Analyst Meeting 1Q20 Resultsbcpg.listedcompany.com/misc/presentation/20200520-bcpg... ·...

Analyst Meeting1Q20 Results20 May 2020Ticker: BCPG (SET)

Hydropower recap

3

Strategic direction update

Recent developments

Portfolio, Performance & Guidelines

Agenda

Hydropower recap

4


Recent developments


Agenda

COVID-19: Implications for BCPG

Type Thailand Japan Lao PDR Indonesia The Philippines

Operating assets

(No major impact)

Curtailment accelerated on some projects due to lower

demand.(THB 5.8 mn)

(No impact)

Planned shutdown in 2020 partly postponed to 2021.

Effective days* in 2020 drop from 12 to 7 days.

(No impact)

Developing assets

A few months delayed in construction for rooftop

projects(12.0 MW)

Slightly delay due to limitation of working hours.

Limited access to transmission line site survey on but overall

construction timeline still on track

(No impact) (No impact)

Potential projects

Travel restriction and several Covid-19 control put in place resulting in limitation of BD activities

Short term COVID-19 impact visible in 3 out of 5 countries with limited magnitude

Remarks : Effective days is weighted average shutdown days by % MW5

2019 2020 2021 2022 2023 2024Committed fill Adder For Growth

6

2019 2020 2021 2022 2023 2024Committed fill Adder Growth

Potential Shift from 2020 to 2021 Potential Shift to spread across

2021-2023

5-year CAPEX Plan remain unchanged but timing will probably be shifted from COVID-19

CAPEX Plan for Y2019-2024 (Before COVID-19)

CAPEX Plan for Y2019-2024 (After COVID-19)

CAPEX THB 45,000 mn CAPEX THB 45,000 mn

6

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Solar TH Other current porfolio Nam San 3A + 3B Committed pipeline Potential pipeline7

2016 - 2020 2026 - 20302021 - 2025

Next 5 years for filling EBITDA gap with consecutive growth

Remarks : For demonstration purposes only

BCPG ambition to fill adder gap and growth still unchanged

Main components to fill adder gap still confirmedAdder gap still be filled under COVID-19 from committed pipelines

Remarks : * Equity MW of 270 MW (SWAN) / For demonstration purposes only

Gap to be filled

JP Solar

LA Hydro

ID WW unit 3

ID Geo

LA Wind

New Income Contribution

Net income gap Gap from adder expired

Swan 600 MW* Hold 45% COD 2023

Share Profit from investment in Star Energy from price escalation and interest expenses reduction.

Full Year Operation of Hydro Nam San 3A and 3B of 114 MW (recently acquired)

Turning all JP pipeline (75 MW) into operation. Target COD from Y2021 to Y2022

Equivalent to Hydro 61 MW

Income contribution from existing pipeline

Share Profit from investment in Star Energy from WW unit 3

8

Current status with COVID-19 impact

“Within 2023”

Secured

“Within 2024”

Secured

All COD within 2022

“Within 2021”

✓

✓

✓

✓

✓

✓

9

Covid-19 reinforces an importance of energy transition

46%

52%

Category 1

45%

60.50%

Category 1

New Delhi Venice

Befo

re lo

ckdo

wnDu

ring

lock

dow

n

“People learn air quality during lockdown provides an end-state scenario of transitioning fossil to clean energy”

“…this is a stress test for national grid and more confident to absorb renewable going forward”

Renewable share of overall electricity generation before and during lockdownUnit: %

24%

27%

Category 1

Before lockdown During lockdown

Source: bnef and media

10

Renewables remain resilient and promising outlook in long term

“Renewables have remained very resilient during the pandemic because of low operating costs, preferential access as well as LCOE at grid parity”

IEA Global Energy Review 2020, 28 Apr’20

“IEA estimates total global use of renewable energy in 2020 will grow by about 1% YoY”

It’s important that governments and investors treat COVID-19 not as a signal to slow down but catalyst

Source: World Resources InstituteSource: IEA

Clean energy yields an economic return 3 to 8 times higher than the initial investment, can be included in stimulus package

The instability of fossil fuel prices presents a global opportunity to accelerate the shift to clean energy

The continuously falling costs of clean energy

10

Hydropower recap

11


Recent developments


Agenda

12

“Project finance LLG has been finalized with enhanced return”

“Limited curtailment due to its high demand location“

Lomligor Project finance enhance IRR

Construction timelines slightly shifted due to COVID-19.. But still well protected against curtailment.

