British and Irish BESS investors make big moves in Japan

Gore Street Capital’s Japanese fund buys its first battery energy storage system (BESS) project, while Ireland’s GridBeyond begins energy trading in Japan with front-of-the-meter asset.

From ESS News

UK BESS investor Gore Street Capital has acquired its first asset in Japan through what it claims is the country’s first dedicated energy storage fund. The acquisition was made under the Toyko Energy Storage Investment Limited Partnership with Itochu Corp. The fund has acquired a 20 MW/80MWh project in Kasama, Ibaraki prefecture.

The Kasama project has been sized to qualify for Japan’s long term decarbonization power source auction, a support program similar to capacity markets seen in other countries, according to Gore Street Capital. This would allow the project to secure long-term contracted income to complement a predominantly merchant revenue model.

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