RENOVA : Notice of Revenue from Electricity Sales in May 2021

June 9, 2021

Corporate Name: RENOVA, Inc.

Representative: Yosuke Kiminami, Founding CEO

(Stock code: 9519

Tokyo Stock Exchange 1st)

Contact: Kazushi Yamaguchi CFO

(TEL: [phone])

Notice of Revenue from Electricity Sales in May 2021

RENOVA, Inc. announces the electricity sales figures for renewable energy power plants in Japan.

1. Figures for Electricity Sales

Fiscal Year Ending March 31, 2022

	Number of	Generation	Planned	Actual Electricity	% Change	% Change YoY
	Power Plants	Capacity*1 (MW)	Electricity Sales	Sales	from Plan	Above: Existing plants*3
	under Operation		(kWh) *2	(kWh)		Below: All
April	Solar: 11	Solar: 312.8	46,032,976	50,126,941	+8.9%	+50.0%
	Biomass: 1	Biomass: 20.5
				+5.3%
May*4*	Solar: 11	Solar: 312.8	42,292,289	41,877,844	-1.0%	+98.2%
	Biomass: 1	Biomass: 20.5
				+6.9%
June	Solar: 11	Solar: 312.8	78,166,785
	Biomass: 2	Biomass: 95.5
July*5	Solar: 11	Solar: 312.8	96,611,419
	Biomass: 2	Biomass: 95.5
August	Solar: 11	Solar: 312.8	98,084,778
	Biomass: 2	Biomass: 95.5
September	Solar: 11	Solar: 312.8	88,457,000
	Biomass: 2	Biomass: 95.5
October*6	Solar: 12	Solar: 353.6	93,163,278
	Biomass: 2	Biomass: 95.5
November	Solar: 12	Solar: 353.6	84,021,404
	Biomass: 2	Biomass: 95.5
December	Solar: 12	Solar: 353.6	82,131,093
	Biomass: 2	Biomass: 95.5
January	Solar: 12	Solar: 353.6	83,605,598
	Biomass: 2	Biomass: 95.5
February	Solar: 12	Solar: 353.6	80,880,845
	Biomass: 2	Biomass: 95.5
March	Solar: 12	Solar: 353.6	94,821,333
	Biomass: 2	Biomass: 95.5
Full-Year	‒	‒	968,268,797
YTD	‒	‒	88,325,264	92,004,785	+4.2%	+68.6%
Cumulative
					+6.0%

*1 The generation capacity for solar power plants is based upon the maximum output of each solar power plant's modules, and the generation capacity for biomass power plants is based upon the gross capacity. Both list generation capacity at month end.

*2 The planned electricity sales figures are calculated by RENOVA at renewable energy power plants operated in Japan.

*3 Existing plants refer to those which have been in operation for at least 13 months.

*4 There was an outage at the biomass power plant due to the scheduled annual maintenance in May 2021.

*5 Kanda Biomass power plant operated in June 2021.

*6 Karumai Sonbou solar power plant operated in October 2021.

Comparison between Planned and Actual YTD Cumulative Electricity Sales (in kWh)

1,200,000,000

1,000,000,000		Planned (of all)			Actual (of all)
800,000,000
600,000,000
400,000,000
200,000,000
0
Apr.	May	June	July	Aug.	Sep.	Oct.	Nov.	Dec.	Jan.	Feb.	Mar.
2021									2022

2. Monthly Electricity Sales by Plant

May 2021

										YTD
			Ownership	Purchase Price*5		Generation	Preliminary	Cumulative
				Figures from
	Power Plant			Capacity*1	Figures
		Interest	(per kWh)		Apr. 2020 to
				(MW)	(kWh)
							Mar. 2021
										(kWh)
	Suigo-Itako Solar Co., Ltd.	68.0%	40 yen	15.3	1,644,816	3,631,560
	Futtsu Solar Co., Ltd.	51.0%	40 yen	40.4	4,833,840	10,058,520
	Kikugawa-Ishiyama Solar Co., Ltd.*6	63.0%	40 yen	9.4	1,017,139	2,246,378
	Kikugawa-Horinouchiya Solar Co., Ltd.*6	61.0%	40 yen	7.5	794,497	1,758,195
	Kokonoe Solar T.K.*7	100.0%	40 yen	25.4	2,477,352	5,281,680
	Nasu-Shiobara Solar T.K.	100.0%	40 yen	26.2	2,647,704	5,853,408
	Ozu Solar T.K.*6*7	100.0%	36 yen	19.0	1,686,600	3,826,134
	Yokkaichi Solar T.K.*6	100.0%	36 yen	21.6	2,160,228	4,556,580
	Nasu-Karasuyama Solar T.K.*6	100.0%	36 yen	19.2	2,052,048	4,351,080
	Karumai-West Solar T.K.*6	100.0%	36 yen	48.0	6,068,100	11,869,800
	Karumai-East Solar T.K.*6	100.0%	36 yen	80.8	9,849,900	19,230,100
	United Renewable Energy Co., Ltd.	35.3%*8	32 yen/24 yen*9	20.5	6,645,620	19,341,350
									41,877,844	92,004,785
						Total

*5 The fixed purchase price, exclusive of consumption tax, is based upon the FIT Scheme for each power plant and may differ from the actual electricity sale price.

*6 Kikugawa-Ishiyama Solar Co., Ltd., Kikugawa-Horinouchiya Solar Co., Ltd., Ozu Solar T.K., Yokkaichi Solar T.K.,Nasu-Karasuyama Solar T.K., Karumai-West Solar T.K. and Karumai-East Solar T.K. consider the impact of output curtailment caused by Utilities' grid construction in the vicinity of the RENOVA's Power Plant in full-year performance forecasts.

*7 Expected output curtailment at the Kokonoe Solar T.K. and Ozu Solar T.K. are incorporated into its full year performance forecasts.

*8 RENOVA has invested in URE through Sensyu Holdings Co., Ltd., a subsidiary of RENOVA. Assuming that RENOVA directly owns URE's shares, RENOVA's substantial interests, calculated by multiplying URE's shares owned by Sensyu Holdings by RENOVA's equity in Sensyu Holdings, are 35.3%.

*9 The purchase price for wood biomass derived from thinned wood is 32 yen whereas that for general wood biomass is 24 yen.

3. Status of output curtailment

In May 2021, Kyushu Electric Power, Incorporated. issued an output control instruction and some solar power plants operated by RENOVA stopped generating electricity.

As the effect on the consolidated financial forecast for the fiscal year ended March 31, 2022 was minor, the total amount of power generation loss was 0.048% (Total power generation due to output restriction in May 2021) of the annual revenue plan for all solar power plants. In the process of setting planned full-year figures for electricity sales, RENOVA takes into account certain output control risks as well as risks arising from continual rain and other climate events. Since FYE 2021, RENOVA has also installed remote output control systems that enable

hourly rather than daily output control at some of its solar power plants (Kokonoe Solar power plant and Ozu-machi Solar power plant).

(Output curtailment by Solar power plant)

Solar power plant	Days of Outage	The percentage of total lost power generation
	(Figures in parentheses are	compared to the planned full-year figures for
	annual totals.)	electricity sales of all solar power plants
		operated by RENOVA.
		(Figures in parentheses are annual totals.)
Kokonoe Solar power plant	1 days(5 days)	0.026%(0.080%)
Ozu-machi Solar power plant	1 days(5 days)	0.022%(0.069%)

[For inquiries, please contact] Kenichiro Nose, Investor Relations Tel: [phone]

Email: [e-mail]