Tokyo Stock Exchange Approves Listing of 6th Issue on Infrastructure Fund Market

Solar fund invested in about 38MW of solar plants

2019/01/17 09:02
Kenji Kaneko, Nikkei BP Intelligence Group, CleanTech Labo
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The mega solar plant operating in Hofu City (source: Itochu Enex)

The Tokyo Stock Exchange (TSE) approved the listing of the investment equity of Enex Infrastructure Investment Corp (Minato-ku, Tokyo) on the TSE's Infrastructure Fund Market Dec 27, 2018.

The assets of Enex Infrastructure Investment are managed by Enex Asset Management Co Ltd (Minato-ku, Tokyo).

Enex Infrastructure Investment was invested in by Itochu Enex Co Ltd, Sumitomo Mitsui Trust Bank Ltd, Mercuria Investment Co Ltd and Maiora Asset Management Pte Ltd, whose investment ratios are 50.1%, 22.5%, 22.5% and 4.9%, respectively.

The TSE's Infrastructure Fund Market was established in April 2015, and the first issue, Takara Leben Infrastructure Fund Inc (Chiyoda-ku, Tokyo), was listed in June 2016. When Enex Infrastructure Investment is listed on the market, it will be the sixth issue.

Enex Infrastructure Investment is scheduled to be listed Feb 13, 2019. As of December 27, 2018, the number of units of issued investment equity was 1,000, and the total investment is ¥100 million (approx US$921,319, ¥100,000 per unit). At the time of the listing, the number of units of issued investment equity is scheduled to become 91,000 including investment raised through public offering.

Enex Infrastructure Investment invests mainly in mega (large-scale) solar power plants that were developed and have been operated by Itochu Enex . Its total asset value is about ¥20,270,420,000, of which about ¥18,133,500,000 was invested in infrastructures, meaning that about 90% of its capital has been invested in solar power generation facilities.

According to the "table of the state of asset management," which was disclosed by the TSE. The assets consist of five solar power plants with a total solar panel capacity of about 37.6MW.

The following is the details of the five plants (FIT tariff/kWh, solar panel capacity, EPC contractor, solar panel manufacturer, PV inverter manufacturer). They are located in (1) Hitachi City, Ibaraki Prefecture, (¥40, about 11.544MW, Maetel Construction Japan KK, Changzhou Trina Solar Energy Co Ltd, ABB), (2) Kitahiroshima-cho, Hiroshima Prefecture, (¥40, about 1.595MW, Sanyo Engineering & Construction Inc, Isofoton Japan LLC, ABB), (3) Hofu City, Yamaguchi Prefecture, (¥36, about 1.94MW, Toshiba Plant Systems & Services Corp, Toshiba Corp, Toshiba Mitsubishi-Electric Industrial Systems Corp (TMEIC)), (4) Kusu-machi, Oita Prefecture, (¥40, about 1.007MW, JX Engineering Corp, Choshu Industry Co Ltd, Meidensha Corp) and (5) Hokota City, Ibaraki Prefecture (¥36, about 21.541MW, Maetel Construction Japan KK, Jinko Solar, ABB).