Q.ENEST Completes Formation and Financing of 80MW Low-Voltage Solar Power Generation Fund with Sumitomo Mitsui Banking Corporation as Arranger

Hanwha Japan Co., Ltd. (Headquarters: Minato-ku, Tokyo; Representative Director: Hee Jae Chang; hereinafter "HWJ")'s power business, Q.ENEST Group (Q.ENEST Holdings and its subsidiary Q.ENEST Denki; hereinafter "the Group"), has recently formed a renewable energy fund with a total capacity of approximately 80MW targeting low-voltage solar power plants in Japan through a special purpose company (SPC), and completed financing of approximately 9 billion JPY through a syndicated loan with Sumitomo Mitsui Banking Corporation as the arranger.

**■ Overview of the Fund**

This fund targets low-voltage solar power plants dispersed nationwide, operating as a renewable energy business that leverages the stability of power generation and the effect of portfolio diversification.

In this project, a syndicated loan was formed with the participation of multiple financial institutions, which we recognize as an evaluation of the Group's development and operation system and business viability.

This fund is divided into a development phase and an operation phase. In addition to the initial execution for existing power plants at the time of contract signing, loans will be executed in stages over approximately one year as asset acquisition progresses.

**■ Off-take Model Utilizing Our Own Electricity Retail Platform**

As a feature of this fund, Q.ENEST Denki Co., Ltd. (electricity retail platform), operated by the Group, functions as an off-taker (purchaser of generated electricity). Under the Group's business foundation, including Hanwha Japan, we aim to establish a system for supplying generated electricity as green power to consumers and ensure creditworthiness.

The Group's mission is the stable supply of electricity. We manage market price fluctuation risks appropriately by utilizing supply-demand balance management (balancing group operation) and derivatives (financial transactions to hedge against electricity price fluctuation risks).

This enables us to provide electricity to consumers at a fixed unit price, achieving both price stability and decarbonization.

**■ Future Developments**

The Group will continue to contribute to the construction of sustainable energy infrastructure and the realization of a decarbonized society through the stable supply of green electricity, by integrally utilizing renewable energy development and operation with electricity retail functions.

**【About Hanwha Japan Co., Ltd.】**

Established in 1984 as the Japanese subsidiary of Hanwha Corporation, one of Korea's largest companies. It operates in three divisions: green energy, chemical, and product solutions, handling import/export operations between Asian countries for core industries such as chemicals, steel, machinery/equipment, automotive parts, and IT-related equipment, as well as sales in the Japanese market. Since entering Japan's solar power business in 2011, it has achieved cumulative shipments of 7.8GW to Japan and 210,000 residential installations as of March 2026. "Hanwha Japan": https://www.hanwha-japan.com/ "Official website for solar power brands 'Q Cells' and 'Re.RISE'": http://www.q-cells.jp/

**【About Q.ENEST Holdings Co., Ltd.】**

Established as the power business of Hanwha Japan Co., Ltd.'s Japanese subsidiary, it became independent in 2023. With green technology business as its core, it develops diversified businesses in the renewable energy sector, including VPP business, storage battery business, solar power generation business, and electricity retail business. To promote Green Transformation (GX) in Japan, it aims to build an integrated develop-sell business model that allows everyone to use renewable energy at appropriate prices, utilizing its unique green technology based on its own power generation and retail know-how. Q.ENEST Holdings Official Website: https://www.qenest.com/

**【About Q.ENEST Denki Co., Ltd.】**

Established in June 2017 as an electricity retail provider. Currently, under Q.ENEST Holdings, it is working on developing new solutions in renewable energy, with solar power generation business, electricity retail business, and GX (Green Transformation) business as its pillars, to stably supply renewable energy to general households and corporate customers for the realization of a decarbonized society. In fiscal year 2025, it received the highest rating of five stars in the retail electricity provider category of the Ministry of Economy, Trade and Industry's "Energy Saving Communication Ranking System." Q.ENEST Denki Official Website: https://www.corp.qenest-denki.com/

**【Inquiries regarding this matter from the press】**

Hanwha Japan Co., Ltd. (Inquiry Form): https://www.hanwha-japan.com/inquiry/press-inquiry/

Q.ENEST Holdings