SINGAPORE and TOKYO – May 30, 2024 – Global law firm Greenberg Traurig, LLP has advised a collaborative platform sponsored by Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, and CHC, a Singapore-headquartered battery energy storage system (BESS) developer, on its participation in the Japanese government’s inaugural long-term decarbonization power source auction. Pursuant to their recent bid, Stonepeak and CHC have been awarded 20-year fixed revenue contracts for four BESS projects by the Organization for Cross-regional Coordination of Transmission Operators.
The platform aims to advance the development, construction, and operation of BESS projects to accelerate Japan’s power industry decarbonization. With its initial goal of achieving one gigawatt of BESS projects in Japan within five years, the platform is dedicated to supporting the Japanese government’s energy transition objectives.
The Greenberg Traurig team advising the platform comprised its Asia Energy & Natural Resources and JapaneseReal Estate practices. The team was led by Joseph Kim, head of the firm’s Asia Energy & Infrastructure Practice, and Shareholders Yuko Ino and Jared Raleigh. Additional members of the deal included Mori Inada, Koh Ueda, Jerry Carter, Ebe Yoshiyuki, Motohiro Matsumura, Sayaka Ishimoto, Stephanie Sijie Li, Shuhei Mikiya, and Sari Sakurai.