ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President and COO; hereinafter "ITOCHU") announced today that it has established Overland Capital Partners, L.P. (Delaware, USA; hereinafter "the Fund"), a fund investing in renewable energy generation assets in North America (United States and Canada). (Delaware, U.S.A.; the "Fund"), a fund that invests in renewable energy generation assets in the United States and Canada. In establishing the Fund, we have been working with Sumitomo Mitsui Trust Bank, Limited (headquartered in Chiyoda-ku, Tokyo; hereinafter "Sumitomo Mitsui Trust Bank") on the concept of the Fund business, investor solicitation activities, and other matters. Fuyo General Lease Co., Ltd. (headquartered in Chiyoda-ku, Tokyo) and Tokyu Land Corporation (headquartered in Shibuya-ku, Tokyo) have decided to invest in the fund, and the first closing has been held. ITOCHU will continue to solicit investors and plans to conduct a renewable energy project worth approximately US$2 billion through this fund.

The Fund will be managed by Tyr Energy, Inc. (headquartered in Kansas, USA; hereinafter "Tyr Energy"), a wholly owned subsidiary of ITOCHU Corporation, as a General Partner (GP) through its newly established subsidiaries and will invest in renewable energy generation assets in North America. In collaboration with Sumitomo Mitsui Trust Bank, ITOCHU will provide institutional investors, mainly in Japan, with prime investment opportunities in the fast-growing renewable energy market in North America.

ITOCHU, through Tyr Energy, has developed and invested in more than 30 power plants in the United States, including eight investments in wind and solar assets. Tyr Energy, through its wholly owned subsidiary, Tyr Energy Development Renewable, LLC ("TED"), is currently developing approximately 20 solar assets with a total capacity of 2GW. TED has an integrated system for developing renewable energy power generation assets in-house, from the selection of land to the completion of development, including the signing of major contracts for the sale of electricity.

ITOCHU also provides operation and maintenance services for power plants through its wholly owned subsidiary NAES Corporation (headquartered in Washington, USA), the world's largest independent O&M provider, which operates approximately 220 thermal power plants with a capacity of 50 GW, as well as approximately 1,400 solar power plants with a capacity of 2 GW.

The Fund will be managed by leveraging the know-how and collective strength that ITOCHU has accumulated in the U.S. power sector over the past 20 years. ITOCHU will continue to contribute to the realization of a decarbonized society and sustainable local communities and the reduction of the burden on the global environment as a leading ESG company by expanding its renewable energy business in North America and providing each investor with a joint investment framework.