Analyst Meeting Q1/2021 Operating Results

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Analyst MeetingQ1/2021 Operating Results19 May 2021Ticker: BCPG (SET)

Source :https://www.miningweekly.com

5

TRIS Rating assigns “A-” with stable outlook

BCPG’s revenue is reliable from power-generating assets and its well-diversified power portfolio. Revenue from new projects will offset the revenue from the solar projects under adder scheme that will gradually decrease There are also numbers of on-hand projects under development.

To provide the opportunity to access new sources of funding for support the investment readiness in further.

Credit rating “A-” with Stable Outlook

Debenture/Bond issuance

Green bond issuance

6

Key developments

Performance & Guidelines

Agenda

Portfolio & Pipelines

7

Key developments


Agenda


8

859.8 MWppa

164.7 MW 11.0 MW

THAILAND

Operating Developing

157.5 MW 24.0 MW

INDONESIA


14.4 MW 5.6 MW

THE PHILIPPINES


14.7 MW 75.0 MW

JAPAN


114.0 MW

LAOS TO VIETNAM

Unit: Contracted capacity or equity MWppa

9.0 MW

474.2 385.6


270.0 MWDevelopingOperating

Business footprints in 5 countries in Asia

254

835

1,608 1,651

2,065

2016 2017 2018 2019 2020 2021 20259

…......

Remarks : *Solar equivalent are calculated to be compared with solar power plant in Thailand

Unit: GWh

Current portfolio and pipelines

Current pipeline guarantees a growth of 50% in the next 5 years

Solar Equivalent *

11.0 MW TH75.0 MW JP 5.6 MW PH (Expansion)24.0 MW ID (Expansion)270.0 MW LA

Current pipeline1,450 MW

2,200 MWSolar

Equivalent *

Portfolio growth from existing pipelines

2,100

~3,200

Concentrate in matured and developing countries to balance our portfolio risk appetite

Operating – Quick win to generate immediate contributionGreenfield – Assurance to medium and long term growth

Geog

raph

ies

Maintain focus on clean energy, with endeavor in advanced technologies like ESS & Digital Energy

Tech

nolo

gies

Inve

stm

ent S

tage

10

Expanding through organic and inorganic growth to sustain growth after end of government subsidization

Remark:Matured Countries : Fitch’s Rating Above “A”Developing : Fitch’s Rating Between “B” and “BBB+”

“Accelerating growth by focusing on large scale projects”

11

Key developments


Agenda


12

Lao: Hydropower PlantNam San 3A & 3B Hydro Power Plants (Run-of-the-river)

Projects: Nam San 3A Nam Sam 3B Total

Installed MW 69 MW 45 MW 114 MW

Holding (%): 100%

COD: 29 Jan 2016 25 Sep 2015

Acquisition Date: 20 Sep 2019 26 Feb 2020

Investment: USD 173.2 mn(THB 5,326 mn)

USD113.2 mn(THB 3,581 mn)

USD 286.4 mn(THB 8,907 mn)

PPA: Laos Terms: 27 years from COD (2015 – 2042)Tariff: 6.72 Uscent/kWh (2020)Take-or-pay: 95%

PPA: Vietnam Currency: 90% USD/10% KIPTerms: 25 years from COD ([2022] – 2047)Tariff: 6.95 Uscent/kWhTake-or-pay: 90%Currency: 100% USD

Location: Xiengkhouang, Laos PRD

Capacity Factor: 44% - 47% (Q3 66% - 75%)Range capacity factor after acquisition since Sep 2019

Nam San 3A 69 MWOperating

Nam San 3B 45 MWOperating

Transmission LineDeveloping

Thailand

Cambodia

Vietnam

32 1

Laos

220kV Transmission line>500 MW capacity

1

2

3

Northern Region

Developing: 0.0 MWOperating: 114.0 MW

Hold: 100.0%

Subsidiaries

13

220 kV transmission line

Transmission line 3A & 3B: LA-VNMilestones tracking to be COD within 2022

1

Substation construction2

Switching station at border3

79 km Transmission Line

BorderNam San 3A

Nam San 3B

1

2 3

Foundation excavation

Steel binding Framework installationConcrete pouring Foundation

Land preparation & substation foundation work

Overall construction progress as plan at 39% completed.

