Renova, NCS RE Capital, and SMFL Mirai Partners will build Fukuroi Ugari Power Storage Station, a 99.9MW/280MWh merchant grid-scale battery storage project in Fukuroi City, Shizuoka Prefecture, the lead developer announced on July 31, 2026.
According to the statement, the special purpose company (SPC) that owns the project, R6 Chikudensho LLC, signed an approximately 7.2 billion yen project finance agreement arranged by Mizuho Bank on the same day. The facility is scheduled to be commissioned in FY2029. It will be aggregated in-house by Renova.
The lead developer holds a 40% economic interest in the SPC, with NCS RE Capital and SMFL Mirai Partners owning 30% each. It also has an option to acquire an additional 40% stake from its two co-sponsors once the facility is operational, bringing its total share to 80%.
Fukuroi Ugari Power Storage Station is Renova’s largest grid-scale storage project disclosed to date, surpassing the 90MW/270MWh Kikugawa Nishimura Power Storage Station that is expected to come online in FY2028. The two planned extra high-voltage assets will follow the 2MW Yasugi Power Storage Station, which the company commissioned in April 2026 to develop in-house battery trading optimization know-how.
With the latest financial close, Renova’s portfolio of operational and under-development projects that have signed an engineering, procurement, and construction (EPC) contract or have begun construction reached 452MW/1.3GWh, equivalent to about half of its 900MW target for 2030. The company plans to proceed with another 75MW merchant project this fiscal year, expanding the pipeline to 527MW/1.6GWh.
The developer aims to generate 13.5-14.5 billion yen in revenue and 9-10 billion yen in EBITDA from its grid-scale battery storage projects in FY2030. In addition to fully merchant assets, it is also developing projects backed by long-term decarbonization auction and tolling contracts.
