Japanese conglomerate Itochu has launched Overland Capital Partners, a fund that will invest up to $2bn (Y282.45bn) in renewable energy generation assets in North America.

Itochu was supported by Japanese financial services provider Sumitomo Mitsui Trust Bank, and Fuyo General Lease and Tokyu Land have also agreed to invest in the fund.

The first closing of the fund has been completed and it will continue to solicit investors.

The fund will be managed by Itochu’s subsidiary Tyr Energy as a general partner through newly established subsidiaries.

Tyr Energy is headquartered in Overland Park, a city in Kansas. The company invests and manages electric power generation facilities.

The fund will invest in renewable energy assets in North America. With support from Sumitomo, Itochu will channel institutional investors, chiefly from Japan, to create opportunities for the fast-growing renewable energy market in the region.

It will leverage the know-how that Itochu has accumulated in the power sector in the US during the past two decades.

The Japanese company has developed and invested in 30 power plants in the US, including eight wind and solar plants.

Tyr Energy, through its subsidiary Tyr Energy Development Renewable, is developing 20 solar assets with 2GW of total capacity.

The company uses an integrated system to develop renewable energy projects, from land selection and development to signing power purchase agreements.

Itochu, through another of its subsidiaries, NAES, offers operation and maintenance services for the power plants. The company operates 220 thermal power plants with 50GW of capacity and 1,400 solar plants with 2GW capacity.

With its new investment strategy, Itochu seeks to contribute to decarbonisation across North America.