Tower

Nam San 3A & 3B HPP milestones

Prime Minister’s Approval

PPA signed with EVN

- Acceptance of Grid Study- Tariff Negotiation Range- Project Timeline

- Inclusion of Energy Import into VN’s PDP - Construction of transmission line in VN- COD by 2022- Tariff Ceiling Price

- Signing of Definitive PPA and other ancillary agreements

3 steps of PPA issuance process completed, transmission line is well under wayCross-border PPA milestones: Hydropower

23

6-months process

Jan-20

14

Tariff MOU: Hydropower✓

✓

✓

1

Switc

h of

f-tak

er to

EV

N wi

thin

2022

Transmission line construction

15

Laos: Wind Power Plant

Monsoon Wind Power Plant Installed MW 600 MW

Equity MW 270 MW

Holding (%): 45%

Area Exploration area of over 425,000 rais

Status Advanced DevelopmentMet mast installed >3 yearsPPA expected in early 2021

COD: 2023

Location: Attopu, Lao PRD

Capacity Factor: Est. 33%

Leverage (D:E) [70:30]

Thailand

Cambodia

Vietnam

Project Area

Laos

Large scale development, with cross-border PPA

16

Lao-VN 600MW Wind Farm milestones

Cross-border milestones: Wind farm

1

2

Project and transmission line construction

Aug-2020

16

34

Financial close

- Financing in place

To b

e CO

D wi

thin

2023

Prime Minister’s Approval

- Acceptance of Grid Study- Tariff Negotiation Range- Project Timeline

- Inclusion of Energy Import into VN’s PDP - Construction of transmission line in VN- COD by 2023- Tariff Ceiling Price

Tariff MOU: Wind Farm✓

✓

PPA to be signed with EVN

EPC Selection

- Final negotiation with EPC bidders

Japan: Solar Power Plant

Operating

Capacity: 14.7MW 75.0MW

Holding (%): 100% 100%

COD: 2014 - 2018 65MW in 4Q21 10 MW in 2H22

Developing

25 MW

20 MWYabukiCOD 4Q21

Chiba 1COD 4Q21

Chiba 2COD 2H22

20 MW

10 MW

S1

S19

S11

TarumizuGotemba

KomaganeCOD 4Q21

Curtailment impact

No curtailment impact

Well-development progress

Chiba 1: Piling work and Slope protection

Yabuki: On site work

17

Komagane: On site work

18

Key developments


Agenda


19

1Q21 QoQ YoY 1Q21 QoQ YoY

EBITDA 947.9 +15.0% -8.0% MW 474.2 +0.1% +4.9%

Core profit 488.8 +21.1% -8.8% D/E 1.1 -0.1 -0.6

Unit: THB mn

YoY

(+) Full quarter contribution from new projects including “Nam San 3B” and 4 new solar power projects in Thailand (20MW). (+) Higher revenue contribution from the existing solar power plants in Thailand owing to higher irradiation.(+) Higher revenue contribution from “Nam San 3A” owing to higher rainfall.(+) Higher revenue contribution from solar power plants in Japan thanks to better irradiation and less curtailment.(+) Lower administrative expenses.

QoQ

(-) Lower contribution from “Nam San 3A and “Nam San 3B” due to seasonal factor.(-) Lower contribution from solar power plants in Japan due to more curtailment. (-) Lower share of profit from wind power plant in Philippine due to the retroactive electricity payment in Q4/2020 .

Key Takeaway

Financial highlights for 1Q21Core profit grew YoY but dropped QoQ

71.3 73.5 81.6

17.1% 15.5%17.4%

1Q20 4Q20 1Q21

Generation Capacity factor (%)

+11.0% QoQ

+14.4% YoY

3.9 3.4 3.7

17.7%15.5%

17.1%

1Q20 4Q20 1Q21


-4.4% YoY

+8.2% QoQ

771.4 759.1 858.1

1Q20 4Q20 1Q21

TH (Solar) TH (Wind) TH (Other)

+11.2% YoY

+13.0% QoQ


Hold: 100.0%

Subsidiaries


Hold: 100.0%

Subsidiaries

TH performanceTH revenue growth was backed by strong performance of solar projects.

