ITOCHU Expands Renewable Energy Footprint with $2 Bn Overland Capital Partners Fund

ITOCHU Corporation, headquartered in Minato-ku, Tokyo, has unveiled its latest venture in the renewable energy sector with the establishment of Overland Capital Partners, L.P., a fund focused on investing in renewable energy generation assets across North America, specifically in the United States and Canada. The fund is set to allocate up to approximately US$2 billion towards this initiative.

Heading this project Tyr Energy, Inc., a wholly-owned subsidiary of ITOCHU Corporation, operating from its headquarters in Kansas, USA, is also serving as the General Partner (GP) through its newly formed subsidiaries. The primary objective of the fund is to make strategic investments in various renewable energy projects throughout North America.

By collaborating with Sumitomo Mitsui Trust Bank, ITOCHU aims to offer investment opportunities to institutional investors, predominantly in Japan, within the rapidly growing renewable energy market in North America.

ITOCHU, in conjunction with Tyr Energy, has a history of involvement in the US power sector, boasting a portfolio of over 30 power plants, including considerable investments in wind and solar assets. Presently, through its subsidiary Tyr Energy Development Renewable, LLC, the company is actively developing about 20 solar assets, with a combined capacity of 2 GW. TED has streamlined its operations by handling everything in-house, from land selection to project development, including securing major electricity sales contracts.

Furthermore, ITOCHU’s wholly owned subsidiary, NAES Corporation, headquartered in Washington, USA, is an independent operation and maintenance (O&M) provider. It manages approximately 220 thermal power plants with a total capacity of 50 GW and around 1,400 solar power plants with a combined capacity of 2GW. Furthermore, ITOCHU aims to expand its renewable energy business in North America.

Recently, ITOCHU made announcement regarding its involvement in the Carbon Neutral Technology Development and Verification Project 2023, taking place in Osaka Prefecture. The project has garnered significant interest, with several other companies also participating alongside ITOCHU.