Opportunity Day FY2018 Financial Results. 12 March 2019 Ticker: BCPG (SET)

Transcription

1 Opportunity Day FY2018 Financial Results 12 March 2019 Ticker: BCPG (SET)

2 Disclaimer The information contained in this presentation is provided by BCPG Public Company Limited (the "Company") to you solely for your information. Neither this presentation nor any part hereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere, without the prior written consent of the Company and its respective affiliates. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided without express consent from the Company and its respective affiliates. Although care has been taken to ensure that the information in this presentation is accurate, and that the opinions expressed are fair and reasonable, no representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. The information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company and its subsidiaries. None of the Company nor any of its respective affiliates nor any of its or their respective members, directors, officers, employees or affiliates assumes any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information contained herein. Accordingly, none of the above nor any other person accepts any liability (in negligence, or otherwise) for any loss arising from or in connection with any use of this presentation or its contents. This presentation is for information purposes only and does not constitute or form part of any offer or invitation by or on behalf of the Company for sale or subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities of the Company, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto ( Securities ) in Thailand, the United States or any other jurisdiction. This presentation should not be construed as legal, tax, investment or other advice. The information contained herein does not take into consideration the investment objectives, financial situation or particular needs of any particular investor, and should not be treated as giving investment advice. In addition, this presentation contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of the Company, that are not statements of historical fact which would be treated as forward looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks which are in many cases beyond the control of the Company, and which may change over time and may cause actual events and the Company's future results to be materially different than expected or indicated by such statements. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Such forward looking statements are not guarantees of future performance and accordingly, the actual results, financial condition, performance or achievements of the Company may differ materially from those anticipated by the Company in the forward looking statements. The recipient is cautioned not to place undue reliance on these forward looking statements. In providing this presentation, the Company does not undertake to provide any recipient with access to any additional information or to update the information contained in this presentation or to correct any inaccuracies herein which may become apparent. 2

3 Agenda Recent Development Financial Highlights Business Outlooks 3

4 Agenda Recent Development Financial Highlights Business Outlooks 4

5 Key developments in 2018 Accomplished business growth strategy as planned Solar Assets Monetization New Capacity Added Investment in associates started to bear fruit Completed two solar assets monetization Recorded gain of THB 793 mn Gotemba project (4.0 MW ac ) WVO project (8.94 MW) Rooftop solar with P2P trading platform (0.6 MW) The first full-year recognition of share of profit from investments in Indonesia and the Philippines 5

6 Regulatory challenges Yabuki (27.9 MW 36 JPY/kWh) Komagane (32.0 MW 36 JPY/kWh) Deadline to get acceptance of Grid Connection Work application from Utility co. otherwise FiT reduce to 21 JPY/kWh Deadline to COD after granted acceptance otherwise PPA period reduction (month-by-month basis) Sep 30, 2019 Sep 30, 2020 Got Exception (Construction over 66%) New measures (1-year rule) Public hearing since Dec 5, The new rule might affect 2 projects in pipeline. 1 year after acceptance Remark: The new measure (1-year rule) is expected to be enforced within 1H19. 6

7 Rooftop portfolio Capturing market at the foundation Establishing blockchain-based P2P electricity trading platform under Smart City concept: 1 Pilot project at Town Sukhumvit 77 in collaboration with Sansiri PCL 2 Chiangmai University, the first university in Thailand to develop solar rooftop (12 MW) with energy trading platform in partnership with BCPG and Power Ledger Other rooftop solar projects: Partnership with Sansiri PCL Factories Gas station 7

8 Floating solar development Floating solar: Pilot project of 0.2 MW at Bang pa-in (Ayutthaya) sites Plan to sell electricity to Bangchak Biofuel Company after integrating with solar panels ground installation (2.1 MW) 8

9 Lomligor wind farm Expect to COD within April 2019 Project details Capacity Capex PPA No. turbine Capacity factor 10 MW dc / MW ppa THB 825 mn (Shares purchase of THB 219 mn and estimated construction cost of THB 616 mn) Wholesale Tariff + Adder 3.50 THB/kWh (10 Yr) (Average 6.60 THB/kWh) 4 turbines ~21.4% (5.1 hours) Remark: Lomligor wind power plant acquisition has been completed since 18 June 2018 Over two-third of the construction progress has been completed which is slightly above plan. Two turbines have been assembled and will be installed within February Battery (1.5 MWh) helps stabilize system, improve efficiency and reduce degradation in the longer term. 9

