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Sumitomo and CEP Solar JV to Develop 1.5GW Renewable Projects in US

2024-10-17 11:24

Wedoany.com Report-Oct 17, Sumitomo Corporation, via the Sumitomo Corporation of Americas and Perennial Power Holdings, has formed a joint venture (JV) with CEP Solar to deliver clean energy projects in Virginia, US.

The collaboration plans to commercialise a portfolio of more than 1.5GW of solar and battery storage assets.

Perennial Power Holdings president Takuya Yoshizawa stated: “Our partnership with CEP provides Perennial with greater geographic diversity and exposure to highly attractive end markets, and further accelerates our efforts to expand renewable footprints in the US.”

The JV will leverage CEP Solar’s local development expertise and network, alongside SC Group’s project finance arrangement capabilities.

The strategic partnership will initiate multiple clean energy projects simultaneously across Virginia, with construction commencing in late 2025.

SC Group, which includes Sumitomo Corporation and Perennial, is building on early-stage projects in the Midwest and Northeastern US launched in 2023.

The alliance with CEP Solar is a significant step in enhancing SC Group’s presence in Virginia’s renewable energy sector.

Sumitomo Corporation aims to achieve carbon neutrality in its business operations by 2050.

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