Nozomi Energy, a leading Japanese renewable energy platform backed by Actis, announced that it has reached financial close on the Nozu Battery Energy Storage System (“BESS”), a 50MW / 196MWh project located in Nishihata, Nozu Town, Usuki City, Oita Prefecture, Japan (the “Project”).
The Nozu Project was awarded under Japan’s FY2023 Long-Term Decarbonization Auction (“LTDA”) and benefits from a 20-year CPI-linked capacity payment. It represents another important milestone in Nozomi Energy’s strategy to develop, finance and operate critical infrastructure supporting the resilience and continued decarbonization of Japan’s power system.
Nozomi Energy secured non-recourse project financing from Aozora Bank, Ltd., further demonstrating its capabilities across the BESS value chain, including feasibility analysis, design optimization, project development, contracting, financing and construction.
Against strong demand for renewable and flexible capacity driven by Japan’s decarbonization and domestic energy security priorities, Nozomi Energy is expanding its BESS pipeline alongside solar and onshore wind. Construction of the Nozu Project is expected to begin imminently, with completion targeted for Q3 2028.
Beyond Nozu, Nozomi Energy remains focused on developing its pipeline of greenfield onshore wind, solar and additional BESS projects. Another 50MW BESS project is expected to reach financial close later this year, alongside late-stage onshore wind and greenfield solar projects currently under development.
Earlier this year, Nozomi Energy also secured non-recourse refinancing for nine operational solar projects totaling approximately 110MWdc as part of its portfolio optimization strategy.
Since Nozomi Energy’s inception in May 2023 by Actis, the company has accumulated a portfolio of approximately 900MW¹, of which 521MW are operational assets, and is on track to achieve its target of a 1.1GW portfolio of solar, onshore wind and BESS projects by 2027.
Jose Antonio Millan Ruano, President & CEO of Nozomi Energy, said:
“Financial close on the Nozu Project is an important milestone for Nozomi Energy, demonstrating our ability to originate, develop and finance complex renewable energy infrastructure in Japan. It also marks the next stage of our growth into flexible infrastructure. We are grateful to Aozora Bank for its strong support on this financing and to the broader banking community for its continued support as we scale Nozomi’s platform.”
Tareq Sirhan, Head of Energy for North Asia at Actis, added:
“We are very pleased with Nozomi Energy’s achievement of its latest growth milestone. It has made tremendous progress over the past three years toward its ambition of becoming a leader in the Japanese renewables market.”
Nozomi Energy is a Japan-focused renewable energy platform launched in May 2023 by Actis, a leading global investor in sustainable infrastructure. The company develops, builds, owns and operates solar PV, onshore wind and battery energy storage projects across Japan.
Together with its co-investment partners, Nozomi Energy has a portfolio of approximately 900MW in operation and development, including more than 500MW of operational assets, and is targeting 1.1GW of solar, onshore wind and BESS capacity by 2027.
Across its projects, Nozomi Energy seeks to create shared value with local communities while supporting Japan’s transition to a decarbonized and resilient energy system.
Actis is a leading growth market investor in sustainable infrastructure. Actis invests in structural themes that aim to support long-term, equitable growth in defensive, critical infrastructure across energy transition, digitalisation transition and supply chain transformation.
Actis believes that the firm’s decades of global experience, operational know-how and strong culture enable it to create global sustainability leaders at scale. Actis is a signatory to the Principles for Responsible Investment (PRI), an investor initiative supported by the United Nations.
In October 2024, Actis joined forces with General Atlantic, a leading global growth investor, creating a diversified global investment platform with approximately $130 billion in combined assets under management. Actis operates as General Atlantic’s sustainable infrastructure business. This strategic combination further enhances Actis’ focus as a leader in global sustainable infrastructure.
Electrify your feed! Click here to join our Whatsapp group and to get the latest updates, expert insights, and innovations driving India’s energy storage revolution.
