Kyuden International Corporation ("Kyuden International”), a member of Kyuden Group, is pleased to announce that it has signed a contract with Enfinity Global Inc. (“Enfinity Global”), a US-based leading renewable energy developer. Upon closing, the contract*¹ will give Kyuden Group a 40% interest in a solar power generation portfolio, which consists of 28 solar generation facilities, located in the State of California, Idaho, and North Carolina in the United States. In separate phases, these solar portfolios started operation in the period of 2013 to 2019, and have been contributing to regional power supply through long-term power purchase agreements with regional utilities in each state. The facilities have a combined output of 400 MW (Kyuden Group’s equity output will amount to 160 MW). Enfinity Global will retain a 60% equity interest and will be the long-term asset manager of the portfolio.

This is Kyuden Group’s first investment in renewable energy portfolios in the United States, and it is the Kyuden Group’s fifth power generation project in the country, following earlier investments in four gas turbine combined cycle power plants. With this latest acquisition, the Kyuden Group’s total equity output from overseas power generation projects worldwide will amount to approximately 3,000 MW*².

By leveraging its advanced technological capabilities and wealth of experience, Kyuden Group is determined to promote the development of renewable energy to reduce CO₂ emissions*³ and continue to take on the challenge of realizing a low-carbon and sustainable society as stated in the “Kyuden Group Carbon Neutral Vision 2050”.

*¹ the contract will enter into force after having completed the prescribed local procedures (e.g., approval by the Federal Energy Regulatory Commission [FERC]).

*² this total includes projects which have not started commercial operation.

*³ the annual reduction in CO₂ emissions from this project (equity ownership of 160MW) is approximately 110,000 tons (our estimate).