ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Yoshihisa Suzuki, President & COO; hereinafter “ITOCHU”) announced today that Hickory Run Energy Center (hereinafter, “the Power Plant”) in Pennsylvania, USA began commercial operation. Tyr Energy, Inc. (headquartered in Overland Park, Kansas; hereinafter “Tyr Energy”), a U.S. subsidiary wholly-owned by ITOCHU, The Kansai Electric Power Co., Inc. (headquartered in Kita-ku, Osaka; Takashi Morimoto, President and Director) and Siemens Financial Services, Inc. (headquartered in New Jersey) all have stakes in the Power Plant.

The Power Plant, located near Pittsburgh, Pennsylvania, is a nominal 1,000 megawatt (MW) natural gas-fired combined cycle power plant. It was completed after construction commenced in August 2017 (*please see the link below). It will provide electricity to the PJM market, the largest power wholesale market in United States.

Tyr Energy has led the development of the Power Plant, a clean and efficient power plant equipped with cutting-edge environmental facilities, permitting, main equipment supplier and construction contractor selection and negotiation, PJM interconnection and market participation, contract origination for fuel supply and financing, construction management, safety measures during construction, and environmental compliance. Tyr Energy will provide asset management and operation services for the Power Plant. It will be responsible also for the management of transactions in the electricity and fuels markets and will seek to maximize earnings in the business. NAES Corporation (headquartered in Washington; hereinafter “NAES”), a wholly-owned U.S. subsidiary of ITOCHU, will provide operation and maintenance services to the Power Plant.

ITOCHU has been actively promoting its power generation business worldwide. In North America, through Tyr Energy, ITOCHU has an ownership interest in 17 power generation projects with a gross capacity of over 7,500 MW. Through NAES, it also provides operation and maintenance services to over 190 power plants globally, mainly in the United States, with a gross capacity of over 50,000 MW, the largest in the industry for independent operators of power facilities. ITOCHU will continue the multifaceted development of its electric power business, including the power generation business and the service business, aiming to further enhance its business value.