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

Tokyu Land Corporation (Headquarters: Shibuya-ku, Tokyo; President & CEO: Tatsuaki Tanaka, hereinafter "Tokyu Land"), together with its asset manager ReENE Co., Ltd. (Headquarters: Shibuya-ku, Tokyo; Representative Director: Keisuke Nishida), has formed a consortium, "Libra G.K.," through a joint investment by eight major domestic companies (Tokyu Land, ITOCHU Corporation, IBeeT Corporation—a Tokyo Century Group company, Fuyo General Lease Co., Ltd., Nomura Real Estate Development Co., Ltd., Maeda Corporation, Nittetsu Kowa Real Estate Co., Ltd., Sumitomo Mitsui Trust Bank, Limited, and Sumitomo Mitsui Trust Panasonic Finance Co., Ltd.) as of March 26, 2026. We are pleased to announce that this consortium will promote six extra-high voltage grid-scale battery storage projects (total project cost approx. 30 billion yen, output approx. 174MW, hereinafter "this project").
Operations are scheduled to commence sequentially from fiscal year 2027 onwards, aiming to contribute to the expansion of renewable energy by supplying much-needed balancing power.

Furthermore, the Tokyu Land Group will leverage the expertise gained from its past grid-scale battery storage development and this project to continue expanding its investments in grid-scale battery storage facilities.

■ Background of the Initiative

As the global movement towards carbon neutrality accelerates, the introduction of renewable energy (hereinafter "RE") is also gaining momentum in Japan. However, with the expansion of RE, challenges such as the generation gap between day and night, and the ability to respond to short-cycle, minute fluctuations in generation and demand have emerged.

By utilizing storage batteries to address these issues, it becomes possible to implement "peak shifting" to adjust electricity usage times and to mitigate RE output curtailment, thereby contributing to the expansion of RE. They are also effective for BCP (Business Continuity Plan) measures as a backup power source in emergencies. In particular, grid-scale batteries are facilities specialized in stabilizing the power grid. They adjust the supply and demand balance of electricity through three electricity markets—the wholesale market, capacity market, and 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 2.1 GW (as of the end of December 2025) of solar, wind, and biomass power plants in Japan. Furthermore, in response to the growing demand for storage batteries as a source of balancing power, we entered the grid-scale battery storage business in 2023, accumulating development and operational expertise. Through this project, we aim for further business expansion in the grid-scale battery storage sector.

■ Overview of the Consortium

1. List of Operators

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

Tokyu Land acquired the rights and initiated the early-stage development for this project. Tokyu Land has a development track record for numerous grid-scale battery storage facilities, including the ReENE Higashimatsuyama Battery Storage Plant (2MW) and the Mitoku Battery Storage Plant (20MW), and is developing 340MW nationwide. In the nascent grid-scale battery storage business, we have increased the feasibility of this project up to the consortium formation by leveraging the development know-how cultivated so far.

3. Project Promotion Structure

(1) Project Management: Tokyu Land Corporation

Tokyu Land will be in charge of project promotion (project management) during the development period of this project. We aim to achieve an early start of operations by utilizing the know-how cultivated in our battery storage development to date.

(2) Consortium Formation & Asset Management: ReENE Co., Ltd.

ReENE provided consulting and support for the verification of the business scheme and the establishment of the SPC. Going forward, it will manage and promote this project as the asset manager.

ReENE is expanding its asset management services in the renewable energy sector, with a cumulative total of over 1.5 GW under management. In the grid-scale battery storage business, its managed scale, including this project, has reached 240 MW, steadily building a track record. We aim to further increase the number of managed projects in the future.

(3) Operation & Management (O&M): ReENE-Energy Corporation, ITOCHU Corporation

The maintenance and monitoring of the battery storage plants will be handled by ReENE-Energy Corporation, a Tokyu Fudosan Holdings Group company, and ITOCHU Corporation. ReENE-Energy has been entrusted with the operation and management of over 3.5 GW in total and has established a system to support sites nationwide with an O&M operation team of over 300 people (including over 250 engineers) based at 448 offices and branch offices across the country. In the battery storage business, it has undertaken a total of 121 MW (22 projects) to date, demonstrating its execution capabilities to handle everything from on-site maintenance to emergency response, providing services that support the entire battery storage plant.

■ Tokyu Land's Renewable Energy Business and Grid-Scale Battery Storage Business

Tokyu Land develops its renewable energy business under the brand name "ReENE." The name, born in 2018, combines two aspirations: "Re-Creating the Value" and "Edit Next Energy." Currently, the entire Tokyu Land Group is developing 162 projects nationwide, including those under development, with a rated capacity of 2,122 MW (as of the end of December 2025).

The grid-scale battery storage business started in 2023, with the ReENE Higashimatsuyama Battery Storage Plant (2MW) in Higashimatsuyama City, Saitama Prefecture, beginning operations in January 2025. In addition, 340 MW are being developed nationwide.

■ About ReENE Co., Ltd.

ReENE Co., Ltd. (100% owned by Tokyu Land) was established in September 2021 to further expand the renewable energy business, acquire specialized human resources, and accumulate know-how. It was registered as a retail electricity provider by the Minister of Economy, Trade and Industry in December 2022 and as a specified wholesale supplier in December 2024. In addition to supplying electricity derived from RE power plants, it is also expanding its aggregation business, which involves electricity adjustment and control.

In the field of asset management, the company has about 10 years of experience, including the efforts of its predecessor organization. It provides services such as operation and management of RE power plants, planning and execution of measures to enhance asset value, and arrangement services like forming new funds for power plant investments.

■ List of Investors

Tokyu Land Corporation

Representative: President & CEO, Tatsuaki Tanaka

Address: 1-21-1 Dogenzaka, Shibuya-ku, Tokyo

URL: https://www.tokyu-land.co.jp/

IBeeT Corporation

Representative: President & CEO, Yoichi Murakami

Address: 3 Kanda-Neribeicho, Chiyoda-ku, Tokyo

URL: https://www.ibeet.co.jp/

Fuyo General Lease Co., Ltd.

Representative: President & CEO, Hiroaki Orita

Address: Sumitomo Fudosan Kojimachi Garden Tower, 5-1-1 Kojimachi, Chiyoda-ku, Tokyo

URL: https://www.fgl.co.jp/

Nomura Real Estate Development Co., Ltd.

Representative: President & CEO, Daisaku Matsuo

Address: BLUE FRONT SHIBAURA TOWER S, 1-1-1 Shibaura, Minato-ku, Tokyo

URL: https://www.nomura-re.co.jp/

Maeda Corporation

Representative: President, Soji Maeda

Address: 2-10-2 Fujimi, Chiyoda-ku, Tokyo

URL: https://www.maeda.co.jp/

Nittetsu Kowa Real Estate Co., Ltd.

Representative: President & CEO, Masahiro Miwa

Address: 1-8-1 Akasaka, Minato-ku, Tokyo

URL: https://www.nskre.co.jp/

Sumitomo Mitsui Trust Bank, Limited

Representative: President, Kazuya Oyama

Address: 1-4-1 Marunouchi, Chiyoda-ku, Tokyo

URL: https://www.smitb.jp/