ITOCHU Announces Investment in New Wind Power Plant in US State of North Dakota
January 27, 2025
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Keita Ishii, President & COO; hereinafter “ITOCHU”) announced today that it has reached an agreement with major North American developer of renewable power projects Apex Clean Energy (headquartered in the State of Virginia; hereinafter “Apex”) regarding investment in the Bowman Wind Project (hereinafter the “Project”), which is currently under construction in North Dakota and will have a total generating capacity of approximately 208 MW.
The Project will soon begin construction in the US state of North Dakota, which, in terms of wind resources, is one of the most favorable areas in the US. Corporate power purchase agreements (PPAs) have been signed with 8 higher education institutions, healthcare systems, and a group of public and nonprofit organizations in the US, and the Project will have a generation capacity of approximately 208 MW (equivalent to the electricity used by nearly 100,000 U.S. homes). The Project is scheduled to begin commercial operation at the end of 2025. Power sale management will be jointly handled by ITOCHU subsidiaries Tyr Energy, Inc. (headquartered in Kansas, USA; hereinafter “Tyr”) and NAES Corporation (headquartered in Washington, USA; hereinafter “NAES”). ITOCHU is accelerating various measures to achieve its goal of 30 billion yen of after-tax income for the entire North American electric power business, and the investment in this project is a part of the efforts toward that goal.
Through Tyr, ITOCHU has invested in eight wind power projects to date, and has invested in over 30 power plants in total in the US. Through Tyr Energy Development Renewables, LLC. (headquartered in Kansas, USA), a wholly owned subsidiary of ITOCHU, ITOCHU is developing renewable energy projects (primarily solar) with a combined generating capacity of approximately 5 GW. Additionally, in 2023, ITOCHU established a fund for investing in renewable power assets in North America. The fund is managed by Tyr as a General Partner (GP) through its subsidiary. ITOCHU also aims to expand the renewable energy business in North America by leveraging the capabilities of NAES, another wholly owned subsidiary and the largest independent power plant operation and maintenance service company in the world.
ITOCHU has put forth a new management policy, "The Brand-New Deal: Profit opportunities are shifting downstream," and is pursuing a policy of enhancing its contribution to and engagement with the SDGs through business activities" while listening to all stakeholders, including the market, society, and consumers. ITOCHU will continue to implement renewable energy projects to help realize decarbonized and sustainable local communities.
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