BOCETOS 1 Sonnedix Japan Producing Low Carbon Energy for the Future sonnedix S O L A R P O W E R P R O D U C E R 1 2 3 4 5 6 Front cover, Yamadamachi, Japan 1. Oita - Construction. 2. Oita - Construction. 3. Yamadamachi - Operation. 4. Yamadamachi - Operation. 5. Hokuto A - Operation. 6. Suwa - Operation. BOCETOS 1 sonnedix S O L A R P O W E R P R O D U C E R Contents Who we are 1 Who we are Projects overview 2 What we do 6 Our strategy 8 We are a Developer, Asset Manager, and Operator of mega-solar projects in Sonnedix 10 Japan, founded in July 2013. We are experienced in delivering and running high Company information 13 performance, cost competitive solar photovoltaic power plants. We are the trusted Japanese operator for investments made by Sonnedix, which is majority owned by investors advised by J.P. Morgan Asset Management. We currently have multiple solar power plants at various stages of development and are dedicated to expanding our Japan operations to over 500MW of production capacity. Our use of the best technology available allows us to responsibly maximize our renewable generation and ensures the sustainability and longevity of our solar PV plants throughout the country. Our aim to build a sustainable business with a long term focus is a critical component of our strategy. We believe that assuming responsibility for the environment and the communities in which we operate is strongly linked to our success. Notice to recipients – This document may include certain forward-looking statements and projections provided by the Company. Any such statements and projections reflect various estimates and assumptions by the Company concerning anticipated results. No representations or warranties are made by the Company as to the accuracy of any such forward-looking statements or projections. Whether or not any such forward-looking statements or projections are in fact achieved will depend upon future events some of which are not within the control of the Company. Accordingly, actual results may vary from the projected results and such variations may be material. Hokuto A, Japan Suwa, Japan 1 Japan projects overview As at June 2020, we control 19 solar power projects in operation, under construction or documentation in Japan totalling 518MW. In addition, we are continuously evaluating development and acquisition opportunities throughout Japan. Hirono Yamadamachi 518 Tanabu Tono MW of Kitamurayama controlled capacity Soma Soma Yamakami 19 Koriyama Sano Solar power Suwa projects Izui Kurayoshi Hokuto A/Hokuto B Shimane1/Shimane2 133 Kyoto MW of operational / mechanically complete capacity Nanazoshi Oita Operational / mechanically complete: 133.2MW Under construction and documentation: 384.4MW 2 3 Japan projects overview By effectively deploying financial resources and working with qualified technical partners and industry leading construction practices, we will be operating a fleet of mega solar power plants in the hundreds of MWs in Japan in the near future, generating electricity in a responsible way and driving a cleaner economy into the 21st Century. 4 Hokuto B, Japan Suwa, Japan 5 What we do We leverage our strong relationships with partners in utility, equipment, EPC, O&M and financing, as well as experienced and reputable consultants and advisors. Our objective is to generate clean solar electricity, focussing on the most secure portion of the solar PV value chain: power plant development, financing, construction and asset management. PPA Location We identify and secure suitable sites Secure long term Identify and through purchase or long term Power Purchase secure suitable leases. Agreements (“PPAs”) land Working with selected advisors and Development developers we secure long Interconnection Permitting term PPAs . Ensure the solar plant Obtain necessary can be connected permits for plant to the energy grid construction Design Our technical and commercial teams Select equipment and optimise the design, equipment selection Engineering, Procurement and with life-of-plant warranties in place and Construction (“EPC”) partner contractor choice for the construction of solar PV plants to achieve attractive non-recourse financing. Project finance Our tight construction supervision Secure non-recourse financing combined with fixed-price, time limited, Financing and construction Financing turnkey EPC contracts guarantees timely completion of our solar PV plants. Construction EPC contractor builds the solar plant under a fixed-price, time limited, turnkey contract Operations We outsource the day-to-day running Optimise plant performance of the solar PV plants to experienced leveraging Operations and and financially strong Operations and Maintenance (“O&M”) partners Maintenance (“O&M”) partners which guarantee plant availability and performance ratio. Loan compliance WE HARNESS THE POWER Asset management Asset Ensure compliance with Our experienced in-house asset management financial and non-financial team drives performance through real-time OF THE SUN TO BUILD covenants monitoring and issue detection, pro-active management of the O&M providers and issue A BRIGHT FUTURE resolution whilst ensuring compliance with loan covenants. 6 7 Our strategy We aim to provide sustainable growth and create value by leveraging our strong financial support and sponsorship, investing in high-quality mega solar power projects with predictable cash flows. We are also continuously building and executing upon a pipeline of new projects and M&A opportunities. We believe in a world where the price of solar electricity is cheaper than fossil fuels, and the future of solar power is limitless. 8 Oita, Japan 9 Sonnedix Group Sonnedix is global Independent Power Producer (IPP) established in 2009 with a focus on long term ownership (25+ years) of utility-scale (mega-solar) photovoltaic (PV) solar power plants. As of Dec 2019, Sonnedix operates or has invested in 240 solar power plants with over 969MW of installed capacity. Sonnedix has developed a world-class team of experienced solar power executives deployed around the world to create a global solar platform targeting ~2GW of installed capacity by 2020 and 1GW of additional pipeline. 1856 969 887 MW of controlled capacity MW of MW in construction operating / mechanically or documentation complete capacity UK 4MW France 262MW Puerto Spain Italy Rico 302MW 217MW 125MW Japan 512MW Chile 348MW South Africa 86MW 10 Santa Julia, Chile 11 Suwa, Japan Company information Sonnedix Japan K.K 6th Floor, Ryuen Building, 1-3-1 Shibakoen, Minato-ku, Tokyo 105-0011 Tel: +81 (0) 3 6402 5403 Fax: +81 (0) 3 6402 5404 [email protected] 12 Kyoto, Japan 13 www.sonnedix.jp 14 Yamadamachi, Japan June 2020 www.sonnedix.jp.