Real assets manager Stonepeak has partnered with battery energy storage system (BESS) projects firm CHC to develop and operate projects in Japan.
Stonepeak and the Singapore headquartered company have created a platform which will initially target 1GW of BESS projects in Japan over the next five years, and seek to build and grow a long-term business in Japan.
The newly created platform was recently awarded a 20-year fixed revenue capacity market contract for four BESS projects as part of the Japanese government’s inaugural long-term decarbonisation auction, the companies said.
Ryan Chua, senior managing Ddrector at Stonepeak, said: “As Japan accelerates the development of renewable energy projects to meet its decarbonisation goals, energy storage will have a crucial role to play in enhancing the reliability of the Japanese grid.
“This increasing need for dependable BESS capacity, which has the long-term support of the Japanese government, is the basis for our decision to pursue this partnership with CHC, which we believe will be a strong fit for our global renewables strategy. We look forward to combining our expertise in renewables and platform creation with CHC’s extensive local network, relationships, and differentiated supply chain to develop this platform.”
Jay Guo, CEO of CHC, said: “We are excited to partner with Stonepeak, the world’s largest independent infrastructure investor with a strong track-record of supporting successful renewable energy platforms, as CHC continues to build and scale our BESS business.
“CHC is committed to Japan’s energy transition, reliable power grids and advancing sustainable solutions. Our partnership with Stonepeak marks a significant step towards delivering more reliable and efficient renewable energy that will benefit communities and industries across Japan.”
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