Stonepeak and CHC Form Japanese Battery Energy Storage Platform
May 14 2024 - 5:00PM
Business Wire
20-year fixed revenue capacity market contracts
secured through Japanese government’s inaugural Long-term
Decarbonization Auction
Stonepeak, a leading alternative investment firm specializing in
infrastructure and real assets, and CHC, a leading battery energy
storage system (“BESS”) project development and electricity data
management company headquartered in Singapore, today announced the
creation of a platform focused on the development, construction,
and operation of energy storage projects in Japan.
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Leveraging Stonepeak's investment experience in Japan’s
renewable sector and CHC's technical expertise, the platform will
focus on developing, constructing, and operating BESS projects to
accelerate Japan's power industry decarbonization. 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, and seek to build and grow a long-term
business in Japan to facilitate Japan's carbon neutrality goal,
while supporting grid stability and reliability.
“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.
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.”
“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,” said Jay Guo, Chief
Executive Officer of CHC. “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.”
Stonepeak takes a strategic and disciplined approach to
investing in renewables and the energy transition, leveraging the
experience of both its global investment team and on-the-ground
experts in platform creation, construction, development, and
operations. To date, the firm’s renewables and energy transition
portfolio has approximately 16.2 GW of capacity in operation and
development, spanning solar, onshore wind, offshore wind, and
battery storage, in addition to investments in renewable natural
gas and other subsectors. In 2024, Stonepeak has invested in
TerraWind Renewables, an onshore wind platform, in partnership with
Shizen Energy; ZEN Energy’s Templers BESS project in South
Australia; a portfolio of four U.S. onshore wind farms, in
partnership with Ørsted; and Dominion Energy’s Coastal Virginia
Offshore Wind Project.
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.
About Stonepeak Stonepeak is a leading alternative
investment firm specializing in infrastructure and real assets with
approximately $65.1 billion of assets under management. Through its
investment in defensive, hard-asset businesses globally, Stonepeak
aims to create value for its investors and portfolio companies,
with a focus on downside protection and strong risk-adjusted
returns. Stonepeak, as sponsor of private equity and credit
investment vehicles, provides capital, operational support, and
committed partnership to grow investments in its target sectors,
which include communications, energy and energy transition,
transport and logistics, and real estate. Stonepeak is
headquartered in New York with offices in Hong Kong, Houston,
London, Singapore, and Sydney. For more information, please visit
www.stonepeak.com.
About CHC CHC is a battery energy storage system (“BESS”)
project development and electricity data management company. With
its dynamic team and the depth that CHC’s shareholders bring, CHC
is passionate about driving the energy transition and the
revolution of energy networks. CHC is headquartered in Singapore
and has an office in Tokyo. For more information on CHC, including
its shareholders, please visit https://chcbess.com/.
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Stonepeak Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com +1 (212) 907-5100
CHC Energy Cameron Gilhome / Joanna Lee media@chcbess.com
+65 9175 4072