Overview and Background

This document outlines the UK Tax Strategy of the entities listed below, which is published in compliance with legal disclosure requirements mandated by law. The Tax Strategy is designed to ensure full transparency and adherence to tax obligations in all jurisdictions where the company operates.

In developing this strategy, we have:

• Conducted a thorough review of the business practices for the period from April 2025 through March 2026, identifying and correcting any ambiguous points.
• Obtained confirmation from the HQ Tax Department that this strategy is fully aligned with the JERA Group’s Tax Policy.

The information contained herein reflects our commitment to maintaining proactive and responsible tax compliance practices while optimizing our tax positions in accordance with both local regulations and international standards.

Entities covered by this document:

JERA Nex Ltd

JERA Nex Finco Ltd

Tax Strategy for y/e 31 December 2026

1. Introduction to JERA Nex and JERA Nex Finco

JERA Nex Limited (JERANEX) is a wholly owned subsidiary company of JERA Co., Inc., the leading Japanese power producer.

JERANEX is a renewable energy company launched by JERA, Japan’s largest power generation company. Headquartered in London, and with a global remit, JERA Nex owns and operates a portfolio of renewable assets including onshore wind, solar, and battery storage assets in Europe, Asia and North America. JERA Nex is also a 50% shareholder in JERA Nex bp, JERA’s joint venture with bp, focused on unlocking the power of offshore wind.

JERA Nex Finco Limited (JERANEXFINCO) is a wholly owned subsidiary company of JERANEX located in the same address as JERANEX. This company specializes in performing the treasury functions of the JERA Nex Group. It operates the global cash management services within the JERA Group and arranges intercompany loans among group entities. The business is managed by JERANEX Finance team members.

2. Governance

JERANEX’s Chief Executive Officer reports to a Board constituted of 5 representatives.

Day to day management of the tax strategy is delegated to the Head of Finance who is supported by a Tax Manager who calls upon specialist third party advisors when appropriate.

This Tax Strategy is based on the overall strategies of JERANEX’s principal shareholder, JERA Co., Inc. and this aims to create value for its business and shareholder, while contributing to its reputation and responsible business practices.

3. Commitment to tax compliance

JERANEX and JERANEXFINCO seek to comply with its tax, filing and payment obligations globally. JERANEX and JERANEX FINCO aim to act with integrity and transparency in all tax matters with a commitment to full compliance with all tax legislation and appropriate disclosure to tax authorities in the jurisdictions in which it operates.

4. Risk management

The Chief Executive Officer is responsible for operating and monitoring risk management and internal control activities. JERANEX has also established a Risk and Investment Committee which meets regularly to analyse significant business risks including tax risks (where appropriate) and ensure commensurate action is taken in response to those risks. Any new intercompany loans related to JERANEXFINCO, as well as other significant treasury matters,(including tax aspects) will also be discussed and approved within the same committees.

The level of risk that JERANEX and JERAFINCO will accept in respect of UK taxation is low.

JERANEX has a dedicated internal tax team whose responsibility includes the appropriate identification, escalation and resolution of tax risks and who are developing formal controls and procedures to enhance the identification, assessment, and management of tax risk. Through this risk management, JERANEX seeks to maintain tax accounting arrangements which are robust and accurate and comply with the Senior Accounting Officer (SAO) provisions.

5. Our approach to tax planning

JERANEX and JERANEXFINCO aim to manage its tax affairs in an efficient and pro‐active manner and to respond responsibly to requests from our shareholder and HM Revenue & Customs.

JERANEX and JERANEXFINCO only undertake tax planning to enable the elimination of tax risk created by our day‐to‐day business operations (e.g., to avoid suffering double taxation or unexpected tax costs arising from commercial activities).

JERANEX and JERANEXFINCO strive to maintain and improve its corporate value by optimizing tax positions, whilst ensuring compliance with the tax laws and regulations of each country and region in which they operate and international rules such as tax treaties as well as the OECD Guidelines.

JERANEX and JERANEXFINCO will not put in place any arrangements that are contrived or artificial and will not get involved in tax planning that does not support genuine commercial activity.

External advice may be sought in relation to areas of uncertainty or complexity and to ensure that our activities are in line with our tax strategy.

6. Our approach to dealings with tax authorities

JERANEX and JERANEXFINCO work together with the tax authorities in a style that is open and honest in order to build positive, long-term relationships. All tax matters are disclosed to the tax authority in accordance with local requirements and good practice.

JERANEX and JERANEXFINCO regard the publication of this document as complying with the duty under paragraph 19(2), Sch.9, Part 2 of the Finance Act 2016.