Renova secures financing for battery storage business

This will fuel its expansion in the battery energy storage sector.

Renova, Inc. has secured financial agreements to support its battery energy storage projects.

In a statement, the company said its R2 Energy Storage Facility G.K., operator of a storage battery business arranged the project financing.

Renova currently has solar, biomass, and wind power generation facilities. It aims to expand by working to develop its storage battery business, alongside its Non-FIT Renewable Energy Power Generation Business.

The company won a bid for this storage battery business at the Long-Term Decarbonization Power Source Auction, which was introduced in 2023. This will contribute to stabilising power grids and increasing renewable energy power’s share of the energy mix.

Renova expects the finance-related agreement to have minimal impact on the financial forecast for the fiscal year ending 31 March 2025.