“Shutdown in 2020 cut by half from 2019”

Lower planned shutdown in Y2020

Recent developments

ช่วย

LLG : Project Finance with ADB, CTF and KBANK

13

Project finance enhance return

Sandbox: initiative in Thailand to integrate utility-scale wind power generation with a battery energy storage system.Enhance return of the project with longer tenor and lower interest rate.

Projects update in Japan

14

Upcoming projects have limited risk of curtailment on high demand region

25 MW

20 MWYabukiCOD 2H21

Chiba 1COD 3Q21

Chiba 2COD 2H22

20 MW

10 MW

S1

S19

S11

TarumizuGotemba

Total operating capacity 14.7 MWppa

KomaganeCOD 3Q21

Total developing capacity 75.0 MWppaRegard to curtail measurement from power purchaser, almost 90% of BCPG portfolio in Japan* got no impact.

*Including developing projects

Curtailment impact

No curtailment impact

Japan project developments

YabukiKomagane Chiba1

Japan projects will commence to COD 1 2 4 Chiba23

15

Chiba2 Project

Chiba1 Project

Scheduled Maintenance Shutdown Geothermal power plants in Indonesia

16

Actual and forecast planned shutdown in 2019 and 2020

(Revised) (Revised) (Revised)

Hydropower recap

17


Recent developments


Agenda

0%

10%

20%

30%

40%

50%

60%

70%

2016 2017 2018 2019 2020F

EL Nino impact expected to remain neutral until Oct’20

El Nino

La Nina

▪ 2017 3A CF 56%▪ 2018 3A CF 58%

▪ 2016 3A CF 50%

▪ 2019 3A CF 45%

Capacity factor Unit: %

El Nino trends to less impact and remains neutral for 10 months until Oct’ 20

Transitioning to La Nina

La Nina Transitioning to El Nino

NS3A


18


2020


Sea surface temperature forecast shows that the climate of tend to be “Neutral” and “La Nina”. This may result in better rainfall in 2020.Nonetheless, the transition effect from “El Nino” in 2019, which result in lower water reserved, may cause negative impact in 2020.

0%

20%

40%

60%

80%

100%

120%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016 2017 2018 2019 2020

2017 (56%)2018 (58%)La Nina Year

2019 (45%)El Nino Year

El NinoNeutral

La Nina

2016 likely neutral (50%)

Source: World Bank

1Q19: gain momentum of La Nina in 2018 cause capacity factor (%) to step up.

However, due to El Nino from middle to end of 2019, rainfall drop below usual level and continue to impact on early of 2020.

3A Capacity factor (%) likely to be more or less at 2019

1

22

1

1 2

21Remarks: * 11 months of operation due to COD at 29 Jan 2016 / ** Profit and loss of Nam San 3A have been recalculate using same FX rate with Nam San 3B (as of 17 Jan 20) for comparison purpose only

405 396467

394

384 353425

356277 240

325243

2016 2017 2018 2019

RevenueEBITDA Net profit

Nam San 3BNam San 3A

Profit/Loss (THB million) **

Net Capacity Factor (%)

Nam San 3A&3B Historical Performance

Net Capacity Factor (%)

Profit/Loss (THB million)

45%

65%

44%

64% Wet Year

Dry Year

550

672 701

550

527630 649

492405

505 530

338

2016 * 2017 2018 2019

50.3% 51.1% 59.4%49.4%

2016 2017 2018 2019

Capacity factor (%)

50.7% 56.4% 58.4%44.6%

2016 * 2017 2018 2019

22

PPA Nam San 3A (Acquisition @ 20 Sep 2019)

PPA Nam San 3B (Acquisition @ 25 Feb 2020) 3B : Impact on additionallamortization from FV Uplift

2020 24.09 M THB 0.75 M USD2021 27.66 M THB 0.86 M USD…. 2043 22.13 M THB 0.69 M USD

3A : Impact on additional amortization from FV Uplift

2020 73.40 M THB 2.42 M USD2021 70.00 M THB 2.31 M USD…. 2043 57.11 M THB 1.88 M USD

PPA amortization of 3A and 3B

Hydropower recap

23


Recent developments


Agenda

24

841.9 MWppa

142.2 MW 15.5 MW

THAILAND

Operating Developing

157.5 MW 24.0 MW

INDONESIA


14.4 MW 5.6 MW

THE PHILIPPINES


14.7 MW 75.0 MW

JAPAN


114.0 MW

LAOS

Unit: Contracted capacity or equity MWppa

9.0 MW

451.8 390.1Operating Developing

270.0 MWDevelopingOperating

Business footprints in 5 countries in Asia

25

299.0 MW, 35.5% (275.6 MW under

development)

181.5 MW, 21.6% (24.0 MW under development)

247.4 MW, 29.4% (105.2 MW under

development)

114.0 MW, 13.5%

57.7%

2.7%

13.7%

25.9% **

Q1 Q2 Q3 Q4

3 hrs 4.1 hrs 4.3 hrs

8.7 hrs

14 hrs

22.5 hrs

Estimated Yearly Power Generation by technology *

Contracted MW by TechnologyY2019 Seasonality by Technology

(Capacity factor %)

841.9 MW

Geothermal (ID)

Hydro (LA)

Wind (PH)

Solar (TH)Solar (JP)

Wind (TH)

Average capacity factor in hours by TechnologyUnit: GWh

Unit: MW

Remarks : * Calculate base on capacity factor (%) in 2019 / ** Including Nam San 3B

> 2,000 GWh / year

Well-diversified portfolio

254

835

1,608 1,651

~2,100

~3,200

2016 2017 2018 2019 2020 202526

…......

Remarks : *Solar equivalent are calculate to be compared with solar power plant in Thailand

Unit: GWh

Current portfolio and pipelines

Current pipeline guarantees a growth of 50% in the next 5 years

Solar Equivalent *

15.5 MW TH75.0 MW JP 5.6 MW PH (Expansion)24.0 MW ID (Expansion)270.0 MW LA

Current pipeline1,450 MW

2,200 MWSolar

Equivalent *

Portfolio growth from existing pipelines

27

By numbers

EBITDA Still prevail from associates

824.5 (+12.8% YoY)

Unit: THB mn

Net profitFX gain is main driver

573.7 (+16.7% YoY)

MWppaIncrease from new acquisitions

451.8 (+125.5 MW YoY)

D/E Almost 40% below covenant

1.78x (vs 1.39x Dec 2019)

Key takeaway

New projects (COD and acquisitions) drive revenue grew YoY1

EBITDA from operation still prevail due to better wind speed from “Lomligor” and increased in share of profit

2

Net profit jump almost 17% YoY from FX gain while recurring impact from unusual drought season in Lao PDR

3

4 Lower average finance cost both QoQ and YoY benefited from lower market interest rate

Operating Revenue New projects drive YoY

886.4 (+9.7% YoY)

Financial highlights for 1Q20

TH performance

756 807 771

1Q19 4Q19 1Q20

TH Solar TH Wind TH Other

Operating performance in Thailand mainly effect by solar irradiation

3 4

14.4%17.7%

1Q19 4Q19 1Q20

Generation Capacity factor (%)

72 76 71

17.7% 18.2% 17.1%

1Q19 4Q19 1Q20


142.2 MW + 15.5 MW

28

Unit: GWh Unit: GWh

Power generation & Capacity factor (%)

Unfavorable weather in Thailand cause solar irradiation to slightly drops.

Wind speed in Lomligor increase QoQis the main drive of operating revenue in Thailand.

9.0 MW

Revenue (TH)

Unit: THB million

YoY drops mainly from decline in solar irradiation and while wind speed help QoQ.

