HD Renewable Energy, a company that develops, constructs, and operates renewable energy and energy storage projects, has secured JPY 5.4 billion (~$34 million) project financing for its Helios grid-scale battery energy storage project in Hokkaido, Japan.
The financing was arranged with the support of Nomura Capital Investment and Nomura Securities and was raised through a green project bond. It utilizes a project finance trust beneficiary rights structure (ABL), with HDRE Group acting as the asset manager.
The 50 MW project operates under a merchant model, generating revenue primarily through electricity trading in Japan’s wholesale power market (JEPX) and balancing market (EPRX).
According to the release, the Helios BESS project is already participating in Japan’s electricity markets and conducting power trading operations. The project is expected to gradually participate in the balancing market and capacity market to further enhance asset performance.
The project has also received BBB investment-grade credit and green bond ratings from Rating and Investment Information and has obtained a Second-Party Opinion confirming its alignment with green bond principles.
“The successful financing of the Helios project marks an important step in establishing a viable financial framework for battery storage assets in Japan,” said Jason Chou, General Manager of HD Renewable Energy. “It also reflects increasing market confidence in power trading-driven business models. As our storage portfolio continues to expand, we will further integrate asset operations with power trading capabilities to enhance the flexibility and value of energy asset management.”
Large-scale project funding increased by 73% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Energy Storage Funding and M&A report. Deal activity also rose sharply, with a 71% increase YoY.
In February 2026, NineDot Energy, a community-scale battery energy storage systems developer, closed a $431 million debt financing led by Natixis Corporate & Investment Banking for the construction of 28 battery energy storage projects totaling 124 MW/494 MWh. The financing includes a construction-to-term loan facility, a tax-credit-transfer bridge loan, and a letter-of-credit facility.
