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Information about RENOVA, Inc.

To Become Renewable in Leader

Executive Chairman Sachio Semmoto, Founding CEO Yosuke Kiminami

Executive Chairman
Sachio Semmoto

Dr. Semmoto graduated from Kyoto University with a BS in Engineering and later obtained a PhD in Engineering from the University of Florida. He joined Nippon Telegraph and Telephone Public Corporation (now NTT) and later founded DDI Corporation (now KDDI) in 1984 together with Mr. Kazuo Inamori and others. From 1995 he was a full professor at Keio University and a visiting professor of University of California, Berkeley. In 1999 he founded eAccess Co., Ltd. Since August 2015, he has served as the Executive chairman RENOVA.

Founding CEO
Yosuke Kiminami

Mr. Kiminami graduated with a BS in Human Sciences from the faculty of Integrated Human Studies, Kyoto University. After working for McKinsey & Company Inc. Japan, he founded Recycle One Inc. (now RENOVA, Inc.) in May 2000. Mr. Kiminami has led RENOVA from its inception as its CEO since the foundation, and continues to oversee its continued business expansion and growth.

Our Mission

To create green and sustainable energy systems for a better world

Our Features and Strengths

Unique profile in a high-growth industry
  • Japan's only publicly traded pure-play developer and independent power producer, exclusively focused on renewable energy: currently listed on the TSE 1st section.
  • Renewable energy industry growth backed by Japanese government targets.(the after massive earthquake and nuclear accident in 2011)
Highly visible cash flow profile of power generation assets
  • Power generation assets are backed by the Japanese feed-in tariff (“FIT”) scheme, which guarantees electricity off-take *1 at a fixed price for 20 years.
  • The purchase price is locked-in before conducting each final investment decision.
High growth trajectory, backed by robust development pipeline
  • Expected to reach a run-rate EBITDA of JPY 60-80 bn area ($550 - 700 mm*2) (7x EBITDA growth compared to today) upon completion of 1.8 GW *3 of disclosed development pipeline.
  • Currently disclosable generation capacity of our future development pipeline is Appx. 1.1 GW+*2 *3.
  • Strong track record in biomass, with five 75MW large-scale biomass pipeline projects that have secured a feed-in tariff rate of JPY24 / kWh (four projects under construction and the one project under development).
  • Leading developer of one of Japan's largest and most advanced offshore wind projects (Yurihonjo: Appx. [700] MW*4).
  • Made a final investment decision into the Quang Tri Onshore Wind Project *5 (144.0 MW) in May 2020, with an aim to expand our overseas business.
Core competencies in project development
  • Proven track record in project sourcing and development.
  • 695MW of assets in operation/under construction in solar PV and biomass.
  • 1,100MW(1.1GW)*2 *3+ development pipeline in solar PV, biomass, wind and geothermal.
  • Highly skilled in-house technical team with engineering and project management capabilities.
  • Proven track record in procuring low-cost non-recourse project financing at high leverage(loan-to-cost ratio of 90%*3).
Management team
  • Highly experienced management team, led by our Founding CEO (Yosuke Kiminami) and Executive Chairman (Sachio Semmoto).
  • Yosuke Kiminami established RENOVA in 2000 after working at McKinsey & Company, Inc.
  • Dr.Sachio Senmoto are serial entrepreneur who founded KDDI and eAccess (currently known as Y Mobile).
  • Model corporate governance by experienced external directors.
  • Management team with leadership and expertise.

*1 Excluding the cases where the plant is subject to output curtailment to manage grid supply and demand balance, or where the plant is shut down for grid construction. RENOVA includes assumptions for output curtailment in its projections.

*2 1GW = 1,000 MW

*3 Projects may be altered, postponed or cancelled due to development status, progress, or response to environmental impact assessment. Projects for which work has commenced in accordance with the EPC contract are shown as “under construction”.

*4 The expected generation capacity for the Yurihonjo Offshore Wind Project is shown as a tentative figure.

*5 Lenova's stake is 40.0%

Business Development for Making Renewable Energy a Major Power Source

Faced with new challenges, the world is increasingly turning towards renewable energy. The Japanese government introduced the feed-in tariff (FIT) in July 2012, and announced its Energy Mix Policy in June 2015, which aims to increase the ratio of renewable energy to between 22–24% by 2030. Under the Energy Mix Policy, the Japanese government set numerical targets for respective power generation technologies, as shown in the following figure. (The total volume of power generated by solar, biomass, wind and geothermal power is expected to increase by a factor of roughly two by fiscal year 2030, compared with the same volume in fiscal year 2017.)

To become Asia's renewable energy leader, RENOVA will actively invest its resources in new projects to secure sustained future growth. We will continue to develop, own, and operate large-scale solar PV, biomass, offshore and onshore wind and geothermal power plants, and diversify our generation portfolio across various renewable energy technologies.

Japanese Renewable Energy Capacity Outlook (GW/year)

Source: Agency for Natural Resources and Energy: Policy Issues in the Era of Large-volume Introduction of Renewable Energy

*1 1GW =1,000 MW

*2 Median value for announced government target.

Source: Agency for Natural Resources and Energy: Policy Issues in the Era of Large-volume Introduction of Renewable Energy

1 1GW =1,000 MW
2 Median value for announced government target.

RENOVA's Growth Trajectory

Focusing on the development of multiple energy sources such as biomass and offshore wind power in Japan, and expanding overseas.
Based on its solid earnings base for large-scale solar PV, RENOVA Group has positioned biomass and offshore wind as priority areas and is investing management resources to increase corporate value.
RENOVA will promote the development of renewable energy power generation businesses, mainly in Asia, with the aim of achieving long-term growth.

Sustained cash flows and visible growth from solar power (conceptual image)