Daiwa Securities (TYO:8601) plans to allocate 100 billion yen into battery storage facilities by 2030, responding to rising electricity needs from the technology sector, Nikkei Asia reported on Tuesday.
The company's first initiative involves a storage facility in Chitose, located on the northern island of Hokkaido, which is scheduled to start operations as early as 2027 at an estimated cost of 10 billion yen, the publication said.
The Chitose project will purchase low-cost power during daytime hours and sell it at higher nighttime rates, the news daily said.
The initiative will be managed by Daiwa Energy & Infrastructure, the group's asset management arm, while Aozora Bank(TYO:8304), a capital alliance partner of Daiwa, will arrange the financing, the report said.
Daiwa Securities did not immediately respond to' request for comment.
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