We are pleased to announce that Tyr Energy, Inc., an affiliate of ITOCHU Corporation and ITOCHU International Inc., has jointly formed and capitalized American Renewables, LLC ("American Renewables"), a Boston based company, with Baycorp Holdings, Ltd. ("BayCorp") and Energy Management, Inc. ("EMI") to develop, build and operate biomass-fueled power generation facilities.

Tyr Energy has provided development capital and will contribute to American Renewables its asset management know-how. BayCorp and EMI have contributed their interests in three biomass projects under development: Nacogdoches Power ("NacPower") and two projects in the Southeastern U.S.

NacPower is a 100 MW wood-fired biomass electric generating project in East Texas. NacPower has secured a 20-year power purchase agreement ("PPA") with Austin Energy, the AA- rated (Fitch) municipal utility owned by and serving the City of Austin, Texas. NacPower has secured all necessary permits and owns the project site. Construction on the project is expected to begin in the spring of 2009 and it is anticipated to be commercially operational in the spring of 2012. When completed the project will be the largest biomass fueled electric generating facility in the U.S.

ITOCHU continues to pursue, through Tyr Energy, not only conventional IPP investment opportunities but also development type of project by making the best use of expertise of ITOCHU entities which are asset investment and asset management provided by Tyr Energy and O&M capabilities provided by NAES Corporation. ITOCHU is also intent to develop renewable power projects in North America taking this opportunity.

Related Information

• Reference

• 2012
• 2011
• 2010
• 2009
• 2008
• 2007
• 2006
• 2005
• 2004