- The transaction marks ICG APAC Infra’s entry into Japan’s BESS market
- Ray8 has a growth target of over 1,000 MW BESS installed capacity
ICG, the global alternative asset manager, today announced that its Asia-Pacific Infrastructure team (“ICG APAC Infra”) has entered into an agreement to partner with Ray8 Energy (“Ray8” or “the Company”), a Japan-based developer, owner and operator of battery energy storage system (BESS) projects, to help scale the platform.
With initial backing from Green Tower, an early-stage investor focused on the energy transition, Ray8 was founded by Tomohide Den (“the Founder”), a seasoned entrepreneur and developer with over a decade of experience in renewable energy development in Japan. Ray8’s management team combines expertise in development, engineering, commercialisation and operation of grid-scale BESS projects.
ICG will work closely with the Founder and management team to capitalise on fast-growing BESS market opportunities in Japan. Building on a diversified pipeline of projects already under active development, Ray8 seeks to grow through internally originated greenfield development and selective acquisition of greenfield and brownfield projects, leveraging the management team’s extensive network and execution track record across Japan.
Japan’s pursuit of its Net Zero target by 2050 underscores the critical need for energy storage solutions to support the growing penetration of renewable energy, while ensuring grid stability, reliability and flexibility in an increasingly constrained power system. Against this policy backdrop, the Company is well positioned to achieve its aim of developing and owning over 1,000 MW of BESS installed capacity within the next five years.
This transaction constitutes ICG APAC Infra’s fourth renewables platform partnership in the region since 2023, following prior investments in Voltaiyo, Revent Energy and Ampin Energy Transition.
Devarshi Das, Head of ICG Asia-Pacific Infrastruccture, said:
We are delighted to be partnering with Ray8’s founder and management team to support the Company in becoming a leading battery storage development and investment platform in Japan. With a highly experienced management team and strong demand for BESS, Ray8 is poised to secure attractive growth opportunities. We look forward to working collaboratively to execute on the Company’s existing pipeline and ambitious growth plan.
Tomohide Den, Founder and CEO of Ray8 Energy, said:
This partnership with ICG presents an exciting opportunity for Ray8 to further scale in Japan’s rapidly growing BESS market. With a shared vision and aligned objectives, we believe ICG is an ideal partner as we enter our next phase of growth. We look forward to collaborating closely with ICG to significantly scale the platform and contribute to Japan’s energy transition.
Clifford Chance and Nishimura & Asahi served as legal counsel to ICG.
– ENDS –
For further information please contact:
Clare Glynn
Head of Corporate Communications
+44 20 3545 1395
[email protected]
Maisie Le Masurier
Corporate Communications
+44 20 3545 1624
[email protected]
About ICG
ICG (LSE: ICG) is a global alternative asset manager with $127bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.
*As at 31 December 2025.
About Ray8 Energy
Ray8 Energy is a specialized clean energy platform focused on the development, investment, and operation of battery energy storage systems (BESS) throughout Japan. It blends deep local expertise with global insights to deliver best-in-class BESS solutions and optimized returns. Ray8 Energy was founded by Tomohide Den, a seasoned entrepreneur and developer with over a decade of experience in renewable energy development in Japan, with initial backing from Green Tower. Green Tower is an investment platform dedicated to co-founding and co-developing early-stage development platforms and corporate initiatives in the renewable energy and energy transition sectors.
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