– Stonepeak and CHC have partnered to create a platform focused on developing, constructing, and operating energy storage projects in Japan.
– The platform has been awarded a 20-year fixed revenue capacity market contract for four BESS projects as part of Japan’s decarbonisation efforts.
– The goal of the platform is to target 1GW of BESS projects in Japan over the next five years to support Japan’s carbon neutrality goal and enhance grid stability and reliability.
Stonepeak and CHC have partnered to create a platform focused on developing, constructing, and operating battery energy storage system (BESS) projects in Japan. The platform aims to accelerate Japan’s power industry decarbonisation by leveraging Stonepeak’s investment experience in Japan’s renewable sector and CHC’s technical expertise. Recently, the platform was awarded a 20-year fixed revenue capacity market contract for four BESS projects as part of the Japanese government’s Long-term Decarbonisation Auction. The goal is to target 1GW of BESS projects in Japan over the next five years to support Japan’s carbon neutrality goal and enhance grid stability.
Ryan Chua, Senior Managing Director at Stonepeak, emphasized the crucial role of energy storage in Japan’s grid reliability as the country accelerates its renewable energy projects. The partnership with CHC is seen as a strong fit for Stonepeak’s global renewables strategy, combining expertise in renewables with CHC’s local network and supply chain. CHC’s CEO, Jay Guo, is committed to Japan’s energy transition and advancing sustainable energy solutions through the partnership.
Legal counsel for Stonepeak was provided by Ashurst, while White & Case LLP and Greenberg Traurig, LLP served as legal counsel for CHC and the platform, respectively. The collaboration between Stonepeak and CHC marks a significant step in delivering reliable and efficient renewable energy solutions to benefit communities and industries in Japan.