10 Our business footprint Operating MW DC and continued growing 30 MW 182 MW Developing 191 MW Thailand Technology Status Operating: 192 MW DC Developing: 10 MW Total: 202 MW DC 361 MW Japan Operating 381 MW Operating: 17.4 MW DC Developing: MW DC Total: MW DC Monetized: 27.6 MW DC Indonesia Operating: MW Developing: 24 MW Total: MW The Philippines Operating: 14.4 MW Developing: 5.6 MW Total: 20 MW Solar Wind Geothermal Remark: For the Philippines and Indonesia, only equity MW is presented 10

11 Business portfolio Unit: GWh Power Generation ,607 Unit: GWh ID 62% PH 2% Power Generation TH 31% JP 5% JP PH TH 17% 3% 3% 78% ID Solar TH Solar JP Wind PH Geothermal ID Installed & Equity MW in Portfolio Unit: MW Solar TH Solar JP Wind PH Geothermal ID 2017: 847 GWh* 2018: 1,607 GWh (+89.7% YoY) Unit: THB mn ID 19% 2% PH JP TH 11% 68% Pro-forma Revenue TH 43% 7%3% JP PH 47% 2017 THB 4,201 million* 2018: THB 6,616 million (+57.5% YoY) Remark: * In 2017, the company has effective stake in subsidiaries for 7.5 months for wind power plants in the Philippines and 5 months for geothermal power plants in Indonesia. ID 11

12 Agenda Recent Development Financial Highlights Going Forward 12

13 Operational highlights: Thailand Record quarterly revenue in 4Q18 Unit: THB million +7.6% YoY +0.6% YoY Revenue breakdown Capacity factor (%)* +11.9% QoQ +6.0% YoY 2,841 2, % QoQ +3.2% YoY -1.0% YoY % 95.6% 16.8% 17.2% 17.1% 15.6% 17.8% 17.1% 16.9% 96.4% 96.4% 96.5% 94.6% 95.1% 4Q17 1Q18 2Q18 3Q18 4Q Adders scheme THB 5.66/kWh THB 4.12/kWh Sellable Output (MWh) breakdown +11.0% YoY +1.8% YoY +13.7% QoQ 265, ,001 65,717 66,035 66,695 64,243 73, % 90.7% 92.9% 93.2% 92.6% 88.8% 88.4% 4Q17 1Q18 2Q18 3Q18 4Q Q18 revenue reached record high at THB 756 mn, presented strong growth YoY and QoQ thanks mainly to rising electricity output given to (1) favorable weather conditions and (2) COD of WVO solar power plants of 8.94 MW revenue remained stable at THB 2,858 mn. 4Q17 1Q18 2Q18 3Q18 4Q Adders scheme THB 5.66/kWh THB 4.12/kWh Remark: *Capacity factor is calculated by energy yield/numbers of day during the period/24 13

14 Operational highlights: Japan Lower revenue contribution from Japan post assets monetization Unit: THB million Revenue breakdown -7.7% YoY Capacity factor (%)* % YoY -47.7% YoY +3.2% YoY -73.3% QoQ 63.3% 55.7% 58.5% 61.2% 76.8% 4Q17 1Q18 2Q18 3Q18 4Q JPY 40/kWh JPY 36/kWh JPY 32/kWh 41 Sellable Output (MWh) breakdown +3.2% YoY -45.8% YoY +3.2% YoY -71.8% QoQ % 55.7% 41, % YoY % YoY 41,832 14,887 9,155 13,873 7,232 3, % % 44.7% 54.6% 57.7% 7% 73.0% 4Q17 1Q18 2Q18 3Q18 4Q JPY 40/kWh JPY 36/kWh JPY 32/kWh 9.4% 10.5% +6.9% YoY +3.2% YoY -29.6% QoQ 15.5% 14.3% 10.1% 4Q17 1Q18 2Q18 3Q18 4Q % YoY 12.6% 12.7% Q18 revenue declined YoY and QoQ mainly due to decreased output post assets monetization in 3Q revenue also decreased YoY mainly attributable to aforementioned factor capacity factor remained stable. Remark: *Capacity factor is calculated by energy yield/numbers of day during the period/24 14

