Tax Strategy 2025

Overview and Background

This document outlines the Tax Strategy, 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 2024 through March 2025, 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.

 Policy version control

Overview: This strategy sets out JERA Nex’s domestic/global tax, filing and payment obligations for 2025/26

Contact (Department): Finance

Approver: Board

Effective from date: April 15, 2025

Next review date: 2026

File location: JERA Nex SharePoint

Version no.1.1

Author: Michael Current – CFO

Approval date: April 9, 2024

Change description: Updated Tax Strategy for 2024/25

Version no.1.2

Author: Alan Onslow – Head of Tax

Approval date:

Change description: Updated Tax Strategy for 2025/26

Introduction to JERA Nex

JERA Nex Limited (JERANEX) is a subsidiary company of JERA Co., Inc. (100%), the leading Japanese power producer.

JERANEX is a new renewable energy business launched by JERA, Japan’s largest power generation company. Headquartered in London, and with a global remit, JERA Nex has a portfolio of renewable assets that includes offshore wind in Europe, Taiwan and Japan, and onshore wind, solar, and battery storage assets in Asia and North America.

Governance

JERANEX’s Chief Executive Officer reports to a Board constituted of 6 representatives, all appointed by JERA Co., Inc.

Day to day management of the tax strategy is delegated to the Head of Finance who is supported by a Head of Tax and Tax Manager who call 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.

Commitment to tax compliance

JERANEX seeks to comply with its tax, filing and payment obligations globally.

JERANEX aims 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.

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.

JERANEX has a dedicated internal team of tax specialists 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.

Our approach to tax planning

JERANEX aims 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 only undertakes 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 strives 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 it operates and international rules such as tax treaties as well as the OECD Guidelines.

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.

Our approach to dealings with tax authorities

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