(Reuters) – Japanese trading house Sumitomo Corp is planning to invest 200 billion yen ($1.29 billion) to build battery facilities in Japan for storing excess power generated by wind or solar farms, the Nikkei reported on Wednesday.
Under the plan, Sumitomo intends to set up more facilities in the Kyushu region to boost total storage capacity to 40 megawatt-hour (MWh), the Nikkei said in its report.
Sumitomo, one of Japan’s top trading companies, also plans to develop similar power storage networks in other regions like Hokkaido and northeastern Japan’s Tohoku region, the Nikkei added.
The company expects its renewable power storage network to generate billions of yen annually in 2030, according to the Nikkei.
($1 = 154.8300 yen)
(Reporting by Poonam Behura in Bengaluru; Editing by Shailesh Kuber and Jonathan Oatis)
