Stonepeak and CHC form platform for BESS projects in Japan

It initially targets 1 GW of battery projects.

Alternative investment firm Stonepeak and Singapore’s battery energy storage system (BESS) developer CHC established a platform dedicated to developing and operating energy storage projects in Japan.

In a statement, Stonepeak said the platform will target one gigawatt (GW) of BESS projects in Japan over the next five years.

The platform was awarded a 20-year fixed revenue capacity market contract for four BESS projects under Japan’s first long-term decarbonisation auction.

ALSO READ: Canadian Solar wins 193 MW battery projects in Japan

“As Japan accelerates the development of renewable energy projects to meet its decarbonization goals, energy storage will have a crucial role to play in enhancing the reliability of the Japanese grid,” said Ryan Chua, Senior Managing Director at Stonepeak. 

“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,” Chua added.

Stonepeak has around 16.2 GW of renewables and energy transitions portfolio including solar, onshore and offshore wind, battery, renewable natural gas, and other subsectors.