Itochu Joins ContourGlobal on Colorado Mega-Solar

• Itochu backs Colorado’s 324‑MW Black Hollow Sun, expanding its U.S. solar push with battery‑ready tech and hybrid offtake as data centers and growth drive demand.

Itochu agreed to invest in the 324‑MWdc (258‑MWac) Black Hollow Sun, also known as the Platte River Solar Project, developed by ContourGlobal in Colorado. The deal expands the Japanese trading house’s U.S. portfolio and targets a market where population growth and data centers are reshaping load. The partners have signed and are advancing financing and construction milestones.

Black Hollow Sun will use bifacial panels on single‑axis trackers, string inverters and SCADA to meet interconnection rules. Offtake is expected to mix PPAs with some market exposure, and the site is designed battery‑ready. The move underscores foreign capital into U.S. utility‑scale solar.

What financing structure, COD timeline, and offtake counterparties will Black Hollow Sun pursue?

• Financing structure: Non-recourse SPV with a construction loan clubbed by commercial banks rolling to a mini-perm/term facility at COD; tax credit monetization via a partnership-flip tax equity (with transferability as a fallback for any uncovered basis); sponsor back-leverage at HoldCo; revenue hedge sized to the merchant slice.
• COD timeline: Target NTP mid-2025, with phased COD beginning Q4 2026 and final completion by mid-2027; optional storage build-out following in 2027–2028.
• Offtake counterparties: Majority long-term PPA with Platte River Power Authority; additional offtake via a virtual PPA with a data center/tech buyer or other C&I load; remaining generation sold merchant into the regional market.