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December 4th, 2023
Office for Startup and Global Financial City Strategy
Business Operators Selected for Energy Creation and Storage Promotion Fund
In the face of the twin climate and energy crises, the Tokyo Metropolitan Government has been developing a green finance scheme to financially support the necessary structural reforms to improve energy self-sufficiency and accelerate decarbonization.
As part of this initiative, the TMG has been formulating the “Energy Creation and Storage Promotion Fund” with the aim of establishing a finance model for grid storage batteries that contribute to the introduction and expansion of renewable energy. We are now pleased to announce that business operators for the fund have been selected as follows.
1 Business operators（※）
（※）The fund will be operated by a corporation financed and established by the two companies
ITOCHU Corporation
Address
5-1, Kita Aoyama 2-chome, Minato-ku, Tokyo
Founded
December, 1949
Representative
Keita Ishii
Characteristics
A general trading company with a wide range of businesses, including business investment at home and abroad. Is stepping up investment in the field of decarbonization and focusing on renewable energy and storage batteries.
Gore Street Capital Limited
Address
16-17 Little Portland St, London
Founded
July 2015
Representative
Alex O’Cinneide
Characteristics
An investment management company focusing on renewable energy projects. Through the first battery storage fund listed on the London Stock Exchange（May 2018）, has extensive experience and track record. Is supporting decarbonization efforts worldwide by operating a portfolio of storage battery projects with a total capacity of 1.2 million kW in various countries.
2 Timeline from the recruitment to selection
- April 2023: The recruitment of business operators began. Four companies applied.
- August 2023: Business operators were selected after a round of screening by the selection committee.
3 Upcoming schedule
After the necessary procedures to establish the fund are taken, the TMG will invest 2 billion yen in the fund within this fiscal year.
Scheme Diagram
※Please click here for the original Japanese release.
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Global Financial City Tokyo, Strategic Projects Promotion Section, Strategic Promotion Division, Office for Startup and Global Financial City Strategy |