Stonepeak-backed battery storage developer Kingdom BESS Development secured project finance for a 29MW/87MWh grid-scale project in Mimasaka City, Okayama Prefecture, in the Chugoku TSO area, the company announced on April 7, 2026.
According to the statement, the loan was provided by MUFG Bank. The project will use CATL battery systems. It was awarded a capacity contract in Japan’s first long-term decarbonization auction (LTDA), which was held in FY2023. The developer did not disclose the facility’s target commissioning date. Battery storage assets under LTDA contracts however, are required to come online by the end of the fourth fiscal year following agreement execution.
Kingdom BESS Development said it owns and manages an approximately 479MW/1.6GWh battery storage development portfolio in Japan. In addition to Mimasaka and one other project in the Chugoku TSO area, the company is also developing three projects in Hokkaido, two in Tohoku, and one in Hokuriku and Kyushu each. All nine have secured 20-year LTDA contracts.
LTDA results published by OCCTO and previous corporate disclosures suggest the portfolio comprises four projects originally awarded to CHC Japan in the FY2023 auction and five projects from the FY2024 auction, including four awarded to Risu Energy Development Holdings and one to Shizen Energy.
