Kingdom Secures First Project Financing For Japan's Mimasaka Facility

KUALA LUMPUR, April 8 (Bernama) -- Kingdom, a battery energy storage system (BESS) platform established by Stonepeak, an alternative investment firm, has executed its first long-term project finance loan facility for its Mimasaka project in Japan.

The Mimasaka project is a 29 megawatt (MW) battery energy storage project located in Mimasaka, Okayama Prefecture, Chugoku.

In a statement, the company said MUFG Bank Ltd is the original lender and mandated lead arranger, while batteries for the project are supplied by Contemporary Amperex Technology Co Limited (CATL).

Kingdom Chief Executive Officer, Jay Guo said the company remains committed to supporting Japan’s energy transition goals and looks forward to collaborating with CATL and MUFG.

Meanwhile, Stonepeak Senior Managing Director, Ryan Chua said the transaction strengthens Kingdom’s position as a key player in Japan’s energy storage market.

“We look forward to bringing more of our projects to financial close and into construction in support of Japan’s energy transition targets,” he added.

Headquartered in Singapore, Kingdom owns and manages nine BESS projects in Japan with a combined gross capacity of 479MW, each secured with a 20-year revenue capacity market contract. The Mimasaka project is the first to reach project financing.

-- BERNAMA