Nozomi Energy, a Japanese renewable energy platform backed by global investor Actis, has achieved financial close for its 50MW / 196MWh Nozu Battery Energy Storage System (BESS) project in Oita Prefecture.
Located in Nishihata, Nozu Town, Usuki City, the energy storage facility secured non-recourse project financing from Aozora Bank, Ltd. Construction is scheduled to begin imminently, with targeted completion in the third quarter of 2028.
The Nozu project was selected under Japan’s FY2023 Long-Term Decarbonisation Auction (LTDA), securing a 20-year CPI-linked capacity payment contract. The development aims to bolster grid resilience and support Japan’s broader transition toward decarbonization and energy security.
“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,” said Jose Antonio Millan Ruano, President and CEO of Nozomi Energy. “It also marks the next stage of our growth into flexible infrastructure.”
Tareq Sirhan, Head of Energy for North Asia at Actis, noted that the platform has made substantial progress over the past three years toward establishing itself as a key player in Japan’s renewable market.
Key Highlights of Nozomi Energy’s Portfolio & Pipeline:
- Established Capacity: Founded by Actis in May 2023, Nozomi Energy has built a portfolio of approximately 900MW, which includes 521MW of operational assets.
- Growth Target: The company remains on track to reach a 1.1GW combined portfolio of solar, onshore wind, and BESS by 2027.
- Near-Term Projects: A second 50MW BESS project is expected to reach financial close later this year, alongside advanced-stage onshore wind and solar developments.
- Recent Refinancing: Nozomi recently completed non-recourse refinancing for nine operational solar projects totaling approximately 110MWdc.
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