Mimasaka Project Secures Funding
On April 6, 2026, Kingdom, a battery energy storage system (BESS) platform established by Stonepeak, announced the execution of its first long-term project finance loan for the Mimasaka project. This 29MW battery energy storage project is located in Mimasaka, Okayama Prefecture, Chugoku, Japan. MUFG Bank, Ltd. Serves as the original lender and mandated lead arranger for the project.
The project will utilise batteries manufactured by CATL, recognised as the world’s largest battery manufacturer. Kingdom, headquartered in Singapore with offices in Tokyo and Chengdu, is committed to supporting Japan in achieving its energy transition goals.
Jay Guo, Chief Executive Officer at Kingdom, stated, “We are extremely excited to embark on this cooperation with CATL and MUFG, whilst continuing to swiftly progress the development of the remainder of our BESS portfolio.”
Kingdom’s Japan Portfolio
Kingdom owns and manages nine BESS projects across Japan. These projects have secured a 20-year revenue capacity market contract, awarded during the first two rounds of Japan’s Long-term Decarbonization Auction. Altogether, these projects contribute a total of 479MW of gross capacity.
The Mimasaka project is the first of Kingdom’s projects to achieve project financing. Ryan Chua, Senior Managing Director at Stonepeak, highlighted the significance of this achievement, noting, “We are delighted to have reached this landmark transaction, which anchors Kingdom’s position as a key player in Japan’s energy storage market.”
Future plans for Kingdom include bringing more projects to financial closure and beginning construction to support Japan’s energy transition targets. Stonepeak, the investment firm backing Kingdom, manages approximately $84 billion in assets and focuses on infrastructure and real assets globally.
Stonepeak aims to create value through investments in defensive, hard-asset businesses, providing capital and operational support to its portfolio companies. The firm operates with a focus on downside protection and strong risk-adjusted returns, spanning sectors such as transport, logistics, digital infrastructure, energy, and real estate.
In addition to the Mimasaka project, Kingdom’s eight other projects are in various stages of development, expected to bring significant contributions to Japan’s renewable energy landscape. The strategic partnership between Kingdom, Stonepeak, and MUFG Bank signifies a strong commitment to advancing energy storage solutions and modern power grid resiliency in Japan and beyond.
Last updated: 29 June 2026, 12:33 pm
