Sumitomo, CEP Solar JV to develop 1.5GW US renewable projects

October 16, 2024

The collaboration plans to commercialise a portfolio exceeding 1.5GW of solar and battery storage assets. Credit: The Desert Photo / Shutterstock.

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.

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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.

The company is focusing on establishing a sustainable energy cycle by promoting fuel conversion, renewable energy expansion and CO₂ capture, storage and utilisation technologies.

Sumitomo Corporation’s target is to supply more than 5GW of renewable energy by 2030.

Since its first venture into the US renewable energy market with an onshore wind power generation business in 2009, SC Group has invested in and operated seven renewable energy businesses.

Currently, through Perennial, it manages five renewable energy projects, primarily onshore wind power generation, and is looking to boost its net ownership generation capacity to 1GW by 2030.

In September 2024, Sumitomo Corporation, in partnership with AMPIN Energy Transition, established a new venture, AMPIN C&I Power, to promote renewable energy development and supply in India.