Japan: Unagi Corporation – 20 MW Solar Power Project

Background
We at Unagi Corporation have been an early mover in Japan’s solar PV program. To meet our ambitious
goals, Unagi Corporation, a publicly-listed printing company, has established a subsidiary, Unagi Renew,
to focus on renewable energy project development which is managed by Mr. Domo Roboto who has
experience in leading Unagi Corporation to success. We have a 20 MW dc solar project at an advanced
stage and are now offering a chance for co-developing the project to a potential investor.

Projects
 Our project has already been approved by the government and a Power Purchase Agreement (PPA)
with the local power distribution company has been signed.
 Although the project location does not have transmission lines currently, the local power
distribution company has already agreed to build the lines to our project site. They assure us that
these will be built within 5 months, well in advance of Commercial Operation Date (COD).
 We have also concluded land negotiations and have signed a contract to purchase the land.
 Our panels will be supplied by Kyocera and we have already signed an Engineering, Procurement,
and Contracting (EPC) agreement.
 We expect that the total cost of the project, which includes all equipment and land costs to be Yen
7.8 billion.
 We have non-recourse financed 75% of the CAPEX with a consortium of local banks with 20 year
tenor and a 4.5% interest rate.

Project Overview
Developer Unagi Renew
Project size 20MW (dc)
Location Japan
PPA status PPA granted
FIT 38 Yen/kWh
20 years
No escalation

Regulatory Status
 Our projects have been granted a PPA and all permits have been obtained.

Disclaimer: This teaser is intended for educational purposes only. Solar PV project data or economics are illustrative. We do not advise using
the case mentioned above as a benchmark to compare projects you may encounter.
Investment
 We are offering an Investor the chance to invest into our project in the form of 70% of common
shares.
 As Unagi Renew has done all the work required to de-risk this project, we are asking that an
investor pays for all of Unagi Renew equity contribution to all project expenses.

Additional information
Land 400,000 m²
Average irradiation 1,550 kWh/m²
Transmission Will be constructed within 5 months
Corporate tax rate 35%
OPEX 2% of CAPEX
Incentives 30% tax reduction for 10 years
Exchange rate 123 Yen/US$

Disclaimer: This teaser is intended for educational purposes only. Solar PV project data or economics are illustrative. We do not advise using
the case mentioned above as a benchmark to compare projects you may encounter.