Transforming Japan's Energy Future
with Battery Storage
UTILITY - SCALE BESS | JAPAN
Portfolio at a glance
WHO WE AREReinforcing the foundation of
Reinforcing the foundation of
Japan’s power grid
Ray8 Energy is a developer and long-term ownerof utility-scale battery energy storage systems (BESS) in Japan.We originate, develop, and manage BESS projects nationwide,combining deep expertise in Japan’s power marketwith a global perspective and institutional-grade practices.
Supported by the long-term capital of ICG,a leading global alternative asset manager,we are building battery storage infrastructureat scale across Japan.
OUR OPERATING PRINCIPLECHARGE
CHARGE
FORWARD
In a market defined by timing, grid constraints,and an evolving regulatory landscape,we act with clarity, speed, and conviction.
DEVELOPMENT AREA
LOCAL EXECUTION × GLOBAL CAPITAL
LONG-TERM OWNER / JAPAN
Why Japan needs battery storage now
As solar and wind capacity grows, curtailment and grid congestion have become increasingly common in parts of Japan—leaving usable renewable power stranded. Because renewable output varies with weather and time of day, surplus electricity must be stored and dispatched when needed to support a stable, reliable grid. Battery storage is therefore becoming ever more critical to Japan's power market.
Region, grid, and regulation — read as one system
A battery's value depends on where it is located. We assess renewable-generation profiles, grid capacity and proximity to demand, and the regulatory landscape—from permitting requirements to local ordinances—as an interconnected whole. This enables us to identify sites that can create sustainable long-term value.
Thirteen projects under development across Japan
We currently have thirteen projects in development and construction nationwide. By securing grid connections and permits for each project, we are transforming these sites into long-term assets that will support Japan's power infrastructure for decades to come.
01MARKET → SITE SELECTION → DEVELOPMENT
Why Japan needs battery storage now
As solar and wind capacity grows, curtailment and grid congestion have become increasingly common in parts of Japan—leaving usable renewable power stranded. Because renewable output varies with weather and time of day, surplus electricity must be stored and dispatched when needed to support a stable, reliable grid. Battery storage is therefore becoming ever more critical to Japan's power market.
Region, grid, and regulation — read as one system
A battery's value depends on where it is located. We assess renewable-generation profiles, grid capacity and proximity to demand, and the regulatory landscape—from permitting requirements to local ordinances—as an interconnected whole. This enables us to identify sites that can create sustainable long-term value.
Thirteen projects under development across Japan
We currently have thirteen projects in development and construction nationwide. By securing grid connections and permits for each project, we are transforming these sites into long-term assets that will support Japan's power infrastructure for decades to come.
Every phase of a BESS project
under one roof
Disciplines applied from site selection through daily operation
Origination
Strategic selection of high-quality project sites with favorable grid access and interconnection terms, leveraging an extensive nationwide network in Japan.
Development
Securing permits and approvals while assessing technical requirements to ensure robust and compliant project structures.
Capital structuring & financing
Developing disciplined project-level capital structures and executing debt financing strategies that support long-term value creation.
Asset management
Providing close asset oversight and performance management in partnership with best-in-class third-party BESS operators.
Every phase of a BESS project under one roof
01 / ORIGINATION
Origination
We select high-quality project sites with favorable grid access and interconnection terms.
02 / DEVELOPMENT
Development
We secure approvals and assess technical requirements to create robust, compliant projects.
03 / FINANCING
Capital structuring & financing
We develop disciplined capital structures and financing strategies for long-term value.
04 / ASSET MANAGEMENT
Asset management
We oversee assets and performance with best-in-class third-party BESS operators.
OUR STRENGTHS
What sets Ray8 apart
The disciplines we apply consistently, from site selection through daily operation.
Disciplined site selection
We prioritize sites with favorable topography, good access, proximity to transmission infrastructure, and manageable interconnection costs and terms.
Early grid access
We focus on projects where grid capacity can be secured early and developed in full compliance with TSO technical requirements.
In-house development expertise
Our team manages permitting, regulatory compliance, and key development risks directly from the outset.
Institutional capital discipline
We apply rigorous underwriting, disciplined risk allocation, and a financing strategy tailored to each investment.
Community partnership
We engage local communities early and maintain an open dialogue throughout development and operations.
Revenue optimization
We design our trading and charge/discharge strategies in-house to maximize long-term asset value.
Safety by design
We embed fire-safety requirements, appropriate separation distances, and operational resilience from the initial design.
Quality-focused procurement
We select equipment based on reliability, warranty strength, and lifecycle performance—not simply upfront cost.
