstablishedMay 2000Capital Stock2,339 million yenStock ExchangeThe Prime Market of the TSE*1Securities code9519February 2015COD for Kikugawa-Ishiyama Solar Co., Ltd. and Kikugawa-Horinouchiya Solar Co., Ltd.May 2015COD for Kokonoe Solar GKSeptember 2015 COD for Nasushiobara Solar GKBusinessRenewable energy businessApril 2016COD for Ozu Solar GKEmployees(consolidated)302Corporate GovernanceBoard of Directors 9 directors, including 5 external directorsFebruary 2017Listed on the Tokyo Stock Exchange Mothers SectionJuly 2017Consolidated United Renewable Energy Co., Ltd.February 2018Changed listing venue to the First Section of the Tokyo Stock ExchangeAudit &Supervisory Board4 auditors, including 3 external auditorsMarch 2019COD for Yokkaichi Solar GKStatus of SharesTotal Number of Authorized Shares280,800,000Total Number of Shares IssuedNumber of Shareholders*1 Listed on April 4, 202278,939,30031,236May 2019COD for Nasukarasuyama Solar GKJuly 2019COD for Karumai West Solar GKDecember 2019 COD for Karumai East Solar GKJune 2021COD for Kanda Biomass Energy Co., Ltd.October 2021COD for Karumai Sonbou Solar GKOctober 2021COD for Quang Tri Onshore Wind27