15 Revenue & Gross profit Record GPM at 72.1% for the past 7 quarter Unit: THB million Revenue: % QoQ % 89.1% 81.4% 81.4% 94.2% 4Q17 1Q18 2Q18 3Q18 4Q18 Thailand Japan Gross profit: 67.4% +4.4% YoY +11.6% YoY +2.1% QoQ 70.1% 71.7% 69.3% 72.1% % YoY -0.1% YoY 3,322 3, % 86.4% % YoY -0.1% YoY 70.9% 70.8% 2,354 2,351 Revenue: 4Q18 total revenue increased YoY mainly led by (1) growing electricity output given favorable weather condition during the period as well as (2) COD of WVO solar power plants of 8.94 MW. On QoQ basis, total revenue declined slightly due mainly to lower revenue contribution from Japan after assets monetization program in 3Q total revenue remained constant. Gross profit: 4Q18 gross profit rose YoY and QoQ mainly due to lower COGS record post assets monetization program 2018 gross profit and GPM stayed constant YoY. 4Q17 1Q18 2Q18 3Q18 4Q Gross profit GPM 15

16 EBITDA Grew YoY thanks to lower admin. cost Unit: THB million EBITDA: +14.9% YoY +4.1% YoY -2.8% QoQ 73.9% 76.7% 75.4% 74.6% 72.2% 75.2% 67.8% 2,397 2, Q17 1Q18 2Q18 3Q18 4Q %SG&A/Sales: EBITDA margin 22.6% 18.2% 15.4% 16.0% 16.6% 19.8% 16.5% EBITDA 4Q18 EBITDA significantly increased YoY mainly due to a decrease in acquisition related expenses from investment made during prior period. EBITDA margin remained robust at 74.6% EBITDA rose YoY mainly helped by lower SG&A expense. SG&A to sales ratios have been in a downward trend mainly thanks to lower acquisition related expenses. 4Q17 1Q18 2Q18 3Q18 4Q Remark: EBITDA from operation, excluding other revenue and share of profit from associates and one-time items 16

17 Share of profit from associates Wind power plant in the Philippines 39.4% The PHILIPPINES Nabas 36 MW + 14 MW Capacity factor (%) 24.6% 43.2% 37.8% 1Q 2Q 3Q 4Q Share of profit from operation (before amortization) Unit: THB million Remark * Acquisition since 15 May % % 37.1% Q17 1Q18 2Q18 3Q18 4Q * 2018 Generation (GWh)** +16.9% YoY Q18 share of profit from wind power plant grew by 21.9% mainly thanks to an increase in electricity generation by 10% YoY. Capacity factor increased to 37.8% from favorable wind speed from Northeast Monsoon (Amihan) and Tropical Depression Samuel in Nov and Dec 18. Thanks to robust performance of wind power plants in the Philippines (historically peak in electricity output) and first full-year recognition of share of profit from operation, share of profit jumped to THB 72.6 million. Remark: *Before one-time gain on purchase of THB million **Based on holding percentage 17

18 Share of profit from associates Geothermal power plant in Indonesia: resilient operations INDONESIA Generation (GWh) & capacity factor (%)*** 91.3% 94.8% 94.8% 93.8% 95.6% 1,713 1,744 1,672 1,696 1, % 96.6% 2,862 6,884 Salak 65 MW (377 MW) Wayang Windu 45 MW + 24 MW (227 MW MW) Darajat 47 MW (271 MW) Java 4Q17 1Q18 2Q18 3Q18 4Q Jul - Dec Revenue of Star Energy Group Holdings Pte. Ltd (USD mn) Based on holding percentage share of profit from operation presented substantial growth YoY (+128.9%) mainly attributable to full-year recognition (compared to 5-month recognition in 2017) and robust operation. Stable operation with capacity factor of above 90%. 4Q17 1Q18 2Q18 3Q18 4Q18 Share of profit from operation before amortization & one-time items (THB mn) Jul - Dec Q17 1Q18 2Q18* 3Q18 4Q18** Remark *Excl. one-time accounting related expense from refinancing activity at Wayang Windu Plant of THB mn **Excluding tax provision of THB 83.8 million ***Capacity factor (%) is calculated based on weighted average by MW of three geothermal power plants Jul - Dec

