Tokyu Land Group and 7 Major Domestic Companies Form a 30 Billion Yen Consortium for Grid-Scale Battery Storage

Tokyu Land Corporation (Headquarters: Shibuya-ku, Tokyo; President & CEO: Tatsuaki Tanaka; hereinafter "Tokyu Land"), together with asset manager ReENE Inc. (Headquarters: Shibuya-ku, Tokyo; President: Keisuke Nishida), has formed a consortium, "Libra LLC," co-invested by 8 major domestic companies (Tokyu Land, IBeeT Corp. of the Itochu/Tokyo Century Group, Fuyo General Lease Co., Ltd., Nomura Real Estate Development Co., Ltd., Maeda Corporation, Nippon Steel Kowa Real Estate Co., Ltd., Sumitomo Mitsui Trust Bank, Limited, and Sumitomo Mitsui Trust Panasonic Finance Co., Ltd.) on March 26, 2026. We are pleased to announce that we will proceed with 6 extra-high voltage grid-scale battery storage projects (total project cost: approx. 30 billion yen, output: approx. 174MW; hereinafter "the Project"). Operations are scheduled to commence sequentially from FY2027 onwards, and we aim to contribute to the expansion of renewable energy by supplying much-needed balancing power.

Furthermore, the Tokyu Land Group will continue to expand investments in grid-scale battery storage, utilizing the expertise gained from past developments and this Project.

Background of the Initiative

As the global movement toward carbon neutrality accelerates, the introduction of renewable energy ("RE") is becoming increasingly active in Japan. However, with the expansion of RE, addressing the gap in power generation between day and night, as well as short-term and minor fluctuations in generation and demand, has become a challenge.

By utilizing battery storage to address these issues, it becomes possible to implement "peak shifting" to adjust power usage times and to counteract RE output curtailment, thereby contributing to the expansion of RE. It is also effective as a backup power source for BCP measures during emergencies. Specifically, grid-scale batteries are facilities dedicated to stabilizing the power grid, adjusting the supply-demand balance through three power markets: the wholesale market, the capacity market, and the balancing market, to achieve a stable power supply.

The Tokyu Land Group entered the RE business in 2014, aiming to improve domestic energy self-sufficiency, decarbonize, and contribute to local communities. To date, we have promoted the development and operation of approximately 2.1GW (as of the end of December 2025) of solar, wind, and biomass power plants in Japan. Furthermore, in response to the growing demand for battery storage as a balancing power source, we entered the grid-scale battery business in 2023 and have been accumulating development and operational know-how. Through this Project, we aim to further expand our grid-scale battery business.

Overview of the Consortium

1. List of Operators

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2. Target Projects (6 locations nationwide, total output of approx. 174MW)

Tokyu Land has acquired the rights and proceeded with the initial development for this Project. Tokyu Land has a strong track record in developing grid-scale battery storage, including the ReENE Higashimatsuyama Battery Storage (2MW) and the Otoku Battery Storage (20MW), and is developing 340MW nationwide. By utilizing the development know-how cultivated so far in the dawning grid-scale battery business, we have increased the probability of success for this Project leading up to the formation of the consortium.