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- Profile
- Message from Executive Officer
- About the Listed Infrastructure Market
- Structure
- Asset Manager Profile
About the Listed Infrastructure Market
Due to an increased investment demand on infrastructure and recognition of importance of maintaining infrastructure facility as a social responsibility, Tokyo Stock Exchange (TSE) had continuously considered and prepared to establish an infrastructure market through lunching "Study Group on the Listed Infrastructure Market" comprised of professionals and academics.
With the amendment on relevant trust investment legislatures, TSE has established the Listed Infrastructure Market, primary invest in renewable energy facility on April 30, 2015.
The Listed Infrastructure Market receives numerous expectations. For instance the report published by Study Group on the Listed Infrastructure Market on May 2013 mentioned that "[the Listed Infrastructure Market] is not only beneficial to recover the damages of the Great East Japan Earthquake in 2011, but it also expected to improve diversity of energy supply, renew and maintain infrastructure facilities installed during Japanese economic miracle, and apply operation of infrastructure which serves as fundamental vehicle to support growth of economy in Asian region.
With the amendment on relevant trust investment legislatures, TSE has established the Listed Infrastructure Market, primary invest in renewable energy facility on April 30, 2015.
The Listed Infrastructure Market receives numerous expectations. For instance the report published by Study Group on the Listed Infrastructure Market on May 2013 mentioned that "[the Listed Infrastructure Market] is not only beneficial to recover the damages of the Great East Japan Earthquake in 2011, but it also expected to improve diversity of energy supply, renew and maintain infrastructure facilities installed during Japanese economic miracle, and apply operation of infrastructure which serves as fundamental vehicle to support growth of economy in Asian region.
Our Structure and Characteristic
We invest in renewable energy facilities and primary focus on solar energy facility.
In order to satisfy conduit requirements, we lease an invested renewable energy facility to lessee and receive income from lessee.
In order to satisfy conduit requirements, we lease an invested renewable energy facility to lessee and receive income from lessee.
(Note1)For some of the assets under management, Takara Leben Infrastructure Fund, Inc. (the “Fund”) and MIRARTH Holdings have entered into a lease agreement for power generation facilities, etc. and a management agreement for power generation facilities, etc. For other assets under management, project agreements have been executed between The Fund, MIRARTH Holdings, and the lessee of each asset under.
(Note2)"OM Partner", refereed as outsourcing corporations that specialized to operate and maintain renewable energy facilities we own. While above chart indicates that We, TIF and OM Partner directly sign agreements, TIF might sign a tripartite agreement agreement under certain circumstances.
(Note2)"OM Partner", refereed as outsourcing corporations that specialized to operate and maintain renewable energy facilities we own. While above chart indicates that We, TIF and OM Partner directly sign agreements, TIF might sign a tripartite agreement agreement under certain circumstances.
About Conduit Requirements
As a general rule of the conduit, investment funds should maintain the total book value of specified assets (excluding renewable energy facilities and operating rights of public service infrastructures) exceed 50% or more of the book values of entire assets investment funds own.
Under an exceptional clause, however, listed infrastructure funds, that prescribe to operate renewable energy facilities through lease method, are allowed to include book values of renewable energy facilities from the previous fiscal year into the calculation of the 50% requirement described in above. We satisfy the conduit requirement by applying the exceptional clause.