20

Unit: GWh Unit: GWh

Power generation & Capacity factor (%)

Solar revenue increased YoY from the full quarter contribution of the 4 new solar power plants (20MW) and higher irradiation. Meanwhile, solar revenue increased QoQowing to higher irradiation.

Revenue (TH) Unit: THB million

TH revenue growth both YoY and QoQ were mainly driven by the higher revenue from solar projects in Thailand.

Wind revenue slightly dropped YoY due to lower wind speed. Meanwhile, wind revenue rose QoQ owing to higher wind speed.

Solar Wind

34.3 157.1 68.1

18.2%

62.4%

27.7%

1Q20 4Q20 1Q21


-56.6% QoQ

+98.3% YoY

72.5

322.2

137.4

1Q20 4Q20 1Q21

LA (Hydro)

-57.3% QoQ

+89.5% YoY

LA Performance

21

Better operation of “Nam San 3A” and full quarter operation of “Nam Sam 3B” supported robust growth YoY

Unit: GWh

Electricity generation significantly grew YoY thanks to higher capacity factor of “Nam San 3A” and recognition of the full quarter contribution from “Nam San 3B”.Electricity generation declined QoQ due to seasonal factor of normal hydro power plants.

Unit: THB millionRevenue (LA) Power generation & Capacity factor (%)


Hold: 100.0%

Subsidiaries

3.1 4.2 4.0

8.6%11.1% 10.7%

1Q20 4Q20 1Q21


-4.9% QoQ

+28.4% YoY

42.5

55.5 51.1

1Q20 4Q20 1Q21

JP (Solar) JP (Other)

-7.8% QoQ

+20.4% YoY


Hold: 100.0%

Subsidiaries

JP performance

22

Less snow fall and less curtailment YoY in 1Q21

Unit: THB million

Electricity generation improved YoY thanks to higher irradiation from less snowfall and less curtailment period. Electricity generation decreased QoQ due to higher curtailment period.

Unit: GWh

Subsidiaries

Power generation & Capacity factor (%) Revenue (JP)

318.2 304.6 300.3

96.7% 91.3% 92.1%

1Q20 4Q20 1Q21Generation Capacity factor (%)

-1.4% QoQ

-5.6% YoY

228.4 189.9

212.3

1Q20 4Q20 1Q21

-7.1% YoY+11.8% QoQ


Hold: 33.3%

Associates

ID PerformanceGeothermal power plants in Indonesia

23Remark: *Generation based on holding percentage

Share of profit from operation rose QoQ from lower expenses.

Unit: GWh

Power generation & Capacity factor (%)

Unit: THB million

The drop YoY came from lower capacity factor YoY due to higher planned maintenance period.The increase QoQ resulted from lower administrative expenses and lower finance cost.

Amortization (94.5) (92.5) (90.8)

One-time items* (66.7) (171.5) -

Net share of profit 67.2 (74.1) 121.5 *Including Refinance expenses THB171.5 mn in 4Q21 as well as Tax provision THB 23.9 mn and Allowance for account receivable THB 42.8 mn in 1Q20.

Share of profit

14.4 8.6 13.8

45.8%

26.9%

44.5%

1Q20 4Q20 1Q21


-3.8% YoY

+61.8% QoQ32.3

57.4

26.7

1Q20 4Q20 1Q21

-17.3% YoY

-53.5% QoQ Developing: 5.6 MWOperating: 14.4 MW

Hold: 40.0%

Associates

PH PerformanceWind power plant in the Philippines

24

Enter to high season in 1Q21

Remark: *Generation based on holding percentage

Unit: GWh

Amortization (8.1) (7.9) (7.7)

One-time items - - -

Net share of profit 24.2 49.5 19.0

Electricity generation dropped YoY due to lower wind speed. Electricity generation rose QoQ after entering to high season. However, there was the 5 years retroactive payment (2016-2020) in Q4/2020. Meanwhile, there was none of this kind of item in this quarter.

