Tokyo Energy Storage Plant Investment Limited Partnership raised over 8 billion yen, Itochu Corporation, which serves as one of the fund’s co-managers, announced on September 30, 2024.
According to the statement, nine limited partners invested in the fund alongside the Tokyo Metropolitan Government, which committed 2 billion yen, and Itochu: Fuyo General Lease, Honda Motor, Japan Post Holdings, Mitsubishi Estate, Mitsubishi UFJ Trust and Banking, Mori Trust, Tokyu Land, Tokyo Century, and Yokohama Bank.
The fund, established on February 29, 2024, is managed by GI Energy Storage Management, a joint venture between Itochu and the UK-based Gore Street Capital. When first announcing it, Itochu said “The Tokyo Metropolitan Government has decided to create a government-industry fund to accelerate the ubiquitization of utility scale energy storage… This fund is the first in Japan that is intended exclusively for utility scale energy storage…”
In addition to investing in the development of new grid-scale BESS projects, the fund will also invest in renewable generation projects co-located with battery storage. It will primarily focus on the Kanto area, which includes Tokyo.