+1.9% YoY-0.8% YoY

-5.7% QoQ +21.0% YoY-4.5% QoQ

JP performance

5142 43

1Q19 4Q19 1Q20

JP Solar JP Other

44 3

11.1%8.9% 8.6%

1Q19 4Q19 1Q20


29

Low season of electricity demand resulted in CurtailmentPower generation & Capacity factor (%)

Unit: GWh 14.7 MW + 75.0 MW

Electricity demand drop in operating region due to low season cause curtailment which resulted in drop of sellable output.

Revenue (JP)

Unit: THB million

YoY drop of operating income followed sellable output direction which mainly impacted by curtailment.

-23.6% YoY

-11.2% QoQ

-17.0% YoY

+0.8% QoQ

LA Performance

132

73

1Q19 4Q19 1Q20LA Hydro

64

34

42.2%18.2%

1Q19 4Q19 1Q20Generation Capacity factor (%)

30

Unusually strong drought in Lao PDR cause dramatically drop in generation

Unusually strong drought season in Lao PDR (every 1st quarter) cause a dramatically decline in electricity generation from hydropower.

114.0 MW

Revenue (LA) Power generation & Capacity factor (%)

Unit: THB millionUnit: GWh

Remark: 2 months recognition in 2019 due to acquisition since late September 2019

-46.6% QoQ -45.2% QoQ

ID PerformanceGeothermal power plants in Indonesia

306 300 318

93.7% 90.0% 96.7%

1Q19 4Q19 1Q20Sellable output Capacity factor (%)

31

Sellable output and Capacity factor (%)

Unit: GWh

Unit: THB million

Lower shutdown days rise in share of profits from geothermal power plant.One-time items from tax provision and allowance for account receivable are based on conservative approach.

Share of profitOperating: 157.5 MW

Developing: 24.0 MW

Remark: Sellable output based on holding percentage / ** 5 months recognition in 2017 due to inception since July 2017

Amortization (92.5) (91.4) (94.5)

One-time items - (20.0) (66.7)*

Net share of profit 92.5 54.3 67.2*Including Tax provision THB 23.9 mn and Allowance for account receivable THB 42.8 mn.

188 166 228

1Q19 4Q19 1Q20

+6.1% QoQ

+4.0% YoY

+37.9% QoQ

+21.5% YoY

Drop in shutdown resulted in significant rise both QoQ and YoY

17

8

14

53.4%

25.7%

45.5%

1Q19 4Q19 1Q20Sellable output Capacity factor (%)

PH PerformanceWind power plant in the Philippines

37.4

1.132.3

1Q19 4Q19 1Q20

Unit: GWh

32

Amortization (8.2) (7.8) (8.1)

One-time items - - -

Net share of profit 29.2 (6.7) 24.2

Unit: THB million

On YoY basis, drop in 1Q20 mainly impact by typhoon that cause plant down time since 4Q19.While monsoon season help drive generation to rise significantly QoQ.

Monsoon season once again with partial plant down time from last quarter

Sellable output and Capacity factor (%)

Share of profit

Remark: Sellable output based on holding percentage / * 7 months recognition in 2017 due to inception since July 2017

Operating: 14.4 MW

Developing: 5.6 MW

-13.3% YoY

-13.5% YoY

+76.2% QoQ

+2,909.4% QoQ

808981

886

74.4% 69.0% 65.2%

1Q19 4Q19 1Q20

Thailand Japan Laos

Remark: EBITDA from operation including share of profit from associates (after amortization and before one-time items)

EBITDA previals

33

Revenue

RevenueYoY growth of operating revenue mainly cause by recognition of Nam San 3A and Nam San 3B while unusually drought in Lao PDR cause a declined QoQ.

Unit: THB millionEBITDA (Incl. shares of profit)

EBITDA (Incl. shares of profit)EBITDA still prevail. Thanks to share of profit especially from geothermal power plant that rise after lower shutdown days. Two hydropower plants also add up to YoY growth.