Unit: THB million

Power generation & Capacity factor (%) Share of profit

886.4

1,136.7 1,046.6

1Q20 4Q20 1Q21 Thailand Japan Lao PDR

-7.9% QoQ

+18.1% YoY824.4

1,030.5947.9

1Q20 4Q20 1Q21

-8.8% QoQ

+15.0% YoY

Remark: EBITDA from operation including share of profit from associates (after amortization and before one-time items)

Revenue and EBITDA grew YoY

25

EBITDA (Incl. shares of profit)

EBTIDA growth YoY followed the increase of operating revenue and lower administrative expenses. EBTIDA softened QoQ followed the decrease of operating revenue and lower share of profit from wind power plant in Philippines.

Financial Performance: Revenue & EBITDA

Growth YoY was driven by the full-quartered recognition of the new projects and higher electricity generation from the existing projects. Decrease QoQ mainly came from seasonality of hydro power plants.

Unit: THB millionUnit: THB millionRevenue

58.8% 41.9% 35.9%

30.6%26.3% 26.3%

10.6% 31.7% 37.8%

2019 2020 1Q21THB JPY USD

10.6% 15.2% 15.2%

89.4% 84.8% 84.8%

2019 2020 1Q21Floating rate Fixed rate

19.4% 12.8% 7.9%

70.7%60.0% 67.5%

9.9% 27.2% 24.6%

2019 2020 1Q21< 1 year 1-5 years

187.5 202.0 185.5

3.29%2.90% 2.78%

1Q20 4Q20 1Q21Interest expense Effective Kd (%)

-1.1% YoY-8.2% QoQ

26

Unit: THB million

IBD breakdown by maturity IBD breakdown by currency IBD breakdown by Fixed-Floating rate

Benefit from declining market interest rate to proportion of floating rate loan, which contributed low cost of debt (Kd).Partial debt repayment during the year.

Finance cost and Kd (%)

Remark: The average finance costs calculated by a simple average method.

Benefit from reduction of floating Kd after market rate decline

Finance cost

573.7

310.7

523.464.7%

27.3%

50.0%

1Q20 4Q20 1Q21

Net profit Net profit margin (%)

-8.8% YoY+68.4% QoQ

403.7

535.9488.8

45.5% 47.1% 46.7%

1Q20 4Q20 1Q21

Core profit Core profit margin (%)

-8.8% QoQ

+21.1% YoY

27

1Q21 core profit grew YoY Core profit & Core profit margin (%)

Remark: Core profit equals to net profit minus FX gain/loss and one-time items

Unit: THB million

Net profit & Net profit margin (%)

Core profit & Net profit

Unit: THB million

1Q21 core profit growth YoY was mainly driven by revenue growth of new projects and existing projects as well as lower administrative expenses. However, lower core profit QoQ mainly came from hydropower seasonality.

Net profit dropped YoY due to FX gain of THB 22.6 million in the quarter, compared to FX gain of THB 325.1 million in Q1/2020. However, improving QoQ resulted from FX loss of THB 69.2 million and one-time expense related to refinance in Q4/2020.

41.9% 43.9% 46.0%

53.5% 52.8% 51.2%

37,137 51,220 51,512

0

50,000

100,000

150,000

200,000

2019 2020 1Q21Equity Other liability Interest-bearing debt

1.39 1.27 1.17

2019 2020 1Q21

D/E ratio Covenant

28

Total assets

D/E ratio below covenant level

Financial position

Remark: Dividend policy = not less than 40% of the Company’s net profit based on separated yearly Financial Statement

Covenant = 3.0x

2020 Dividend Payment

D/E Ratio Credit Rating

A-(Stable)

Period Per share (THB) Amount (THB mn)

1H20 0.16 326.7

2H20 0.17 224.1

Total 0.33 768.8

Payout Ratio 40.2%

29

GuidanceActual Plan

2020 2021

EBITDA *

CAPEX THB 6,000 mn THB 18,000 mn

Dividend policy Not less than 40% of the Company’s net profit

Financial covenant Liability/Equity ≤ 3xDSCR ≥ 1.15x

Remark: *Share of profit from associates (after amortization but before one-time items) / For demonstration purposes only

Guideline 2021

>20% 30 - 40%

New acquisitions

>30%

30

Q&A

31

Financial Statement

Unit: THB million 1Q20 1Q21 ∆ (% ) 4Q20 ∆ (% )

