
Mitsubishi HC Capital Energy and RS Asset Advisors formed a partnership to cooperate on their fully-merchant grid-scale battery storage businesses, the two companies announced on December 20, 2024.
According to the statement, “the plan is to flexibly divide up the work [between the two companies] depending on the situation.” In general, however, Mitsubishi HC Capital Energy will invest in BESS assets and be in charge of equipment and aggregator selection among other things while RS Asset Advisors will be in charge of asset management and negotiations related to specific assets.
Mitsubishi HC Capital manages a 1.2GW+ portfolio of over 100 solar power plants, most of which it has an ownership stake in. In August 2024, the company partnered with Samsung to develop a 25MW/50MWh BESS facility in Hokkaido, which is expected to commission in 2027. It plans to develop more BESS projects over time.
RS Asset Advisors is in charge of the grid-scale BESS business of RS Holdings, a renewable energy developer and real estate fund manager. As of the end of 2023, the RS Holdings group had a portfolio of 140 power plants totaling over 1.1GW and over 440 billion yen of assets under management.