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.
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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