ITOCHU Announces Investment in Wind Power Generation Plants in Nebraska and Minnesota
March 17, 2020
ITOCHU Corporation (headquartered in Tokyo, Japan; Yoshihisa Suzuki, President & COO; hereinafter "ITOCHU") and Tyr Energy, Inc. (headquartered in Kansas, U.S.A.; Garrick Venteicher, CEO; hereinafter “Tyr”) announced that they have agreed to provide equity financing to Aspenall Energies (Delaware), LLC (headquartered in Minnesota, U.S.A; Raoul Slavin Juliá, Managing Director; hereinafter "Aspenall")’s Kimball Wind and South Fork Wind projects (hereinafter "Projects"). The fully operational Projects are located in Nebraska and Minnesota and have a combined nameplate capacity of 43 MW.
The Projects were developed and built by Aspenall and are located in the upper Midwest, one of the most notable areas in the United States in terms of wind power generation potential. The Projects consist of eighteen towers utilizing General Electric’s 2 MW class onshore wind turbine platform. Commercial operation was achieved in December of 2016 for South Fork Wind and in June of 2018 for Kimball Wind. Together, the Projects produce enough electricity to power approximately 16,000 US households and have 20-year offtake agreements with Iowa-based Muscatine Power & Water and the Municipal Energy Agency of Nebraska, respectively.
Going forward, ITOCHU and Tyr will deepen their strategic alliance with Aspenall and further expand their presence in the United States renewable sector with an increased focus on origination and development activities in solar, wind, battery and other renewable energy sources. Tyr’s emphasis on the renewable sector is in line with the ITOCHU Group Corporate Philosophy, "Sampo-yoshi" (meaning "good for the seller, good for the buyer, and good for society").
About ITOCHU and Tyr Energy
ITOCHU has an ownership interest in 15 power generation projects in the United States through its wholly owned subsidiary, Tyr Energy Inc. (hereinafter "Tyr Energy"). Tyr Energy is a developer, long term owner, and manager of power generation projects. This is ITOCHU and Tyr Energy’s sixth investment in a wind generation project in the United States. ITOCHU also runs a service business providing operations and maintenance (hereinafter "O&M") services for power plants through its wholly owned subsidiary, NAES Corporation (hereinafter "NAES"). NAES has more than 180 power plants under contract totaling approximately 49,000 MW making it one of the largest O&M services providers in the world. ITOCHU continues to diversify its power business with a focus on power generation and related services, seeking to further enhance the value of its portfolio companies.
For more information please visit https://www.itochu.co.jp and http://www.tyrenergy.com/
About Aspenall Energies
Aspenall Energies (Delaware), LLC (hereinafter "Aspenall") was founded in 2007 and is a wholly-owned subsidiary of Treehouse Investments, LLC, a boutique distributed-infrastructure firm dedicated to addressing climate change and gender equality. Treehouse is a signatory of the UN Principles of Responsible Investment (UNPRI) and an Investors’ Council member of the Global Impact Investing Network (GIIN). Aspenall is a developer, owner, and operator of distributed-scale wind projects throughout the Midwest, and provides development capital to early-stage wind and solar projects throughout the US and Canada.
For more information, please visit http://www.aspenall.com/ and http://www.treehouseinvestments.com/ .