ITOCHU Corporation has announced the establishment of Overland Capital Partners, a fund focused on investing in renewable energy generation assets in the United States and Canada. Fuyo General Lease and Tokyu Land Corporation have already committed to investing in the fund, with the first closing already completed. ITOCHU plans to conduct a renewable energy project valued at approximately US$2 billion through this fund.
Tyr Energy, a wholly owned subsidiary of ITOCHU Corporation, will manage the Fund as a General Partner through its newly established subsidiaries. The fund aims to invest in renewable energy generation assets in North America, offering prime investment opportunities in the growing renewable energy market to institutional investors, mainly in Japan, through collaboration with Sumitomo Mitsui Trust Bank.
With its expertise and experience, ITOCHU, through Tyr Energy, has developed and invested in more than 30 power plants in the United States, including wind and solar assets. Currently, Tyr Energy Development Renewable, a wholly owned subsidiary, is working on the development of around 20 solar assets with a total capacity of 2GW. Additionally, ITOCHU provides operation and maintenance services for power plants through its subsidiary NAES Corporation, the world’s largest independent O&M provider, operating approximately 220 thermal power plants and 1,400 solar power plants.
The Fund will leverage ITOCHU’s expertise in the US power sector over the past 20 years. By expanding its renewable energy business in North America and offering a joint investment framework to investors, ITOCHU aims to contribute to realising a decarbonised society, sustainable local communities, and reducing the global environmental burden as a leading ESG company.