For the EnvironmentTokyo Century Green Bond

Tokyo Century has issued an unsecured green bond in public offering.
Green bonds refer to bonds issued by companies, local governments, or other organizations to raise funds for green projects that aim to resolve environmental issues, including projects for: renewable energy; construction and refurbishment of energy efficient buildings; pollution prevention and control; and others.
Tokyo Century is committed to take initiatives on global environment conservation and renewable energy to create an environmentally-sound, sustainable economy and society while promoting to diversify financing method through the green bond issuance.

The Outline of Green Bond

Bond name "Tokyo Century Green Bond", Tokyo Century Corporation 25th series of unsecured bonds (with Inter‐Bond Pari Passu Clause)
Pricing date October 5, 2018
Issue date October 15, 2018
Redemption period 5 years
Issue amount JPY10,000 million
Coupon rate 0.200%
Use of proceeds Leasing solar power generation facilities for Tokyo Century's subsidiary, Kyocera TCL Solar LLC
(Refinancing the purchase of existing leased facilities)
Credit rating A  Rating and Investment Information, Inc. (R&I)
AA- Japan Credit Rating Agency, Ltd. (JCR)

Eligibility Review by External Organization

R&I Green Bond Assessment

The Tokyo Century Green Bond has been assigned GA1 (preliminary), the highest rating in the R&I Green Bond Assessment conducted by Rating and Investment Information, Inc. (R&I). R&I has also provided a second opinion as external review that the green bond framework is aligned with Green Bond Principles 2018 and Green Bond Guidelines 2017. R&I will regularly evaluate until the bond maturity.

October 5, 2018 R&I Green Bond Assessment(Formal)

December 25, 2019 R&I Green Bond Assessment (Affirmed)

Financial Support Programme for Green Bond Issuance (Subsidy Project) Undertaken by the Ministry of the Environment (MOE)

The expenses for the external review for this green bond is eligible for the Financial Support Programme for Green Bond Issuance (Subsidy Project) in fiscal 2018 undertaken by the MOE.

Financial Support Programme for Green Bond Issuance (Subsidy Project) by MOE

List of Notification of Decisions to Grant the Subsidy by MOE

Investors of Tokyo Century Green Bond

Investors who have committed investment in the Tokyo Century Green Bond are listed as follows.

<List of Investors>(in alphabetical order)

As of October 15, 2018

  • BlackRock Japan Co., Ltd.
  • The Oita Bank Co., Ltd.
  • Saitama Medical University
  • Sumitomo Mitsui Trust Asset Management Co., Ltd.
  • The Higashi-Nippon Bank, Limited
  • The Rokinren Bank
  • The Sugamo Shinkin Bank
  • Tokio Marine Asset Management Co., Ltd.
  • Tokyo University of Agriculture Educational Corporation

Reporting

1. Use of the Proceeds

Tokyo Century has allocated the entire proceeds of the Tokyo Century Green Bond, Tokyo Century Corporation 25th series of unsecured bonds (with Inter‐Bond Pari Passu Clause) issued on October 15, 2018 to refinancing the fund to purchase the leased assets for the eligible project.

2. Environmental Impact Reporting

Kyocera TCL Solar LLC has been operating and managing solar power plants in 76 sites across Japan with approximately 316 MW of total output as of March 31, 2020, achieving the annual electricity generated for the period from April 2019 to March 2020 of 340,712 MWh reducing CO2 emissions by 153,491 tons.

* Estimated by Tokyo Century Corporation in reference to Japan Photovoltaic Energy Association ”The standards of CO2 emissions reduction”

<About the power generation business of Kyocera TCL Solar LLC>

Solar power generation business (Kyocera TCL Solar LLC) *Japanese only
The operation of Yamakura floating mega solar power plant in Chiba Prefecture has been suspended from September 9, 2019 to date, due to damage from Typhoon Faxai in 2019. The details are provided below.

Extent of damage to Yamakura floating mega solar power plant in Chiba Prefecture caused by Typhoon Faxai(Japanese only)

The solar power plant is under reconstruction to resume operation. The details are as provided below.

1. Start of reconstruction
- July 2020

2. Completion of reconstruction
- August 2021

3. FIT price
\32 per kWh (no change)

4. Recurrence prevention measures
Based on the discussion at an advisory council (a working group of experts on accidents and structural strength of power generation facilities for alternative energy) of the Ministry of Economy, Trade and Industry, the following measures have been adopted.
(1) Scale down the size of each floating solar island by dividing each one into six.
(2) Trim down the size of floating solar islands to distribute and reduce the load on anchors of the islands in the event of strong wind.

5. Progress of the reconstruction
- The reconstruction work is progressing as planned and the operation is scheduled to resume in or around August 2021.

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