RENOVA, Inc. has been proceeding with commissioning at the Omaezakikou Biomass Power Plant owned by Omaezakikou Biomass Energy G.K. (hereinafter Omaezakikou G.K.), an equity method affiliate of RENOVA, toward start of operation in July 2024. However, given the additional time required for final adjustments to the boiler and turbine facilities to ensure long-term stable operation at the plant, the schedule for the start of operation has been changed to October 2024 (planned). RENOVA also informs that the procedure for reschedule of the FIT period for the project has been completed and the change does not affect the FIT period.

In addition, Omaezakikou G.K. has received Liquidated Damages from the EPC for a certain period of time due to the change in the start of commercial operation based on the EPC contract. The impact of Schedule Change in the Start of Operation on the financial results for the fiscal year ending March 31, 2025 will be minimal. RENOVA will promptly disclose any other matters that should be announced, as and when they arise.

Pursuant to the Memorandum on Transfer of Equity Interest concluded between RENOVA and joint equity investors, RENOVA has the right to take over the equity interests owned by joint equity investors on and after the completion of the power plant construction held by Omaezakikou G.K. and its delivery from EPC, and there is no change in the timing of execution of the right from November 2024, in line with the assumptions in the consolidated forecast for the fiscal year ending March 2025 announced on May 8, 2024.