Unit: THB million

+9.7% YoY

731 804 824

90.5%81.9%

93.0%

1Q19 4Q19 1Q20

+12.8% YoY

+2.6%QoQ

Financial Performance: Revenue & EBITDA

-9.7% QoQ

3434

Unit: THB million

IBD breakdown by maturity IBD breakdown by currency

9.8% 19.4% 20.7%

90.2% 80.6% 79.3%

2018 2019 1Q20< 1 year Due after 1 year

51.1% 58.8% 50.5%

43.0% 30.6% 27.9%

5.9% 10.6% 21.6%

2018 2019 1Q20THB JPY USD

IBD breakdown by Fixed-Floating rate

Due to over 90% of IBD are floating rate type, after interest rate in market drop, resulted in decline of average finance cost despite increase in absolute amount from acquisition related loan.

9.8% 10.6% 8.3%

90.2% 89.4% 91.7%

2018 2019 1Q20Fixed rate Floating rate

Finance cost and Kd (%)

Remark: The average finance costs calculated by a simple average method.

Kd (%) benefit from low interest rate environment despite increase in absolute

129 173 188

3.34% 3.47% 3.29%

1Q19 4Q19 1Q20Interest expense Effective Kd

+45.5% YoY

+8.6%QoQ

Finance cost

35

FX gain drive net profit despite unusual strong drought in Lao PDR

Core profit:Unusually strong drought is the main reason cause core profit to drop.

Unit: THB millionCore profit & Core profit margin (%)

Remark: Core profit equals to net profit minus FX gain/loss and one-time items

Unit: THB million

Net profit & Net profit margin (%)

492 445 574

60.9%

45.3%

64.7%

1Q19 4Q19 1Q20

Net profit Net profit margin

+16.7% YoY

+29.0%QoQ

Net profit:FX gain from liability exposure help net profit to rise both QoQ and YoY.

Core profit & Net profit

454 430 404

56.2%43.9% 45.5%

1Q19 4Q19 1Q20

Core profit Net profit margin

-11.1% YoY

-6.2% QoQ

Total Asset(USD)

TotalLiabilities

(USD)

Total Asset(THB)

TotalLiabilities

(THB)

FX gain/loss from USD/THB in 1Q20

Reduce net THB liabilities exposure by

1. Drawdown USD loan and repay THB loan2. Increase share capital and repay THB loan

THB depreciate –> Liabilities in USD

FX Loss

THB depreciate –> Liabilities in USD

FX Gain

Net USD liabilities

Net THB liabilities

Balance sheet FX exposure

<

Current FX exposure to be minimized soon

Remarks: *BIC stand for BCPG Indochina Co., Ltd / Graph figure is for demonstration purpose only

Net liabilities to foreign exposure after consolidation estimate to be around THB 5 bn.

BCPG (exclude BIC*) BIC*

37

44.3% 48.0% 41.9%

53.5% 49.3% 53.5%31,558

37,13742,491

2018 2019 1Q20

Equity Other Liabilities Interest-bearing debt

1.08 1.39 1.78

2018 2019 1Q20

D/E Ratio

D/E Ratio Covenant

Covenant = 3.0x

Total assets

0.30 0.32 0.320.31 0.32 0.32

0.61 0.640.64

68.5% 57.7% 71.1%

2017 2018 20191H 2H DPR

Total paid dividend (THB/Share)

Dividend Payment

Dividend policy = not less than 40% of the Company’s net profit based on separated Financial Statement

Leverage room is still available

15.1611.74

14.89

2018 2019 1Q20

ROE (%)

ROE

* Subjected to AGM approval

Financial position

38

Guidance PlanEBITDA (incl. share of profit from associates*)

Expect to grow 20%

CAPEX Expect to be THB 8,000 – 15,000 mn(Committed pipeline: THB 8,000 mn)

Dividend policy Not less than 40% of the Company’s net profit

Financial covenant Liability/Equity ≤ 3xDSCR ≥ 1.15x

Remark: *Share of profit from associates (before amortization and one-time items)

Guideline 2020

39Survey link

40

Financial StatementOverall business performance

Unit: THB million 1Q19 1Q20 Change (%) 4Q19 Change (%)

