Meanwhile, Stonepeak/CHC’s energy storage platform has hit a big milestone. They developed and won 20-year fixed revenue capacity market contracts for five battery energy storage system projects in Japan. This milestone success took place in Japan’s second round of long-term decarbonisation Auction held on April 30, 2025. It’s a big step for the platform that Stonepeak and CHC together created in early May 2024.
The five BESS projects have a combined 348 megawatts (MW) of capacity. Following this auction results, the Stonepeak/CHC energy storage platform will soon be finalizing 20-year government offtake agreements. These agreements will be concluded with the Organization for Cross-regional Coordination of Transmission Operators, Japan (OCCTO). This move will give the platform the go ahead to move into late stage development on several of its ambitious energy storage projects.
In the first 2024 auction, the Stonepeak/CHC energy storage platform won contracts for four battery energy storage system (BESS) projects. These projects carry a staggering cumulative capacity of 131 MW. The recent success in the second auction amplifies the platform’s commitment to help drive forward renewable energy solutions in Japan.
Achmed Al-Awa, director at CHC, said that they are thrilled with the platform’s recent successes.
“CHC is pleased with the Platform’s success in the latest auction round, which highlights the value we bring to Stonepeak as a trusted partner and reinforces CHC’s commitment to the ongoing development of battery energy storage projects in Japan.” – Ahmed Al-Awa
Ryan Chua, senior managing director at Stonepeak, who served on the forum’s advisory committee, added his perspective on this accomplishment.
“We are delighted with the results of the latest long-term decarbonisation auction, which position the Platform well to continue supporting grid stability and reliability while facilitating Japan’s carbon neutrality objectives. We are grateful for the consideration of the Review Committee throughout this process.” – Ryan Chua
Together, Stonepeak, an investment firm, and CHC, a specialized, committed BESS project development company, have created a formidable partnership. The partnership has been incredibly fruitful for both organizations. They’re pivoting to focus on the scaling of energy storage capabilities. Their collaboration is invaluable in supporting Japan’s move toward a more sustainable energy future.