Green Growth raises approximately 500 million JPY in funding to support the installation of storage batteries at existing solar power plants

Green Growth announced on the 29th that it has raised approximately 500 million JPY in a seed round through third-party allocation of shares and loans from financial institutions. The funding will support the installation of storage batteries from planning to operation at existing solar power plants.

The third-party allocation of shares was led by ANRI, along with participation from Dogan and Yusuke Toyoda, the CEO of Digital Grid. The loans were secured from Resona Bank and the Japan Finance Corporation. The breakdown of the funding and loans has not been disclosed.

Many solar power plants have been constructed by individuals and local companies under the Feed-in Tariff (FIT) system. Currently, as the number of power plants increases, there is excess electricity generated during sunny daytime hours, leading to more frequent output control where generation is temporarily halted. During these halts, selling electricity is not possible. As the FIT periods end sequentially into the 2030s, sell prices are expected to drop to market levels.

By switching to the Feed-in Premium (FIP) system and installing storage batteries, it would be possible to store electricity generated during the day and sell it during the evening and night when demand is high and market prices are elevated. The company explains that this approach can reduce losses from output control while increasing sales revenue, allowing for more flexibility in choosing selling time slots after the FIT period ends.

Green Growth, primarily based in Kyushu where output control has rapidly increased, manages everything from planning for battery installations to coordination with construction companies and power companies, as well as handling trial operations and post-operation aggregation. The funds will mainly be used for recruitment and strengthening organizational structure to expand support for power plant owners and enhance systems to assist with procurement strategies for electricity and environmental value for consumers. The BRIDGE reported the story.