Intermediate Capital Group (ICG) took a majority stake in Tokyo-based grid-scale battery storage developer Ray8 Energy, the companies announced on January 22, 2026. The transaction expands the investment firm’s scope of energy infrastructure-related activities in Japan beyond solar.
“By partnering with ICG, Ray8 Energy aims to capitalize on the rapidly growing BESS market through internally originated greenfield development, complemented by selective acquisitions of high-quality greenfield and brownfield projects,” said the developer. With its new backing, the platform aims to invest approximately 50 billion yen of equity to build out over 1GW of installed capacity over the next five years.
ICG’s Head of Asia-Pacific Infrastructure Equity, Devarshi Das, said, “with strong demand fundamentals and an experienced team, Ray8 Energy is well positioned to capture attractive growth opportunities.” Ray8 Energy aims to hold the projects it develops long-term.
Ray8 Energy was co-founded by Tomohide Den, who also serves as the CEO of renewable developer Conray, and Green Tower, which provided early-stage capital for operations and project development.
Clifford Chance and Nishimura & Asahi served as buy-side legal advisors.
The deal follows ICG’s 2025 backing of the Denmark-based Obton’s Japan solar development unit, which has since been rebranded to Voltaiyo. It comes amid a wave of M&A activity in the country’s renewable energy market, including Virya Energy’s acquisition of BayWa r.e.’s solar business and Second Foundation Japan’s acquisition of Trina Solar Japan Energy’s solar and battery storage development platform.
