ICG’s Asia-Pacific infrastructure arm (ICG APAC Infra) has teamed up with Japan-based battery energy storage system (BESS) projects developer Ray8 Energy to help scale the platform.
Following initial backing from Green Tower, Ray8 will now partner with ICG APAC Infra to capitalise on Japan’s rapidly expanding BESS market.
Ray8 plans to scale through internal greenfield projects as well as selective acquisitions of both greenfield and brownfield assets across the country as it targets developing and owning over 1GW of BESS installed capacity within the next five years.
Devarshi Das, head of ICG Asia-Pacific Infrastructure, said: “We are delighted to be partnering with Ray8’s founder and management team to support the company in becoming a leading battery storage development and investment platform in Japan.
“With a highly experienced management team and strong demand for BESS, Ray8 is poised to secure attractive growth opportunities. We look forward to working collaboratively to execute on the Company’s existing pipeline and ambitious growth plan.”
Tomohide Den, founder and CEO of Ray8 Energy, said: “This partnership with ICG presents an exciting opportunity for Ray8 to further scale in Japan’s rapidly growing BESS market. With a shared vision and aligned objectives, we believe ICG is an ideal partner as we enter our next phase of growth.
“We look forward to collaborating closely with ICG to significantly scale the platform and contribute to Japan’s energy transition.”
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