Japanese trade firm ITOCHU Corp. has reached an agreement with investment manager and developer Fengate Asset Management to invest in the 160 MW Prairie Switch Wind Project, which is currently under construction near Houston.
Through a special purpose entity newly established for the project, ITOCHU will invest in the project together with Fengate and GE Energy Financial Services.
Comprising 48 3.4 MW wind turbines, the project has a long-term corporate power purchase agreement with Meta. Power sale management in the Texas power market will be jointly handled by ITOCHU subsidiaries Tyr Energy Inc. and NAES Corp.
Prairie Switch is scheduled to reach commercial operation later this year.
Through Tyr, ITOCHU has invested in six wind power projects to date and has invested and actively managed over 30 power plants in total in the U.S.