Revenue from sale and redering of service 807.8 886.4 9.7% 981.2 -9.7%Cost of sale and rendering of services (206.9) (308.9) 49.3% (304.7) 1.4%Gross profit 600.8 577.5 -3.9% 676.5 -14.6%Administrative expenses (144.3) (147.5) 2.2% (152.5) -3.3%Operating profit 456.5 430.0 -5.8% 524.0 -17.9%0.0 0.0 0.0% 0.0 0.0%Share of profit of investment in associates (exlcuding one-time item)

121.7 158.2 29.9% 67.5 134.3%0.0 0.0 0.0% 0.0 0.0%

EBITDA 731.2 824.5 12.8% 803.8 2.6%0.0 0.0 0.0% 0.0 0.0%Other income/(expense) 2.6 7.7 194.7% 8.4 -8.3%One-time item from investment in associates 0.0 (66.7) NA (20.0) NAFX gain/(loss) 37.6 325.1 763.9% 34.9 831.4%EBIT 496.8 696.1 40.1% 547.3 27.2%Finance costs (128.9) (187.5) 45.5% (172.6) 8.6%EBT 489.6 666.8 36.2% 442.2 50.8%Income tax expense (benefit) 1.9 (93.0) NA 2.0 NA

Income tax expense (benefit) 1.9 (6.9) NA 2.0 NATax related to FX gain/(loss) 0.0 (86.1) NA 0.0 NA

Minority interest 0.0 (0.0) NA 0.7 NANet profit 491.6 573.7 16.7% 444.8 29.0%Recurring profitิ * 453.9 403.7 -11.1% 430.2 -6.2%Basic Earnings per Share (THB) 0.25 0.29 16.0% 0.22 31.8%Remark:*Excluding gain/(loss) on FX and one-time items

41

Financial Statement

Unit: THB million 2019% of total

assets1Q20

% of total assets

∆ (%)

Cash and cash equivalents 1,445.2 3.9% 1,927.5 4.5% 33.4%Trade accounts receivable 640.4 1.7% 668.8 1.6% 4.4%Other current assets 367.2 1.0% 312.3 0.7% -15.0%Total current assets 2,452.9 6.6% 2,908.7 6.8% 18.6%Investments in associate & subsidiaries 13,623.8 36.7% 13,364.6 31.5% -1.9%Property, plant and equipment 13,675.6 36.8% 14,112.2 33.2% 3.2%Goodwill and Intangible assets 7,002.1 18.9% 11,237.9 26.4% 60.5%Other non-current assets 382.3 1.0% 867.2 2.0% 126.9%Total non-current assets 34,683.7 93.4% 39,582.0 93.2% 14.1%Total Assets 37,136.6 100.0% 42,490.7 100.0% 14.4%Short-term borrowings & current portions 3,855.0 10.4% 5,319.3 12.5% 38.0%Long-term borrowings 16,026.1 43.2% 20,385.9 48.0% 27.2%Other liabilities 1,700.3 4.6% 1,528.1 3.6% -10.1%Total liabilities 21,581.4 58.1% 27,233.4 64.1% 26.2%Equity attributable to owners of the Company 15,505.7 41.8% 15,207.8 35.8% -1.9%Non-controlling interests 49.4 0.1% 49.5 0.1% 0.1%Total liabilities and Equity 37,136.6 100.0% 42,490.7 100.0% 14.4%

Consolidated Statement of Financial Position

Unit: THB million 1Q19 1Q20 YoY ChangeNet cash from (used in) operating activities 365.3 768.8 403.5

Net cash from (used in) investing activities (845.8) (4,687.9) (3,842.1)

Net cash from (repay to) financing activities (120.2) 4,445.4 4,565.6

Net increase in cash and cash equivalents (600.7) 526.3 1,127.0

Cash and cash equivalents at 1 January 2,425.3 1,445.2 (980.1)Effect of exchange rate changes on balances held in foreign currencies

(34.7) (44.0) (9.3)

Cash and cash equivalents at end period 1,789.9 1,927.5 137.6

CAPEX (845.8) (4,700.6) (3,854.8)

Consolidated Statement of Cash Flows

42

Financial Statement

43

No. ProjectLocation

Operating Entity

% of Shareholding

Installed Capacity

(MW)

