US infrastructure investor Stonepeak has joined forces with Singapore-based project developer CHC to establish a new platform dedicated to creating, building, and operating Battery Energy Storage Systems (BESS) in Japan.
The partnership recently secured a significant milestone by clinching a 20-year fixed revenue capacity market contract for four BESS projects in Japan's inaugural Long-term Decarbonization Auction. Stonepeak disclosed on Tuesday that their newly formed platform aims to target 1 gigawatt (GW) of energy storage capacity, with plans to implement this capacity over the next five years.
While specific details regarding the partnership and upcoming energy storage projects remain undisclosed, Stonepeak emphasized its commitment to expanding its portfolio in Japan's rapidly growing energy storage market.
Currently, Stonepeak boasts an operational and developmental capacity of approximately 16.2 GW, encompassing various renewable energy sources such as solar, onshore wind, offshore wind, and battery storage. Additionally, the company has investments in renewable natural gas and other related subsectors.
