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5th Issue Listed on Infrastructure Fund Market of Tokyo Stock Exchange

2018/09/29 14:04
Kenji Kaneko, Nikkei BP Intelligence Group, CleanTech Labo
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TI Yabuki Solar Power Plant (source: Nikkei BP)

Tokyo Infrastructure Energy Investment Corp (Chiyoda-Ku, Tokyo) was listed as the fifth issue on the Tokyo Stock Exchange (TSE)'s Infrastructure Fund Market Sept 27, 2018.

Tokyo Infrastructure Energy Investment acquired five mega (large-scale) solar power plants developed by Advantec Co Ltd. And Tokyo Infrastructure Asset Management Co Ltd (Chiyoda-Ku, Tokyo), which is a subsidiary of Tokyo Infrastructure Energy Investment, manages the assets of Tokyo Infrastructure Energy Investment.

The asset size is about ¥8.5 billion (approx US$74.9 million, the acquisition price of the five mega solar plants). The total solar panel output is about 20MW. The FIT tariff set for four of the five plants (about 7MW) is ¥36/kWh, and the tariff set for the other plant (about 13MW) is ¥40/kWh. The number of days when output restriction can be imposed by power companies is up to 30 days (30-day rule).

The number of issued equities is 43,400 for public offering. The amount paid for each equity is ¥92,635, and the issue price is ¥97,000 per equity. On the first day of the listing (Sept 27, 2018), the highest price of each equity was ¥92,900, and the closing price was ¥92,300.

Tokyo Infrastructure Energy Investment has already announced that the expected dividend for the whole fiscal year combining the periods ending in June and December 2019 is ¥6,751 including an optimal payable distribution. So, based on the closing price on Sept 27, 2018, the rate of yield is 7-8%.