Stonepeak & CHC form Japanese energy storage development platform

May 15, 2024

Alternative investment firm Stonepeak and Singaporean battery energy storage system (BESS) project development and electricity data management company CHC have created a platform focused on the development, construction, and operation of energy storage projects in Japan.

The Stonepeak / CHC 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 Decarbonization Auction.

The platform will initially target 1GW of BESS projects in Japan over the next five years.

“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,” 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. 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, added: “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.”

Ashurst served as legal counsel to Stonepeak. White & Case LLP served as legal counsel to CHC. Greenberg Traurig, LLP served as legal counsel to the platform.