Revenue from sale and redering of service 886.4 1,046.6 18.1% 1,136.7 (7.9%)Cost of sale and rendering of services (308.9) (393.7) (27.5%) (395.7) 0.5%Administrative expenses (147.5) (137.5) 6.8% (155.8) 11.8%Operating profit 430.0 515.5 19.9% 585.2 (11.9%)Share of profit of investment in associates (exlcuding one-time item) 158.2 140.5 (11.2%) 147.0 (4%)

EBITDA 824.4 947.9 15.0% 1,030.5 (8.0%)Other income/(expense) 10.0 24.8 148.8% 10.2 144.4%FX gain/(loss) 325.1 22.7 (93.0%) (69.2) 132.8%Other one-time item (69.0) 6.9 109.9% (162.1) 104.2%EBIT 854.3 710.3 (16.9%) 511.1 39.0%Finance costs (187.5) (185.5) 1.1% (202.0) 8.2%EBT 666.8 524.8 (21.3%) 309.1 69.8%Income tax (expense) benefit (93.0) (1.6) 98.3% 0.8 (293.9%)Minority interest (0.0) 0.2 466.6% 0.7 (78.5%)Net prof it 573 .7 523 .4 (8 .8% ) 310 .7 68 .4%Recurr ing prof it * 403 .7 488 .8 21.1% 535 .9 (8 .8% )Basic Earnings per Share (THB) 0.29 0.20 (31.0%) 0.13 53.8%Remark:*Excluding gain/(loss) on FX and one-time items

1Q20 1Q21 4Q20FX gain/( loss) and one -t ime ite ms: 170.0 34.5 (225.2)FX gain/(loss) 325.1 22.7 (69.2)

Tax related to Gain/(loss) on foreign exchange (86.1) 5.0 6.1

Refinancing related expense under share of profit from investment in associates

0.0 0.0 (171.5)

Other one-time item (69.0) 6.9 9.4

32

Financial Statement

Unit : THB million 2020% o f to tal

asse ts1Q21

% o f to tal asse ts

∆ (%)

Cash and cash equivalents 11,138.3 21.7% 7,552.8 14.7% (32.2%)Current investments 4.6 0.0% 3,000.0 5.8% 65164.2%Trade accounts receivable 1,219.2 2.4% 1,309.2 2.5% 7.4%Other current assets 130.9 0.3% 137.6 0.3% 5.2%Total curre nt asse ts 12,49 2.9 24.4% 11,9 9 9 .6 23.3% (3.9 %)Investments in associate & subsidiaries 11,722.8 22.9% 12,378.2 24.0% 5.6%Property, plant and equipment 14,667.8 28.6% 14,537.3 28.2% (0.9%)Goodwill and Intangible assets 11,313.7 22.1% 11,530.7 22.4% 1.9%Other non-current assets 1,022.4 2.0% 1,066.2 2.1% 4.3%Total non-current assets 38,726.6 75.6% 39,512.4 76.7% 2.0%Total Asse ts 51,219 .6 100.0% 51,512.0 100.0% 0.6 %Short-term borrowings 1,770.6 3.5% 0.0 0.0% (100.0%)Current portions of long-term borrowings 1,701.0 3.3% 2,077.0 4.0% 22.1%Long-term borrowings 23,589.7 46.1% 24,301.3 47.2% 3.0%Other liabilities 1,609.3 3.1% 1,430.6 2.8% (11.1%)To tal liab ilit ie s 28,6 70.6 56 .0% 27,808.9 54.0% (3.0%)Equity attributable to owners of the Company 22,480.1 43.9% 23,634.4 45.9% 5.1%Non-controlling interests 68.8 0.1% 68.7 0.1% (0.2%)To tal liab ilit ie s and Equity 51,219 .6 100.0% 51,512.0 100.0% 0.6 %

33

Financial Statement

Unit : THB million 1Q20 1Q21 ∆ YoYNet cash from (used in) operating activities 768.8 715.1 (53.7)

Net cash from (used in) investing activities (4,687.9) (3,331.3) 1,356.6

Net cash from (repay to) financing activities 4,445.4 (1,067.8) (5,513.2)

Ne t incre ase in cash and cash e quivale nts 526 .3 (3,6 84.0) (4,210.3)

Cash and cash equivalents at 1 January 1,445.2 11,138.3 9,693.1

Effect of exchange rate changes on balances held in foreign currencies (44.0) 98.5 142.5

