The Nozu project was awarded under Japan’s FY2023 Long-Term Decarbonisation 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 continuing decarbonisation of Japan’s power system.
Nozomi Energy secured non-recourse project financing from Aozora Bank, Ltd., further demonstrating its capability across key aspects of BESS, including feasibility analysis, design optimisation, project development, contracting, financing, and construction.
Against strong demand for renewable and flexible capacity driven by Japan’s decarbonisation and domestic energy security priorities, Nozomi Energy is expanding its BESS pipeline alongside solar and onshore wind. Construction on 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, with another 50MW BESS project expected to reach financial close later this year, alongside late-stage onshore wind and greenfield solar projects in development.
Earlier this year, Nozomi Energy also secured non-recourse re-financing for nine operational solar projects of circa 110MWdc as part of its portfolio financing strategy.
Since Nozomi Energy’s inception in May 2023 by Actis, it has accumulated a portfolio of approximately 900MW[1], of which 521MW are operational assets, and is on track to achieving its target of a 1.1GW solar, onshore wind, and BESS portfolio 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 in the past three years toward its ambition of becoming a leader in the Japanese renewables market.”
ENDS
[1] Together with its co-investment partners