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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