Contracted Capacity

(MW)Tariff Power Structure Off Taker CODDistrict Province

1 BCPG 1Bang Pa-in Ayutthaya BCPG N.A.

9.8 8

Adder THB 8/kWh

PEA 5/08/11BCPG 2 35.6 30 EGAT 16/07/12

2 BSE-BNN Bumnetnarong Chaiyaphum BSE 99.9 25.2 16

PEA

6/03/133 BSE-BPH Bang Pahan Ayutthaya BSE 99.9 25.2 16 5/04/134 BSE-BRM Prakonechai Buriram BSE-BRM 99.9 12.5 8 19/03/145 BSE-BRM1 Nongkee Buriram BSE-BRM 1 99.9 12.5 8 11/04/146 BSE-CPM1 Bumnetnarong Chaiyaphum BSE-CPM 1 99.9 12.6 8 24/04/147 BSE-NMA Dan Khun Tod NakhonRatchasima BSE-NMA 99.9 12.6 8 10/04/148 BSE-PRI Kabinburi Prachinburi BSE-PRI 99.9 25.0 16 21/04/14

9 Co-op: WSC Wiset Chai Chan Angthong BSE-PRI N.A. 5.0 5.0

FiT: THB 5.66/unit PEA(25 years)

23/12/16

10 Co-op: BPI Bang Pa-in Ayutthaya BSE-PRI N.A. 5.0 5.0 14/03/17

11 Co-op: AYA Phra Nakhon Si Ayutthaya

Ayutthaya BSE - PRI N.A. 2.0 2.0 23/12/16

12 Co-op (WVO)Saraburi Phra Phutthabat Saraburi BCPG N.A. 5.0 5.0

FiT: THB 4.12/unit PEA(25 years)

20/7/18

13 Co-op (WVO)Kanchanaburi Tha Muang Kanchanaburi BCPG N.A. 3.94 3.94 23/7/18

14 Lomligor Pak Panang Nakhon Sri Thammarat LLG 99.9 10.0 8.965 Adder THB 3.5/kWh PEA

(25 years) 11/4/19

15 Private floating solar Bang Pa-in Ayutthaya BCPG N.A. 2.1 2.1 Private PPA BBF Nov-19

Conventional contracted capacity totaling of 150.0 MW

Conventional solar & wind projects in Thailand

44

Total contracted capacity in pipeline of 15.5 MW as of 4Q19. COD target by 2020. Potential to be signed is another 17.6 MW

Type Segment Relation-ship

Project Location Contracted Capacity

Terms (year)

Tariff power structure

Status/ COD

1 Rooftop Industrial Subsidiary Kingboard Uthai, Ayutthaya 0.752 MW 20 Private PPA COD 1/12/2018

2Rooftop Commercial Partner

Habito, T77, Sansiri

Wattana, Bangkok 0.053 MW 25 Private PPA COD 12/1/2019

3Rooftop

Commercial/Residential

Partner T77, Sansiri Wattana, Bangkok 0.376 MW 25 Private PPA COD 1/5/2019

4 Rooftop Commercial Partner Sansiri Several cities

3.5 MW

25 Private PPA Under construction

5 Rooftop School Partner Satitpattana

Bangkok 25 Private PPA Under construction

6 Rooftop Gas station Partner Lots Several cities 15 – 20 Private PPA Under construction

7 Rooftop Commercial Partner CMU Mueang, Chiangmai

12.0 MW 26 Private PPA Under construction

8 Rooftop Mixed Partner Lots Several cities 17.6 MW 15-25 Private PPA In progress

Other solar rooftop projects in Thailand

45

Contracted capacity of 14.7 MW

45

No. Project % ofInvestment Location Irradiation

(kWh/m2/year)Installed Capacity

(MW)

Contracted Capacity

(MW)

Feed-in Tariff (FiT)

