Japan's Itochu To Improve Capacity of USA solar power business

Itochu, a Japanese trading company, plans to invest 1.2 trillion yen ($8.18 billion) more to expand its solar and other renewable energy capacity in the U.S. It aims to increase its capacity by 150% to around 10,000 megawatts by 2030. Itochu is in the process of developing 27 solar farms in the United States, with plans for gradual expansion. The consideration of building wind farms will be taken into account as well.

Plans to increase budget for land acquisition and construction of eco-friendly power plants in the U.S. from 800 billion yen to approximately 2 trillion yen will be finalized at a later date. Funding from banks and investment funds will primarily be utilized for the project, with Itochu also utilizing its own finances.

In August 2020, Berkshire Hathaway disclosed it acquired a 5% ownership in Itochu and four other Japanese trading firms. Buffett went to Japan to meet their leaders in April of the previous year. Berkshire Hathaway announced in February that it had increased its ownership in the five companies to around 9%.

In 2023, Itochu introduced its initial fund for renewable energy ventures in the United States, with backing from Sumitomo Mitsui Trust Bank, Tokyu Land, and other investors. The fund is expected to reach $500 million by around September. It anticipates setting up additional funds in the future and securing investments from companies outside of Japan in South Korea, Singapore, Canada, and other nations.