Intermediate Capital Group (ICG) formed a strategic partnership with Hanwha Energy Japan to jointly develop and invest in renewable generation, battery storage, and digital infrastructure projects, the company announced on June 24, 2026.
“Japan is a core market in our Asia Pacific infrastructure strategy, with attractive long-term fundamentals driven by the energy transition,” said ICG’s Head of Asia-Pacific Infrastructure Equity, Devarshi Das. The company expects the tie-up to build on its previous investments in the country and support pipeline expansion through increased proprietary deal flow.
ICG entered the country’s renewables sector in 2025 when it took a stake in Obton Japan. The platform, which has been rebranded to Voltaiyo, operates over 400MWDC of solar power plants. The alternative asset manager later also acquired a majority stake in grid-scale battery storage developer Ray8 Energy, which recently disclosed its first project, a 1.9MW/8.2MWh facility targeting a December 2026 COD.
Ray8 Energy plans to invest approximately 50 billion yen of equity to build out over 1GW of operational grid-scale battery storage by about 2030. Voltaiyo targets developing over 1GW of solar capacity during the same period.
Hanwha Energy Japan has been active in project development, engineering, procurement, and construction (EPC), operations and maintenance (O&M), and asset management. According to its website, it completed 250MW of solar power plants as of 2022 and held a 416MWh battery storage development pipeline as of 2025.
