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New Sponsors Participate in Abashiri Biomass Power Generation Project

Japan Petroleum Exploration Co., Ltd. (JAPEX, Head Office: Chiyoda-ku, Tokyo, Representative Director and President: FUJITA Masahiro) announced that new three sponsors, MITSUBISHI GAS CHEMICAL
COMPANY, INC., SMFL MIRAI Partners Company, Limited, and TOKYO ENERGY & SYSTEMS INC., have completed necessary process for their participation in the biomass power generation project (hereinafter "the project"), mainly the development of the 2nd and 3rd of Abashiri biomass power plants (hereinafter "the power plants") on March 31, 2022.

The project was originally launched by WIND-SMILE Co., Ltd. (WINS), which mainly engaged in the development and design, sales, construction, and operation and management of natural energy power
generation systems. Currently, the project is under development since September 2020 by the two special purpose companies for the power plants (hereinafter "the SPCs"), which is to use 100% domestic wood chips as fuel made by woods in Hokkaido. In September 2021, JAPEX and Nippon Paper Lumber Co., Ltd. participated in the project in line with the capital increase of the SPCs. Besides, the three new sponsors participated in the project by purchasing a part of our share at this time.

Each of the power plants has an output scale of 9,900kW (total of 19,800kW), and its construction works are proceeding by WINS with the aim of the commercial operation commencement in August 2022 for the 2nd plant and December 2022 for the 3rd plant. The sponsors, including new three ones, will play their roles and support the SPCs' works. JAPEX has been entrusted the asset management work through Japex Green Energy Co., Ltd. (JGE, 100% subsidiary). Furthermore, we will transfer the consignment contract in the performance management, a part of the asset management works, to TOKYO ENERGY & SYSTEMS INC., one of the new sponsors.

Please refer the appendix for the outline of the project such as the power plants and the SPCs, including its new investment ratio with new sponsors.

JAPEX, with the SPCs and sponsors, will contribute to expanding the use of electricity derived from renewable energy sources with low environmental impact and developing local economies, with the
understanding and support from local stakeholders.

Note)* The performance management work is such as data confirmations of power plant availability, power generation, and operation status of generation facilities and related equipment as well as monitoring and advices to safety and quality management status for keeping good operations of the plants.

Note) Please refer the PDF version for the appendix.

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Please note that the information in the news is as of the announcement date and may be subject to change without notice.

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