PHOTON TAIWAN FUND INVESTS IN 120MW SOLAR POWER PLANT IN TAIWAN

Photon Group has established Photon Taiwan Fund, in which JA Mitsui Leasing Ltd. (JAML), Toshiba Energy Systems & Solutions Corporation, and Fuyo General Lease Co., Ltd. have invested. Together with the local Taiwanese company, Ark Solar Energy Co., Ltd., Photon Taiwan Fund has entered a cooperation agreement with Ark to establish an SPV to construct and own a Solar Fishery Symbiosis project. Photon, in cooperation with Ark, is set to own a 120 MW solar power plant in Tainan, Taiwan and supply green electricity from renewable energy sources through an off-site Corporate Power Purchase Agreement (CPPA) to a semiconductor manufacturer. The Solar Fishery Symbiosis project started construction in August this year and is scheduled to supply renewable energy at the end of 2024.

Furthermore, Photon and Ark have plans to construct and supply an additional 360 MW project bringing the total supply capacity of renewable energy to 480 MW.

Photon has been actively developing and investing in solar power projects both domestically and internationally; prioritizing harmony with the surrounding environment and ensuring long-term safety and stability. Photon intends to continue to strive to become a leading company in non-feed-in tariff (non-FIT) solar power projects, developing, owning, and operating solar power plants domestically and internationally to contribute to achieving a sustainable society.

Toshiba ESS is engaged in the Engineering Procurement Construction (EPC) business of solar power plants and the operation of solar and wind power plants in Japan. Toshiba ESS decided to invest in Photon Taiwan Fund, L.P. in February 2021. With this investment opportunity, Toshiba ESS will actively pursue the development of renewable energy and Virtual Power Plant (VPP) projects in Asian regions including Taiwan. With extensive knowledge, expertise, technology, and IoT, Toshiba ESS provides infrastructure services that enhance the value and efficiency of existing infrastructure systems, contributing to the realization of sustainable societies both domestically and internationally.