On September 30, ITOCHU Corporation announced that it will receive 8 billion yen from a private institutional investor (LP) for Tokyo Metropolitan Energy Storage Plant Investment Partnership Limited, Japan's first fund specializing in grid storage batteries through a public-private partnership with the Tokyo Metropolitan Government. The company announced that it has begun full-scale operations after receiving a large investment.
Received investment of more than 8 billion yen from 11 parties
(Source: ITOCHU)
ITOCHU Corporation and British Gore Street Capital (GSC) have been selected as the operator of the Tokyo Metropolitan Government's Energy Generation and Storage Promotion Fund. Established by ITOCHU Corporation and GSC, the project developer will be a utility-scale utility-scale operator (GP) and will handle everything from investment in new power storage plants, including those with renewable energy facilities, to development and operation.
As a GP, by utilizing ITOCHU Corporation's numerous potential investment projects and GSC's track record and fund management know-how, we will build an optimal energy storage system for each project and return the operational know-how to LP. Promote the popularization of energy storage stations. In the future, we plan to launch our first project, a power storage plant with a capacity of less than 2 MW, which will be connected to the high-voltage grid in fiscal 2025, and will carry out development and operation in stages.
The fund has 11 investors: ITOCHU Corporation, Tokyu Land Corporation, Tokyo Century, Tokyo Metropolitan Government, Japan Post Holdings, Fuyo General Lease, Honda Motor Co., Ltd., Mitsubishi Estate, Mitsubishi UFJ Trust and Banking, Mori Trust and Bank of Yokohama.
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