Japan’s Itochu, partners to invest $2 billion in US, Canada renewables via a fund

Japan's Itochu, partners to invest $2 billion in US, Canada renewables via a fund
FILE PHOTO: The logo of Itochu Corp is seen outside the company’s headquarters in Tokyo, Japan, November 7, 2016. REUTERS/Toru Hanai/File Photo

TOKYO : Japan’s trading house Itochu Corp plans to invest around $2 billion in renewable power generation assets in the United States and Canada together with partners via a special fund, the company said in a statement on Monday.

Japanese companies are expanding in renewable assets abroad, trying to both gain on the rapidly growing business area and secure technologies essential for building a carbon-neutral economy at home.

Last week, JERA, Japan’s top liquefied natural gas buyer, announced $300 million in investments in green technology-focused start-ups through a newly created in-house unit, as part of the country’s efforts to reach carbon neutrality by 2050.

Itochu said on Monday that it would work together with Sumitomo Mitsui Trust Bank to provide institutional investors, mainly in Japan, opportunities to invest in renewable energy in the United States and Canada.

 

 

Source: Reuters