ITOCHU has bought half of Grandview, a 211 MW wind farm in Carson County, Texas, from BlackRock. The farm is nearly ten years old and sells most of its power under a long-term contract. Leap puts a price on the stake. What that price really buys depends on how much of the contract is left, and on who still runs the turbines.
Key takeaways
- ITOCHU, through its subsidiary Tyr Energy, announced on 11 June 2024 that it had acquired a 50% stake in the 211 MW Grandview wind farm in Carson County, Texas, from a BlackRock subsidiary.
- Tyr Energy bought the Grandview stake through Overland Capital Partners, a new private equity fund, and it is the fund's first investment in North America; Tokyo Century and other limited partners have also invested in the fund.
- Leap records a deal value of $109 million for the 50% stake in Grandview, which grosses up to about $218 million for the whole wind farm, or roughly $1.03 million per MW.
- The Grandview wind farm has operated since December 2014 with 118 turbines of 1.79 MW each, and RWE Clean Energy, which owns the other half, remains its operator and asset manager.
- Grandview sells 90% of its electricity under a long-term offtake agreement with an investment-grade counterparty, and Enerdatics estimates the contract runs for 20 years with about 10.5 years remaining at the time of the deal.
Who sold Grandview, and who owns it now?
BlackRock sold, and the shape of the ownership did not change. Before the deal, Grandview was split evenly between a BlackRock subsidiary and RWE Clean Energy. After it, the split is still even. The financial half now sits with Overland Capital Partners, the fund set up by ITOCHU's Tyr Energy, while RWE keeps its half and keeps running the farm.
That matters for what a buyer is paying for. A financial co-owner of an operating wind farm owns a share of the cash flow that someone else produces. For a new fund making its first North American investment, buying alongside an established operator is a way to own a working asset without first building an operations team.
The fund sits inside a wider arrangement. Tokyo Century has invested in Overland Capital Partners. In the same announcement, Tyr Energy sold Tokyo Century a 50% stake in two US solar projects with a combined 256 MW. Grandview is one piece of a set of transactions linking ITOCHU, Tokyo Century and a new US investment vehicle.
How much did ITOCHU pay for half of Grandview?
Leap records $109 million, and that figure needs handling with care in two ways. First, the companies did not disclose a price when the deal was announced, so the value is the one Leap now carries rather than a number from the press release. Second, the stake is half the farm, so the figure cannot be divided by 211 MW directly.
Divided straight, $109 million over 211 MW reads as about $0.52 million per MW. That understates the price by half, because ITOCHU bought half of the output, not all of it. Grossing the stake up to 100% gives about $218 million for the whole farm. Spread across 211 MW, that is roughly $1.03 million per MW.
The original version of this post, written before a value was recorded, estimated the price at about $1.1 million per MW. The grossed-up figure from Leap's value lands close to that estimate.
Why does the remaining contract term matter so much?
Because it decides how much of the price is protected. An offtake agreement is a contract in which a buyer commits to purchase a project's power, usually at a set price, for a fixed number of years. While it runs, revenue is predictable. When it ends, the farm has to sell into the wholesale market or find a new buyer.
Grandview sells 90% of its output under such a contract with an investment-grade counterparty, meaning a buyer with a strong credit rating. Enerdatics estimates that the contract is 20 years long and had about 10.5 years left when ITOCHU bought in. By that estimate, roughly half of the contracted period had already passed.
That shapes the investment in a specific way. For about a decade, most of the stake's income is close to locked in. After that, the farm will be more than 20 years old, its turbines will be ageing, and its power will need a new home. A buyer paying about $1.03 million per MW is paying for a decade of contracted cash flow plus whatever value the owners can find once it ends, whether by signing a new contract, replacing the turbines or selling at market prices.
Enerdatics records 29 operational US onshore wind asset deals announced between January 2023 and June 2025, excluding one later cancelled, of which 11 carry a disclosed value. Four of the priced deals were operating wind farms in the ERCOT market announced in 2024. On headline values, Acciona paid $202.5 million for the 300 MW Green Pastures farm, about $0.68 million per MW. InfraRed Capital Partners paid $273 million for the 202 MW Mesteno farm, about $1.35 million per MW. SkyVest Renewables, backed by ArcLight, paid $236 million for the 160 MW Jumbo Hill farm, about $1.48 million per MW. Grandview, grossed up, sits at about $1.03 million per MW, in the middle of that group. These figures divide headline values by nameplate capacity and do not adjust for contract life, turbine age or what each payment covers, which is likely where most of the spread comes from.
What does the deal signal for operating US wind?
It signals that Japanese capital is still finding routes into operating US renewables, and that it is doing so through new vehicles rather than only through the parent company's balance sheet. Overland Capital Partners brings ITOCHU and Tokyo Century together in one fund, and Grandview was its first North American asset.
It also shows that secondary sales of operating wind are priced around the contract and the turbines rather than the nameplate. Two other US wind deals make the point. When Orsted sold 80% of four operating farms to Stonepeak, tax equity shrank the price Stonepeak paid, because part of each farm's cash flow was already committed to other investors. When Exus bought four Pennsylvania farms with an average age of 13 years, the price reflected a plan to replace their turbines.
Grandview sits between those cases: a contract with years left to run, turbines with years left to turn, and an operator that stays in place.
Finally, the deal is a reminder to gross up before comparing. The difference between $0.52 million and $1.03 million per MW is the difference between a farm that looks like a bargain and one that sits squarely in the middle of its market.
Frequently asked questions
Who bought the stake in the Grandview wind farm? ITOCHU, through its subsidiary Tyr Energy and the new Overland Capital Partners fund, bought a 50% stake in the 211 MW Grandview wind farm in Texas from a BlackRock subsidiary in June 2024. RWE Clean Energy owns the other half and operates the farm.
How much was the Grandview stake worth? Leap records $109 million for the 50% stake, which implies about $218 million for the whole 211 MW wind farm, or roughly $1.03 million per MW.
Who buys the power from the Grandview wind farm? Grandview sells 90% of its electricity to an investment-grade counterparty under a long-term offtake agreement. Enerdatics estimates the contract runs for 20 years, with about 10.5 years left at the time of the deal.
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