Establishment of Asset Management Company Focused on Corporate PPA Projects

Today, PHOTON CAPITAL LLC (PHOTON) and Japex Green Energy, Co., Ltd. (JGE), a 100% subsidiary of Japan Petroleum Exploration Co., Ltd. (JAPEX), jointly established PJ Asset Management Co., Ltd. (PJAM), an asset management company for managing and operating to-be-developed new solar power generation projects, in which PHOTON Sustainable PV Investment Limited Partnership^(*1) (hereinafter referred to as the “PHOTON PV Fund” or the “Fund”) will make investments. PHOTON PV Fund is an investment fund targeting solar power generation projects in Japan and was established in September 2021 by four companies including PHOTON and JAPEX.