19 Share of profit from associates First full-year recognitions Unit: THB million Total share of profit from operation: Q17 1Q18 2Q18 3Q18 4Q Total share of profit from operation (after amortization): Q17 1Q18 2Q18 3Q18 4Q18 One-time items: (123) - (84) 362 (207) Net share of profit (as reported): (12) Total share of profit from operation: 4Q18 total share of profit from operation was at THB 193 mn mainly thanks to resilient operations at geothermal power plants in Indonesia total share of profit from operation stood at THB 834 mn, significantly increased from THB 334 mn thanks to first-full year record of investments. Net share of profit (as reported): 4Q18 total share of profit (as reported) was at THB 2 mn. The abnormal low contribution was mainly due to tax provision item that was accrued based on conservative accounting policy during the period total share of profit (as reported) was at THB 204 mn. The lower contribution was mainly due to the absence of one-time gain on purchase booked in 2017 (amounted to THB mn). 19

20 Finance cost Lower average K d despite increasing finance cost Unit: THB million Finance cost: Q17 1Q18 2Q18 3Q18 4Q18 IBD breakdown by maturity 91.7% 90.2% 8.3% 9.8% < 1 year Due after 1 year -2.5% YoY -3.3% QoQ % YoY IBD breakdown by currency 3.2% 5.9% 53.1% 43.0% 43.7% 51.1% THB JPY USD Interest-bearing debt decreased to long-term loan repayment of THB 2,028 mn after assets monetization 2018 Financial costs increased by 19.4%YoY mainly due to full-year recognition of finance costs funded for investments in subsidiaries. However, average cost of debt (k d ) in 2018 slightly decreased to 3.19%, compare to 3.21% in IBD breakdown by loan type 6% 6%6% 37% 45% Corporate loan (THB) Corporate loan (JPY) Corporate loan (USD) Project Finance (THB) Project As of 4Q18 Finance (JPY) 20

21 Core profit Robust growth YoY Unit: THB million Core profit: +26.5% YoY -1.7% QoQ 41.0% 45.4% 58.0% 49.6% 49.7% Q17* 1Q18 2Q18 3Q18** 4Q18 Core profit margin +15.6% YoY 44.0% 50.9% 1,461 1, * 2018 Core profit: Stripping out FX gain/loss and one-time items, 4Q18 core profit increased by 26.5% YoY largely due to robust performance of solar power plants in Thailand core profit grew by 15.6% mainly due to (1) full-period share of profit recognition from associates in Indonesia and the Philippines and (2) lower SG&A expenses. Remark: Core profit excludes FX gain/loss and one-time items *Restated gain on purchase from investment in geothermal power plants in Indonesia 21

22 Net profit Supported by gain from solar assets monetization Unit: THB million Net profit: 84.7% % 47.9% % 1, % YoY -72.8% QoQ 38.0% 310 4Q17 1Q18 2Q18 3Q18* 4Q18 NPM +25.1% YoY 53.4% 66.8% 2,219 1, Net profit: 4Q18 Net profit decreased YoY and QoQ mainly due to (1) an absence of gain from assets monetization to infrastructure fund in Japan of THB 793 mn (2) an absence of one-time gain from wind power plant in the Philippines of THB mn in 4Q17 (3) an absence of FX gain as booked in 4Q17 of THB 51.2 mn Net profit rose significantly YoY mainly thanks to gain from assets monetization and growing EBITDA. Remark: *Including net gain from assets monetization to infrastructure fund amounting to THB million 22

23 Dividend payment Robust dividend payout Not less than 40% of the Company s Net Profit (after deduction of all reserves required by law and regulations) X-Date: 5 March 2019 Record date: 6 March 2019 Payment date: 22 April 2019 Unit: THB per share BCPG s Dividend History DPS 63% 60% 58% DPR 5.2% Dividend yield 3.3% 3.0% 0.69 * Remark *The Company paid dividend of THB 0.09 for 2015 performance during 6M16 period. Effectively, 2016 dividend was paid at THB 0.60 per share 23

24 Financial position Assets monetization strengthened financial position for future investment As at 2018, total assets remained at THB 31,558 million after the offsets between increase investment in associates and decrease in PP&E (post assets monetization). Total Liability/Equity decreased to 1.08x as at year end Unit: THB million Financial Position 31,857 31,558 2,004 2,425 13,288 13,501 13,890 12,945 2,675 2, Asset Cash and Cash Equivalent Investment in associates PPE Other Assets 17,028 15, ,127 15, Liabilities + Equity Interest-bearing debt Other Liabilities Equity Liability/Equity (x) Covenant : D/E ratio 3x : DSCR 1.15x Marginal liability : THB 29,011 million Outstanding Debt : THB 15,567 million 24

