HEXA Energy Services secured project finance for the 30MW/130MWh Tagawa Power Storage Station and a co-located 2MWDC solar project it is building in Tagawa City, Fukuoka Prefecture.
According to a statement posted on LinkedIn on April 4, 2025, the company signed an agreement with MUFG Bank and Societe Generale on March 31, 2025. No further details about the loan facility were provided.
Construction of the project, owned by HEXA Energy Services-affiliated special purpose company (SPC) Honeycomb 8 LLC, began in late 2024. The project is expected to begin commercial operation in February 2026. The co-located solar project is owned by a separate SPC, Honeycomb 12 LLC.
Tagawa Power Storage Station is one of the 11 HEXA Energy Services storage projects totaling 445MW/1.9GWh (342MW adjusted for derating factors) that secured long-term capacity contracts in Japan’s inaugural long-term decarbonization auction. According to the statement, “the company committed to developing these projects and bringing them online to provide critical balancing power throughout Japan.”
Separately from the larger projects awarded in the auction, HEXA Energy Services also partnered with Power X to develop 10 sub-2MW, high-voltage BESS facilities by early next year.
The projects developed by the i Squared Capital-backed company come amid growing demand for battery storage as intermittent renewable capacity expands.
