ITOCHU Corporation has introduced Overland Capital Partners, L.P., a fund aimed at investing in renewable energy generation assets within the United States and Canada.
Collaborating with Sumitomo Mitsui Trust Bank, Limited, ITOCHU has been involved in conceptualizing the Fund’s business, engaging investors, and addressing related matters.
Notably, Fuyo General Lease Co., Ltd. and Tokyu Land Corporation have already committed to investing in the fund, and the initial closing has taken place.
Moving forward, ITOCHU will continue seeking additional investors, with plans to undertake a substantial renewable energy project valued at around US$2 billion through this fund.
The management of the Fund will be overseen by Tyr Energy, Inc., a wholly owned subsidiary of ITOCHU Corporation, serving as the General Partner through its newly established subsidiaries.
The primary focus will be on investing in renewable energy generation assets across North America.
Together with Sumitomo Mitsui Trust Bank, ITOCHU aims to offer excellent investment opportunities in the rapidly expanding renewable energy market in North America, primarily targeting institutional investors in Japan.
Notably, ITOCHU, through its subsidiary Tyr Energy, boasts a significant track record, having developed and invested in over 30 power plants within the United States, including eight wind and solar assets.
Currently, Tyr Energy’s wholly owned subsidiary, Tyr Energy Development Renewable, LLC (TED), is actively working on the development of approximately 20 solar assets with a combined capacity of 2GW.
TED handles the entire process of renewable energy power generation asset development in-house, from land selection to development completion, including major electricity sale contracts.
Furthermore, ITOCHU provides operation and maintenance services for power plants via its wholly owned subsidiary, NAES Corporation.
NAES Corporation is the world’s largest independent O&M provider, overseeing around 220 thermal power plants with a total capacity of 50 GW and roughly 1,400 solar power plants with a capacity of 2 GW.
Drawing upon its extensive expertise and experience in the U.S. power sector over the past two decades, ITOCHU will effectively manage the Fund.
As a leading ESG company, ITOCHU is committed to contributing to a decarbonized society, sustainable local communities, and reducing the global environmental impact by expanding its renewable energy business in North America and providing investors with a collaborative investment framework.
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