25 Agenda Recent Development Financial Highlights Business Outlooks 25

26 PDP 2018 has revealed BCPG opportunities RE Types MW Potential Opportunities Renewable Pump Hydro Cogen Combined Cycle Coal Import New Power Plant Energy Efficiency 20,766MW 500MW 2,112MW 13,156MW 1,740MW 5,857MW 8,300MW - 4,000MW 1. Solar 10,000 Solar rooftop 100MW p.a. for 10 years The rest of 9,000 MW implies large scale solar opportunity Market adoption in rooftop solar driving the demand for IPS and P2P 2. Floating solar + Hydro 2,725 Participate in floating solar development under EGAT scheme 52,431MW -25,310MW 73,211MW 3. Wind 1,485 Leverage Lomligor expertise to capture coming opportunities 46,090MW 2017 New addition Source: Energy News Center and BCPG analysis Retirement

27 Business opportunity in a region Thailand PDP 2018: Solar rooftop, farm, floating / wind Indonesia Expansions and new exploration awaits Japan Biomass Developments <100 MW CAPEX of THB 10 bn 5-year CAPEX of THB 50 bn The Philippines Expansion of existing pipeline / Off-grid Solutions MS LAO VN TW KR AU 500 MW of solar bidding set to close on 8 Aug 2019 Target 100 MW COD 2020 Battery of Asia Good resource for hydro and wind power plant 10% p.a. Elec. Demand Growth in +27 GW of Renewable by 2030 (12 GW Solar) Visibility on 2019 Projects +10 GW of Renewable by 2030 Recently announced 5.5 GW offshore wind farm +50 GW of Renewable by 2030 Gov t strong support on ESS Retirement of Coal Plants +38 GW of Renewable by Liberalized Retail Market

28 BCPG strives to deliver high value while creating wealth for shareholders and sustainable future for all. Q&A 28

29 Appendices Financial Statement Projects detail

30 Financial Statement Overall business performance Unit: THB million 4Q17 4Q18 Change (%) 3Q18 Change (%) 2017 Restated 2018 Change (%) Revenue from sale and redering of service % % 3, , % Cost of sale and rendering of services (254.6) (227.8) -10.5% (254.3) -10.4% (968.5) (969.1) 0.1% Gross profit % % 2, , % Administrative expenses (176.5) (129.3) -26.7% (181.7) -28.8% (658.9) (591.4) -10.2% Administrative expenses (176.5) (135.1) -23.5% (132.7) 1.8% (658.9) (548.2) -16.8% Tax income/expense related to IFF % NA (49.0) % NA 0.0- (43.2) % NA Operating profit % % 1, , % % % % EBITDA (excl. expenses related to IFF) % % 2, , % Share of profit of investment in associates % % % Other income/(expense) (16.2) % % % (Loss) from foreign currency forward contracts - - NA - NA (304.2) - NA Gain/(loss) on foreign exchange 51.2 (17.1) % % 72.4 (27.6) % EBIT % 1, % 1, , % Finance costs (135.2) (131.9) -2.5% (136.4) -3.3% (436.1) (520.6) 19.4% EBT % 1, % 1, , % Income tax expense (benefit) (10.6) (3.9) -62.7% (102.9) -96.2% (5.6) (105.6) % Income tax expense (benefit) (10.6) (3.9) -62.7% (15.6) -74.7% (5.6) (18.3) 225.5% Tax expense related to IFF - - NA (87.3) NA - (87.3) NA Net profit % 1, % 1, , % Recurring profit * % % 1, , % Basic Earnings per Share (THB) % % % Remark: *Excluding gain/(loss) on FX and one-time items 30

31 Financial Statement Unit: THB million 2017 Consolidated Statement of Financial Position % of total assets 2018 % of total assets Change (%) Cash and cash equivalents 2, % 2, % 21.0% Trade accounts receivable % % 3.3% Other current assets % % 21.8% Total current assets 2, % 3, % 17.7% Investments in associate & subsidiaries 13, % 13, % 1.6% Property, plant and equipment 13, % 12, % -6.8% Goodwill and Intangible assets 1, % 1, % -6.7% Other non-current assets % % 90.0% Total non-current assets 29, % 28, % -2.7% Total Assets 31, % 31, % -0.9% Short-term borrowings & current portions 1, % 1, % 7.4% Long-term borrowings 15, % 14, % -10.0% Other liabilities % % 20.9% Total liabilities 17, % 16, % -7.4% Equity attributable to owners of the Company 14, % 15, % 7.2% Non-controlling interests % % 0.0% Total liabilities and Equity 31, % 31, % -0.9% 31

32 Financial Statement Consolidated Statement of Cash Flows Unit: THB million YoY Change Net cash from (used in) operating activities 2, , Net cash from (used in) investing activities (13,026.4) 1, ,368.3 Net cash from (repaid to) financing activities 5,362.2 (3,400.0) (8,762.2) Net increase in cash and cash equivalents (5,312.7) ,728.4 Cash and cash equivalents at 1 January 7, ,004.0 (5,357.2) Effect of exchange rate changes on balances held in foreign currencies (44.5) Cash and cash equivalents at end period 2, , CAPEX (13,558.6) (1,702.8) 11,

33 Appendices Financial Statement Projects detail

34 Project pipeline in Thailand 192 Installed MW (139 MW PPA ) of operating assets portfolio in Thailand No. Project District Location Province Operating Entity % of Shareholding Installed Capacity (MW) Contracted Capacity (MW) Tariff Power Structure Off Taker COD 1 BCPG PEA 5/08/11 Bang Pa-in Ayutthaya BCPG N.A. BCPG EGAT 16/07/12 2 BSE-BNN Bumnetnarong Chaiyaphum BSE /03/13 3 BSE-BPH Bang Pahan Ayutthaya BSE /04/13 4 BSE-BRM Prakonechai Buriram BSE-BRM Adder THB 8/kWh 19/03/14 5 BSE-BRM1 Nongkee Buriram BSE-BRM PEA 11/04/14 6 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM /04/14 7 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA /04/14 8 BSE-PRI Kabinburi Prachinburi BSE-PRI /04/14 9 Co-op: WSC Wiset Chai Chan Angthong BSE-PRI N.A Co-op: BPI Bang Pa-in Ayutthaya BSE-PRI N.A FiT: THB 5.66/unit PEA (25 years) 14/03/17 11 Co-op: AYA Phra Nakhon Si Ayutthaya Ayutthaya BSE - PRI N.A /12/16 12 Co-op (WVO) Saraburi Phra Phutthabat Saraburi BCPG N.A /7/18 FiT: THB 4.12/unit PEA (25 years) 13 Co-op (WVO) Kanchanaburi Tha Muang Kanchanaburi BCPG N.A /7/18 14 Lomligor Pak Panang Nakhon Sri Thammarat LLG Adder THB 3.5/kWh PEA Expect to (25 years) COD within 1H /12/16

35 Project pipeline in Japan Operating 17.4 Installed MW (14.7 MW PPA ) and future projects portfolio in Japan No. Project % of Investment Location Irradiation (kwh/m 2 /year) Installed Capacity (MW) Contracted Capacity (MW) Operation Feed-in Tariff (FiT) (JPY/kWh) PPA Period (Year) 1 S1 (Natkatsugawa) Kagoshima, Japan 1, COD 15/08/14 2 S11 (Takamori ) Kumamoto, Japan 1, Kyushu Electric Power Company COD 16/02/15 3 S19 (Nojiri) Miyazaki, Japan 1, COD 24/02/15 4 Tarumizu Kagoshima, Japan 1, COD 31/08/15 5 Gotemba Shizuoka, Japan 1, Tokyo Electric Power Company COD 16/04/18 Developing Nikaho Akita, Japan 1, Tohoku Electric Power Company COD 35 15/07/16 Nagi Okayama, Japan 1, Chugoku Electric Power Company COD 02/03/17 Off Taker 6 Komagane Nagano, Japan 1, Chubu Electric Power Company 7 Yabuki Fukushima, Japan 1, Tohoku Electric Power Company 8 Chiba Chiba, Japan 1, Tokyo Electric Power Company 9 Chiba Chiba, Japan 1, Tokyo Electric Power Company Under development 10 Nagota Kagoshima, Japan 1, Isakida Kagoshima, Japan 1, Shimoyunohira Oita, Japan 1, S Kagoshima, Japan 1, Sold to IFF Wait for Grid Status Expect to COD within 1H20 Expect to COD within 2H20 Expect to COD within 2H19 Expect to COD within 2H22

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