Maeda Corporation and Japan Wind Development’s parent Infroneer Holdings positioned battery storage as its fastest growing business in the company’s Medium-term Vision 2027 released on April 11, 2025.
According to its mid-term plan, the holding company plans for its battery storage business to generate 7.1 billion yen in EBITDA between FY2025 and FY2027, with 6.3 billion yen of that being in the last year of the period. Operating profit from battery storage is expected to reach 4.4 billion yen in FY2027, accounting for 48.1% of the group’s infrastructure operation business, which also includes public-private partnerships and wind power plants.
The group’s first grid-scale battery project, a 1.97MW/8MWh facility in Aomori Prefecture, was announced by Maeda in February 2025. It is being developed as part of a broader battery storage development cooperation between Infroneer and RS Holdings outlined in a memorandum of understanding signed in September 2024.
According to The Kensetsutsushin Shimbun, Infroneer’s President Kazunari Kibe said the company will focus on securing land for renewable generation and BESS projects and on procuring cheap batteries as it believes the next three years will be crucial before the storage business reaches a saturation point.
In addition to developing standalone storage projects, the company is also looking at co-locating them with its renewable generation assets. “The price of renewable energy has been rising, so by placing storage batteries near the wind power plants we have developed, we can sell the electricity at a higher price on the market,” The Kensetsutsushin Shimbun quoted Kibe.
Infroneer expects its wind power plant business, which it entered into in 2024 through the acquisition of Japan Wind Development from Bain Capital, to grow from 2.1 billion yen EBITDA in FY2025 to 3.5 billion yen in FY2027. The unit’s operating profit is projected to grow from 1.2 billion yen in FY2025 to 2.3 billion yen in FY2027.
Overall, Infroneer Holdings expects its infrastructure segment to grow from an operating loss of 1.9 billion yen in FY2024 to an operating profit of 9.2 billion yen and from an EBITDA of 7.2 billion yen to 23.5 billion yen.
Correction (April 17, 2025): The previous version of this article incorrectly stated the memorandum of understanding was signed by RS Asset Advisors in December 2024.
