Japanese trading house Itochu is set to invest an additional 1.2 trillion yen ($8.18 billion) to boost its renewable energy capacity in the United States by 150%, targeting a total of 10,000 megawatts by 2030. Currently, Itochu is developing 27 solar farms across the U.S. and is considering the construction of wind farms as part of its expansion strategy.
To support this growth, Itochu plans to increase its operating budget for land acquisition and construction of eco-friendly power plants from 800 billion yen to about 2 trillion yen (US$13.6 billion). The investment will be funded primarily through loans and investment funds, with Itochu also committing some of its own capital.
Berkshire Hathaway’s increasing interest in Itochu underscores the company’s potential, having raised its stake to about 9% in February after initially purchasing a 5% share in 2020. Itochu launched its first U.S. renewable energy fund in 2023, backed by financiers including Sumitomo Mitsui Trust Bank and Tokyu Land. This fund aims to reach $500 million in assets by September.
