Japanese Invest in Heartland Wind Power

It’s a pretty exotic name to stumble across in Oklahoma: ITOCHU. This Japanese corporation, headquartered in Tokyo, working in conjunction with General Electric (GE), is moving forward with a sizable investment in bringing wind power to America’s Heartland.

According to a recent release, the two companies have completed the first transaction under a collaboration agreement by making a co-investment in the estimated $319 million CPV Keenan II wind farm currently under construction in Oklahoma. This first transaction has come in the form of GE selling off a portion of its $65 million preferred equity interest in the wind farm to Tyr Keenan II, LLC, an indirect subsidiary of ITOCHU Corporation.

ITOCHU_GE_Wind Farm

image via ITOCHU

Under GE and ITOCHU’s cooperation agreement, finalized in May, the two companies will work together to identify co-investment opportunities in renewable energy worldwide.  As far as Keenan II goes, ITOCHU and GE will also have the option to jointly invest an additional $100 million in partnership equity once the wind farm begins commercial operation, projected for December.

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Susan DeFreitas has covered all manner of green technology for EarthTechling since 2009. She is a graduate of Prescott College for the Liberal Arts and the Environment, and has a background in marketing green businesses. Her work on green living has been featured in Yes! Magazine, the Utne Reader and Natural Home.