Our investor
- ASSETS UNDER MANAGEMENT
- US$126 bn*
- LISTING
- LSE: ICG
- INDEX
- FTSE 100
- INVESTING SINCE
- 1989
Backed by ICG
ICG is the majority shareholder of Ray8 Energy and a leading global alternative asset manager providing flexible capital solutions to support companies through growth and development. With over three decades of investment experience, ICG invests across the capital structure.
ICG builds long-term partnerships with its portfolio companies, combining deep financial expertise with an active, relationship-driven approach — delivering sustainable value for investors, clients, employees, and broader society.
ICG invests in infrastructure through its Real Assets platform, which includes a dedicated Asia-Pacific infrastructure strategy for which Japan is a core market, reflecting the long-term fundamentals of the country’s energy transition.
* AUM as of March 31, 2026
Seasoned operators in
Japan’s energy market
Ray8 Energy is built by professionals with proven execution capability across solar, wind, biomass, and storage—delivering high-quality BESS projects with discipline and speed.
Tomohide Den
CEO
Tomohide is the founder and CEO of Ray8 Energy. Since 2016, as CEO of Conray, he has invested in and developed renewable energy projects across Japan, including super high-voltage solar, biomass, and onshore wind. Since Ray8 Energy’s inception in 2024, he has built the company, together with a team of specialists drawn from across Japan’s energy sector, into an end-to-end BESS developer with a 1.6 GWh pipeline. He leads the company’s strategy, project execution, capital structuring, and growth.
Naoki Sato
Investment
Naoki leads investment and capital markets at Ray8 Energy. He has over 15 years of experience in the renewable energy and grid-scale battery storage sectors in Japan and overseas, including at MUFG Bank and Daiwa Energy & Infrastructure. He has extensive experience in structuring project finance and executing equity investments, having worked on both the lender and sponsor sides.
Yuko Numata
Business Operations
Yuko supports the execution of business development, strategy, and operations at Ray8 Energy. She has over a decade of experience in renewable energy, specializing in project investment and asset management of solar and wind projects in Europe and the US at Marubeni. She also provided strategic advisory on renewable and clean energy initiatives for public and private clients at Boston Consulting Group.
Yusuke Shinozaki
Commercial Strategy & Partnerships
Yusuke leads commercial strategy and partnership development for the BESS portfolio. With over 15 years of experience in the energy sector, including roles at JERA and ENEOS, he has deep expertise in the retail electricity business, supply–demand management, power trading, and corporate PPA structuring for renewable energy projects. He optimizes the BESS portfolio through strategic aggregator partnerships and the optimal mix of tolling and merchant operations.
Keiji Yano
Engineering
Keiji leads engineering operations as a Director at Ray8 Energy. With a background in power utilities and battery storage manufacturing, he has extensive experience in planning, developing, and deploying industrial and grid-scale battery systems. His expertise spans contract negotiations, commercial operations, and the development of storage control systems to support grid stability.
Shinichi Shimizu
Development
Shinichi leads project development and local stakeholder engagement across Japan at Ray8 Energy. Since 2016, he has been involved in the development of solar, onshore wind, and biomass power plants at SB Energy and other renewable energy firms. He has extensive experience in land acquisition, permitting, project finance, local stakeholder engagement, and asset management.
Masafumi Murosaki
Project Delivery
Masafumi leads project delivery and engineering integration as a Director at Ray8 Energy. He began his career in the design and project management of building automation and SCADA systems for data centers, hospitals, and office buildings, before moving into the renewable energy sector. He has since worked on solar, onshore and offshore wind, and grid-scale battery storage projects, with broad experience spanning development, engineering, construction, and commissioning.
Shinya Sakamoto
Civil Engineering
Shinya brings over 30 years of experience in civil engineering — particularly foundation structures — and permitting, with extensive expertise in geotechnical surveys and offshore wind development. He has led coordination with municipalities and local communities across Japan, contributing to the approval of numerous projects. At Ray8, his deep technical knowledge underpins the technical foundation of the company’s development work.
Latest from Ray8
ICG invests in Ray8 Energy to scale battery storage in Japan
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- COMPANY
- Ray8 Energy Inc.
- ESTABLISHED
- July 2024
- REPRESENTATIVE
- Tomohide Den, Chief Executive Officer
- HEAD OFFICE
- Toranomon Hills Business Tower 15F
1-17-1 Toranomon, Minato-ku, Tokyo - TEAM
- 15
- BUSINESS
- Development, ownership, and operation of utility-scale battery energy storage systems