ITOCHU Corp. has agreed to invest in Black Hollow Sun, a 324-megawatt solar installation in northern Colorado being developed by KKR-backed ContourGlobal, as the Japanese trading house expands its clean energy footprint in the United States.
The investment, made through ITOCHU’s U.S. subsidiary Tyr Energy, forms part of a $350 million financing package that could reach $421 million when the project’s second phase is completed by late 2026. The deal includes around $90 million in tax equity funding and $260 million in debt arranged with international lenders including Crédit Agricole, ING, and MUFG.
The first phase of the project began commercial operations in October. Once fully built out, Black Hollow Sun will become the largest photovoltaic facility in northern Colorado, generating roughly 608 gigawatt hours annually—enough to power approximately 73,000 homes. Platte River Power Authority, a municipal utility serving Fort Collins and surrounding communities, will purchase the output under a long-term power purchase agreement.
ITOCHU has set a target of ¥30 billion ($193 million) in post-tax profits from its North American power business. The company has invested in more than 35 power plants over two decades through Tyr, which maintains a renewable energy development pipeline of around 5 gigawatts. Rising electricity demand from AI data centers has intensified competition for clean power assets across the country.
