Japanese gas company Toho Gas has entered the Australian renewable energy and battery storage market by investing in a renewables firm backed by Patrizia and Mitsui.
Toho Gas is investing an unspecified sum in YES Group, a company engaged in the development and operation of renewable energy projects and the retail sale of electricity in southeastern Australia.
The investment, which will be used to support the further expansion of the platform, is structured as a co-investment alongside Patrizia and Mitsui’s APAC Sustainable Infrastructure Fund (A-SIF). YES Group founder Mark Yates retains his existing interest.
A-SIF was launched in 2023 and completed its debut investment in October of that year through Patrizia MBK Fund Management, a joint venture between Patrizia and Mitsui. The fund has now fully deployed its investment to YES Group, acquiring an initial equity stake and funding the first phase of the proprietary project pipeline.
Patrick Lee, operating partner for APAC infrastructure at Patrizia, said: “Toho Gas’s investment enables the next phase of growth for the platform and highlights the importance and resilience of small-scale, distribution-connected renewables in supporting Australia’s energy transition.
“Working alongside Toho Gas, Mitsui and YES Group, we remain focused on delivering a scalable portfolio that provides long-term value for investors and contributes to the transformation of the energy system.”
Shota Itakura, general manager of business development department, Toho Gas Co, said: “Toho Gas has a strong sense of confidence in the future growth of YES Group under the collaboration between Patrizia, Mitsui and Toho Gas.
“We are excited to be expanding Toho Gas’s global renewable energy portfolio in this strategic platform and continuing our long-term investment strategy in Australia.”
Takashi Nakai, general manager of financial business division at Mitsui, said: “We are delighted to welcome Toho Gas as a valued partner in this strategic platform. The participation reinforces our shared ambition to accelerate renewable energy development.
“Together with Toho Gas, Patrizia, and YES Group, we look forward to deepening the collaboration and driving sustainable growth for the long term.”
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