Cash and cash e quivale nts at e nd pe riod 1,9 27.5 7,552.8 5,6 25.3

CAP EX (4,700.6 ) (3,312.5) 1,388.1

34

No. ProjectLocation

Operating Entity

% of Shareholding

Installed Capacity

(MW)

Contracted Capacity

(MW)Tariff Power Structure Off Taker CODDistrict Province

1 BCPG 1Bang Pa-in Ayutthaya BCPG N.A.

9.5 8

Adder THB 8/kWh

PEA 5/08/11BCPG 2 35.5 30 EGAT 16/07/12

2 BSE-BNN Bumnetnarong Chaiyaphum BSE 99.9 25.0 16

PEA

6/03/133 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 25.0 16 5/04/134 BSE-BRM Prakonechai Buriram BSE-BRM 99.9 12.5 8 19/03/145 BSE-BRM1 Nongkee Buriram BSE-BRM 1 99.9 12.5 8 11/04/146 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM 1 99.9 12.5 8 24/04/147 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 12.5 8 10/04/148 BSE-PRI Kabinburi Prachinburi BSE-PRI 99.9 25.0 16 21/04/14

9 Co-op: WSC Wiset Chai Chan Angthong BSE-PRI N.A. 5.0 5.0

FiT: THB 5.66/unit PEA(25 years)

23/12/16

10 Co-op: BPI Bang Pa-in Ayutthaya BSE-PRI N.A. 5.0 5.0 14/03/17

11 Co-op: AYA Phra Nakhon Si Ayutthaya

Ayutthaya BSE - PRI N.A. 2.0 2.0 23/12/16

12 Co-op (WVO)Saraburi Phra Phutthabat Saraburi BCPG N.A. 5.0 5.0

FiT: THB 4.12/unit PEA(25 years)

20/7/18

13 Co-op (WVO)Kanchanaburi Tha Muang Kanchanaburi BCPG N.A. 3.94 3.94 23/7/18

14 Lomligor Pak Panang Nakhon Sri Thammarat LLG 99.9 10.0 8.965 Adder THB 3.5/kWh PEA

(25 years) 11/4/19

15 Private floating solar Bang Pa-in Ayutthaya BCPG N.A. 2.1 2.1 Private PPA BBF 14/11/20

Conventional contracted capacity totaling of 150.0 MW

Conventional solar & wind projects in Thailand

35

No. ProjectLocation Operating

Entity% of

Shareholding

Installed Capacity

(MW)

Contracted Capacity

(MW)Tariff Power Structure Off Taker COD

Province

16 RPV Energy Kanchanaburi BSPH 99.9 5.5 5.0

Adder THB 8/kWh PEA

15/10/12

17 JKR Energy Kanchanaburi BSPH 99.9 5.5 5.0 15/10/12

18 Lopburi Solar Lopburi BSPH 99.9 6.0 5.0 4/02/14

19 Prachinburi Solar

Prachinburi BSPH 99.9 5.0 5.0 FiT: THB 5.66/unitPEA

(25 years) 30/12/16

Conventional contracted capacity totaling of 20.0 MW

Conventional solar & wind projects in Thailand(cont’)

36

Contracted operating capacity of 3.7 MW

# Type Segment Relation-ship

Project Location Contracted Capacity

Terms (year)

Tariff power structure

Status/ COD

1 Rooftop Industrial Subsidiary Kingboard Uthai, Ayutthaya 0.752 MW 20 Private PPA COD 1/12/2018

2Rooftop Commercial Partner

Habito, T77, Sansiri

Wattana, Bangkok 0.053 MW 25 Private PPA COD 12/1/2019

3Rooftop

Commercial/Residential

Partner T77, Sansiri Wattana, Bangkok 0.376 MW 25 Private PPA COD 1/5/2019

4 Rooftop Commercial/Residential

Partner Escape, Sansiri

Lam Luk Ka, Phathum Thani

0.277 MW25 Private PPA COD 1/2/2020

5 Rooftop Industrial Partner PCF, Sansiri Pak Chong, Nakhon Ratchasima

0.063 MW25 Private PPA COD 1/2/2020

6 Rooftop Mix Others Lots Several cities 2.131 MW 15 – 20 Private PPA 4Q20-1Q21

7 Rooftop Mix Others Lots Several cities 2.8 MW 15 – 20 Private PPA Under construction

8 Rooftop Commercial Partner (75%)

CMU Mueang, Chiangmai 9.0 MW 20 Private PPA Under construction

Other solar rooftop projects in Thailand

37

Contracted operating capacity of 14.7 MW

37

No. Project % ofInvestment Location Irradiation

(kWh/m2/year)Installed Capacity

(MW)