(JPY/kWh)PPA Period

(Year) Off Taker Status

Operation1 S1

(Natkatsugawa) 100.0 Kagoshima, Japan 1,405 0.9 0.7 40 20

Kyushu Electric Power Company

COD 15/08/14

2 S11 (Takamori ) 100.0 Kumamoto, Japan 1,376 1.3 1.0 40 20 COD 16/02/15

3 S19 (Nojiri) 100.0 Miyazaki, Japan 1,433 1.1 0.9 40 20 COD 24/02/15

4 Tarumizu 100.0 Kagoshima, Japan 1,369 9.7 8.1 40 20 COD 31/08/15

5 Gotemba 100.0 Shizuoka, Japan 1,291 4.4 4.0 32 20 Tokyo Electric Power Company COD 16/04/18

Developing

6 Komagane 100.0 Nagano, Japan 1,472 32.0 25.0 36 20 Chubu Electric Power Company Expect to COD within 3Q21

7 Yabuki 100.0 Fukushima, Japan 1,294 27.9 20.0 36 20 Tohoku Electric Power Company Expect to COD within 2H21

8 Chiba 1 100.0 Chiba, Japan 1,362 27.0 20.0 36 20 Tokyo Electric Power Company Expect to COD within 3Q21

9 Chiba 2 100.0 Chiba, Japan 1,362 13.0 10.0 32 20 Tokyo Electric Power Company Expect to COD within 2H22

Under development (Exclude from pipeline)10 Nagota 100.0 Kagoshima, Japan 1,448 30.0 24.0 36 20

Wait for Grid11 Isakida 100.0 Kagoshima, Japan 1,463 4.4 3.5 36 20

12 Shimoyunohira 100.0 Oita, Japan 1,330 9.6 8.0 36 20

13 S5 100.0 Kagoshima, Japan 1,371 7.2 6.0 36 20

Sold to IFFNikaho 100.0 Akita, Japan 1,136 13.2 8.8 40 20 Tohoku Electric Power Company COD 15/07/16

Nagi 100.0 Okayama, Japan 1,329 14.4 10.5 36 20 Chugoku Electric Power Company COD 02/03/17

Conventional solar projects in Japan

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Conventional contracted capacity totaling of 114.0 MW (Developing 270.0 MW)

No. ProjectLocation

Operating Entity

% of Shareholding

Installed Capacity

(MW)

Contracted Capacity

(MW)Tariff Off Taker COD

Acquisition date (Initiate

subsidiaries)Province Country

1 Nam San 3A Xiangkhouang Laos PDR BCPGI 99.9 69.0 69.0UScents 6.72/kWh (2020)(EVN: Uscents 6.95/kWh)

EDL(Change to EVN

within 2022)

29/1/16 Sep-19

2 Nam San 3B Xiangkhouang Laos PDR BCPGI 99.9 45.0 45.0 25/8/15 Feb-20

3 SWAN Sekong & Attapeu Laos PDR IEAD 45.0 270.0 270.0 [To be provided] [To be provided] 2023 onwards Mar-19

Hydropower and wind projects in CLMV

47

Public

BSE BSE-BRM BSE-BRM1 BSE-CPM1 BSE-NMA BSE-PRI LLG TDED

Thailand

Singapore

99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 99.9% 75.0%

BSEH

100.0%

BCPGI SEGHPL

GreenergyHoldings

GreenergyPower

BCPG Wind

100.0% 100.0% 100.0%The Netherlands

JapanPetrowind

Energy

The Philippines 40.0%HMJ BCPGJ

EPC(1) AM(2) Investment(3) Project Under Development

Operating Projects

Operating Projects

Operating Projects

100.0% 100.0%

100.0% 51.0% 100.0% 100.0% 100.0% 100.0%

100.0%

(1) EPC = Groups of companies doing such business as (1) a turnkey EPC contractor and (2) an operation and maintenance contractor for solar power plants in Japan(2) AM = an Asset Management company rendering operation and maintenance service for the Tiramizu project and its remaining shares of 49.0% are held by a juristic person (3) Investment = companies investing in solar farms in Japan as TK investor

Laos

BCPGIndochina

99.9%

Nam San 3A

100.0%

IEAD

45.0%100.0% 33.33% Hong Kong

Nam San 3B

100.0%

SWAN

100.0%

Group’s Business Structure

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