FOR IMMEDIATE RELEASE

April 9, 2020

RENOVA, Inc.

Selection of Wind Turbines for the Akita Yurihonjo Offshore Wind Power Generation Project - Selection of World’s Most Advanced Wind Turbines for the Largest Offshore Windfarm in Japan -

RENOVA, Inc. (Chuo-ku, Tokyo; Yosuke Kiminami, Founding CEO; hereinafter “RENOVA”) announces that Akita Yurihonjo Offshore Wind GK (hereinafter the “AYOW”), which is jointly owned by RENOVA, Cosmo Eco Power Co., Ltd. (Shinagawa-ku, Tokyo, Masayoshi Noji, President, Representative Director), JR-EAST Energy Development Co., Ltd. (Minato-ku, Tokyo; Hitoshi Nakajima, President, CEO & Representative Director) and Tohoku Electric Power Co., Inc. (Sendai City, Miyagi Prefecture; Kojiro Higuchi, President and Representative Director), has decided to select wind turbines developed by MHI Vestas Offshore Wind A/S (hereinafter “MHI Vestas”) in the offshore wind power generation project being implemented offshore of Yurihonjo city in Akita Prefecture (hereinafter the “Project”).

Image: see the attached picuture

The Project is expected to have a power generating capacity of approximately 700 MW, making it one of the largest offshore wind farms in Japan.

AYOW is currently engaged in dialogues with local residents, fishermen and other local stakeholders, while at the same time holding consultations on how the windfarm will contribute to the local community, conducting environmental impact assessments and various other surveys, and examining technical specifications.

Concerning the recent selection of wind turbines manufactured by MHI Vestas, Yosuke Kiminami, Founding CEO of RENOVA commented as follows.

“The Yurihonjo project will be a pioneer in the Japanese offshore wind market, and we recognize that the reliability of the wind turbines to be used is crucial. I am sure that the wind turbines developed by MHI Vestas, which commands one of the largest shares of the global offshore wind turbine, will be perfectly suited for our project. We look forward to working with MHI Vestas to ensure that the Project is deeply rooted in the local community and contributes to regional development.”

The Project has been under development since 2015 and a project plan was drawn up based on the Second Phase of Akita Prefectural Strategy for New Energy Industries formulated by Akita Prefecture in 2016. AYOW began wind condition measurements of the site in 2016 and commenced seabed ground surveys in the following year. In 2017, AYOW also began carrying out the procedures for environmental impact assessments and holding briefings to explain the Project to local stakeholders.

AYOW will continue working with members of the local community to implement the Project and put the windfarm into commercial operation.

<Outline of Akita Yurihonjo Offshore Wind Power Generation Project>

Developer: Akita Yurihonjo Offshore Wind GK (Head office: Yurihonjo City, Akita Prefecture)

Shareholders: RENOVA, Inc.
Cosmo Eco Power Co., Ltd.
JR-EAST Energy Development Co., Ltd.
Tohoku Electric Power Co., Inc.

Capacity: Approx. 700 MW

* The above project outline is the plan as of the date of this announcement and is subject to change in the future.

[For inquiries by the media, please contact]

Nobu Tanaka, Business Public Relations, RENOVA, Inc.

TEL: +81-80-5409-0956 E-mail: press@renovainc.com

About MHI Vestas Offshore Wind A/S

MHI Vestas Offshore Wind is a joint venture between Vestas Wind Systems A/S (50%) and Mitsubishi Heavy Industries (50%). The company’s focus is to design, manufacture, install and service wind turbines for the offshore wind industry. The company aims to create sustainable value through offshore wind power by driving capital and operating savings and increasing the power output of wind turbines. An innovative force in offshore wind since its inception in 2014, the company is guided by its founding principles of collaboration, trust, technology and commitment. For more information, see www.mhivestasoffshore.com or follow @MHIVestas on Twitter.

About RENOVA, Inc.

RENOVA has been involved in the energy and environment business for 20 years since its foundation in May 2000. It develops and operates renewable power plants, and currently has 18 plants either in operation or under construction with a total capacity of approximately 700MW in Japan. RENOVA is constantly launching new pioneering initiatives such as the development of one of the largest wind farms in Japan aiming to achieve its goal of becoming Asia’s renewable energy leader.

About Akita Yurihonjo Offshore Wind GK

<Outline>

Company Name	Akita Yurihonjo Offshore Wind GK
Location	Yurihonjo City, Akita Prefecture
Date of establishment	August 2017
Shareholders	- RENOVA, Inc. - Cosmo Eco Power Co., Ltd. - JR-EAST Energy Development Co., Ltd. - Tohoku Electric Power Co., Inc.
Logo	Design depicting a windfarm standing in the ocean. The circle in the background represents the rotation of a wind turbine and the cycle of renewable energy, while the windfarm standing out against the background emphasizes the energy that will be produced and the sense of scale of the project.

<Outline of Shareholders>