Sumitomo Launches Virginia Renewable Energy Joint Venture

The Facts -

Sumitomo Corporation, headquartered in Tokyo, has joined hands with CEP Solar, LLC to spearhead clean energy initiatives in Virginia. Through its subsidiaries, including Sumitomo Corporation of Americas (SCOA) and Perennial Power Holdings, Inc., the partnership aims to commercialize over 1.5 GW of solar and battery storage assets. Construction is set to begin in late 2025, with plans to pioneer additional projects in one of the U.S.'s fastest-growing power markets.

Virginia's Renewable Energy Market

The Virginia Clean Economy Act of 2020 mandates a transition to 100% clean energy by 2050, promoting significant renewable generation. As home to the largest data center market globally, Virginia faces increased demand for green power solutions, essential for meeting net-zero emissions. Learn more from Loudoun County Economic Development.

Goals of the New Joint Venture and Future Outlook

By blending CEP's development expertise with SC Group's project financing strengths, the venture seeks to develop multiple projects across Virginia. Building on SC Group’s initiatives in the Midwest and Northeast, the alliance is poised to meet the surging demand for renewable energy in Virginia.

Tyson Utt, Co-Founder of CEP

“Our partnership with Perennial reflects our commitment to quality solar and storage projects, aligning with our core values and accelerating our ability to deliver diverse energy portfolios for the benefit of communities, landowners, and customers across Virginia.”

Takuya Yoshizawa, President of Perennial

“This collaboration enhances Perennial’s geographic diversity and market reach, augmenting our renewable energy expansion in the U.S. We're thrilled with the new expertise and capabilities brought to our platform.”

Sumitomo Corporation Group’s Renewable Energy Business Aimed at Achieving Carbon Neutrality

Sumitomo Corporation is targeting carbon neutrality by 2050 through renewable energy expansion. The company plans to supply over 5 GW of renewable energy by 2030 globally. In the U.S., SC Group has been investing in renewable projects since 2009, aiming to increase net ownership generation capacity to 1 GW by 2030.

About Perennial Power

Founded in 2002, Perennial Power, a subsidiary of SCOA, focuses on infrastructure investments that promote local development and sustainability. With a history of seven renewable energy projects, the company offers long-term solutions to stakeholders. Visit the Perennial Power website.

About CEP Solar

Based in Richmond, CEP Solar partners with landowners and communities to deliver top-tier solar and storage projects in Virginia, ensuring economic and environmental benefits. Explore CEP Solar’s projects.

For additional details: Sumitomo Corporation’s Renewable Energy Developments

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