Investment in Continuum Green Energy Limited in Republic of India

Chubu Electric Power Co., Inc. ("Chubu Electric Power") has entered into agreements to invest approximately 23 billion yen (INR13.5 billion) in Continuum Green Energy Limited, India ("Continuum"), a wind and solar power generation and electricity sales business in Republic of India ("India"). Continuum supplies electricity to India's commercial and industrial (C&I) sector through corporate PPAs (Note 1). Following the receipt of regulatory approvals, Chubu Electric Power will acquire shares.

India aims to install 500 GW of renewable energy capacity by 2030, and demand from the C&I sector is expected to continue growing. Through this investment, we aim to contribute to India's decarbonization while leveraging Chubu Electric Power Miraiz's customer network to support Japanese companies entering the Indian market—an increasingly important global manufacturing hub—in procuring renewable energy, thereby expanding Continuum's customer base.

Hiroki Sato, Division CEO of Global Business at Chubu Electric Power, commented: We are very excited to be a partner of Continuum. We hope to contribute the further decarbonization of the growing energy market in India.

Arvind Bansal, CEO and Co-founder of Continuum, commented: We are proud to welcome Chubu Electric Power Company as a strategic investor. This partnership reflects our shared commitment to advancing reliable, efficient, and low-carbon energy solutions, and will strengthen our ability to scale responsibly and create lasting value for all stakeholders. Built on the enduring economic partnership between our two nations, this collaboration is a long-term commitment to India's growth story.

Tushar Kumar, Partner and Head of Industrial Climate Solutions, Just Climate, an existing shareholder in Continuum commented: Chubu Electric Power, a highly respected global energy company with deep expertise in power infrastructure and energy transition, has partnered with Continuum Green Energy to support India's decarbonization journey. This investment will complement Just Climate's vision for a sustainable energy transition in India and Southeast Asia. We are confident that together we can achieve continued climate impact and value for shareholders.

In our global business, we will contribute to the realization of a decarbonized society while further increasing profits by optimally integrating four key areas: green (centered on renewable energy), blue (related to CCUS (Note 2) and hydrogen businesses), retail, power transmission and distribution, new services, and frontier areas.

(Note 1) Contracts in which companies purchase renewable energy electricity from power generators over the long term
(Note 2) Carbon Capture, Utilization and Storage

Attachment

• Overview of Continuum Green Energy Limited