Itochu Corp (TYO:8001) on Wednesday unveiled two renewable energy deals related to the supply of power to tech giants, including a power purchase agreement (PPA) with Amazon (NASDAQ:AMZN) in Japan, and an investment in a US wind project slated to power Meta (NASDAQ:META).
The Japanese trader said its portfolio company Clean Energy Connect Co Ltd (CEC) has signed an off-site power purchase agreement (PPA) with Amazon. Under the long-term contract, CEC will develop zero-subsidy solar power plants at 700 sites that will provide 70 MW DC, or 38 MW AC, of energy to Amazon in Japan by 2024.
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Separately, Itochu announced a deal with North American alternative investment manager Fengate Asset Management to invest in the 160-MW Prairie Switch wind project, currently under construction in Texas. The 48-turbine project has a long-term corporate PPA with Meta Platforms Inc and is due to become operational at the end of 2023.
Itochu will invest in the wind park together with Fengate and GE Energy Financial Services via a newly-created special purpose entity. Power sales in the Texas power market will be managed by two US subsidiaries of the Japanese group, Tyr Energy Inc and NAES Corp.
BloombergNEF recently reported that corporations contracted a record 36.7 GW of renewable power in 2022.