Contracted Capacity

(MW)

Feed-in Tariff (FiT)

(JPY/kWh)PPA Period

(Year) Off Taker Status

Operation1 S1

(Natkatsugawa) 100.0 Kagoshima, Japan 1,405 0.9 0.7 40 20

Kyushu Electric Power Company

COD 15/08/14

2 S11 (Takamori ) 100.0 Kumamoto, Japan 1,376 1.3 1.0 40 20 COD 16/02/15

3 S19 (Nojiri) 100.0 Miyazaki, Japan 1,433 1.1 0.9 40 20 COD 24/02/15

4 Tarumizu 100.0 Kagoshima, Japan 1,369 9.7 8.1 40 20 COD 31/08/15

5 Gotemba 100.0 Shizuoka, Japan 1,291 4.4 4.0 32 20 Tokyo Electric Power Company COD 16/04/18

Developing

6 Komagane 100.0 Nagano, Japan 1,472 32.0 25.0 36 20 Chubu Electric Power Company Expect to COD within 3Q21

7 Yabuki 100.0 Fukushima, Japan 1,294 27.9 20.0 36 20 Tohoku Electric Power Company Expect to COD within 2Q22

8 Chiba 1 100.0 Chiba, Japan 1,362 27.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 3Q21

9 Chiba 2 100.0 Chiba, Japan 1,362 13.0 10.0 32 20 Tokyo Electric Power Company Expect to COD within 2H22

Under development (Exclude from pipeline)10 Nagota 100.0 Kagoshima, Japan 1,448 30.0 24.0 36 20

Wait for Grid11 Isakida 100.0 Kagoshima, Japan 1,463 4.4 3.5 36 20

12 Shimoyunohira 100.0 Oita, Japan 1,330 9.6 8.0 36 20

13 S5 100.0 Kagoshima, Japan 1,371 7.2 6.0 36 20

Sold to IFFNikaho 100.0 Akita, Japan 1,136 13.2 8.8 40 20 Tohoku Electric Power Company COD 15/07/16

Nagi 100.0 Okayama, Japan 1,329 14.4 10.5 36 20 Chugoku Electric Power Company COD 02/03/17

Conventional solar projects in Japan

38

Public

BSE BSE-BRM BSE-BRM1 BSE-CPM1 BSE-NMA BSE-PRI LLG TDED

Thailand

Singapore

99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 75.0%

BSEH

100.0%

BCPGI SEGHPL

GreenergyHoldings

GreenergyPower

BCPG Wind

100.0% 100.0% 100.0%The Netherlands

JapanPetrowind

Energy

The Philippines 40.0%HMJ BCPGJ

EPC(1) AM(2) Investment(3) Project Under Development

Operating Projects

Operating Projects

Operating Projects

100.0% 100.0%

100.0% 51.0% 100.0% 100.0% 100.0% 100.0%

100.0%

(1) EPC = Groups of companies doing such business as (1) a turnkey EPC contractor and (2) an operation and maintenance contractor for solar power plants in Japan(2) AM = an Asset Management company rendering operation and maintenance service for the Tiramizu project and its remaining shares of 49.0% are held by a juristic person (3) Investment = companies investing in solar farms in Japan as TK investor

Laos

BCPGIndochina

99.9%

Nam San 3A

100.0%

IEAD

45.0%100.0% 33.33% Hong Kong

Nam San 3B

100.0%

Monsoon

100.0%

Group’s Business Structure

RPV

99.9%

JKRAQU

LS PS

99.9%99.9%

99.9% 99.9%

BSPH

99.9%

CDC

60.0%

39Survey link

Analyst Meeting Q1/2021 Operating Results

Documents

Transcript of Analyst Meeting Q1/2021 Operating Results