Renewable energy business in Australia（Potentia Energy）

In July 2023, INPEX acquired 50 percent of the shares of Potentia Energy Pty. Ltd. from Enel Green Power S.p.A (EGP), a subsidiary of Enel S.p.A., a leading Italian electricity and energy company and one of the world's largest renewable energy companies. Through Potentia Energy, INPEX participates in a value-chain type power supply business in Australia. Enel and Enel Green Power (EGP), which are partners in this project, have developed and operated many renewable energy power plants in Italy and other parts of the world. Leveraging their global track record and know-how, the companies have established a solid renewable energy business structure in Australia.

INPEX has many years of experience in various oil and natural gas projects in Australia and its surrounding waters. In particular, through the Ichthys LNG Project, we have built a strong relationship of trust with the Australian government and local communities, and have also nurtured human resources with a high level of expertise in the field of project management and energy development. We will contribute to the ongoing development of renewable energy assets in the Australian market, where the introduction of renewable energy is expected to accelerate.

Potentia Energy will strengthen its value chain-based power business model, which covers the entire process from the development, construction and operation of renewable energy power plants such as solar and wind, as well as grid-scale storage facilities, to the retail of electricity through the group's retail business subsidiaries. By covering the entire value chain with 100% renewable energy, the company aims to differentiate itself from competitors, provide power solutions to customers and maximize profits.

Leveraging the advanced know-how, investment schemes and value maximization methods cultivated through our power generation and electricity trading business in Australia, we aim to proactively expand our operations to other regions, including Japan, in the future. In Europe, where the introduction of renewable energy is rapidly advancing, a variety of markets and sophisticated institutional frameworks have already been established. Similarly, expectations for renewable energy are growing even higher in Japan and Southeast Asia amid changing market environments and regulatory reforms. By promoting business development that is tailored to the specific markets and regulatory systems of each region, we aim to make renewable energy a core growth pillar of our company, in line with the growth strategies set out in INPEX Vision 2035.