The energy storage platform backed by Stonepeak and CHC has secured 20-year fixed revenue contracts for five BESS projects. These projects have a total capacity of 348 MW and were awarded in Japan’s latest long-term decarbonisation auction. This is the platform’s second consecutive success in the government tender.
As per the auction terms, the platform will sign capacity market contracts with the Organisation for Cross-regional Coordination of Transmission Operators, Japan (OCCTO) for the five projects. This will formalise the 20-year government offtake agreement. Additionally, the platform will continue late-stage development to prepare the projects for construction and operations.
In May 2024, Stonepeak and CHC announced the establishment of this platform. The platform focuses on the development, construction, and operation of energy storage 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.
