Sumitomo Forms Joint Venture for 1.5GW Renewable Projects in Virginia

Sumitomo Corporation Group, through its subsidiaries Sumitomo Corporation of Americas (SCOA) and Perennial Power Holdings, Inc., has formed a joint venture with CEP Solar, LLC to develop over 1.5 gigawatts (GW) of renewable energy projects in Virginia. This partnership will focus on large-scale solar power and energy storage projects, with construction expected to begin in late 2025.

The joint venture aims to capitalize on Virginia's growing demand for renewable energy, spurred by the Virginia Clean Economy Act and the state's position as a hub for IT infrastructure. CEP Solar will leverage its local expertise, while Sumitomo will bring its project financing capabilities to the table.

This collaboration supports Sumitomo's long-term goal of expanding its renewable energy footprint, with plans to supply over 5 GW of clean energy globally by 2030.

Source: energynews.pro