HDRE’s Japan BESS Green Bond Receives Preliminary BBB Rating
目錄
The HDRE BESS Green Project Bond (Trust Certificate / ABL) issued for HD Renewable Energy’s Japan Battery Energy Storage System (BESS) project Helios has received a preliminary rating of BBB from Rating and Investment Information, Inc. (R&I). The transaction is structured by Nomura Capital Investment Co., Ltd., with Nomura Securities Co., Ltd. acting as arranger.
The project is based on a grid-scale BESS in Sapporo, Hokkaido, and is financed under a project finance structure. In its rating assessment, R&I assessed the project’s sound structural design, operational planning, and cash flow stability, reflecting HDRE Group’s practical experience and execution capabilities in the energy storage and power markets.
The preliminary rating also indicates that, within Japan’s electricity market framework and financial structure, the project demonstrates investment conditions that are acceptable within Japan’s capital market framework, contributing to the establishment of practical investment precedents for grid-scale energy storage assets in Japan’s green finance and project finance markets.
Key Rating Considerations (as referenced by R&I)
- HD Renewable Energy Group (HDRE) is a Taiwan-listed energy company, with its Japanese subsidiary serving as the project sponsor, and has sufficient experience and execution capability in battery energy storage and power-related businesses.
- HDRE has advanced large-scale energy storage projects in Japan and Australia, and secured the largest awarded capacity in the battery category in Japan’s 2024 Long-term Decarbonized Power Source Auction.
- The project is a completed grid-scale BESS in Sapporo City, Hokkaido, and investors are not exposed to development or construction risk.
- A long-term capacity warranty and maintenance framework provided by a creditworthy manufacturer is in place, mitigating equipment performance risk.
- The project adopts a project finance structure, with bankruptcy remoteness ensured through a trust and SPV framework.
For full details, please refer to the complete R&I rating report:
