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Japan-Based Fortune 500 Global Trading & Business Investment Company Establishes Renewable Energy Development Company In U.S.
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Sumitomo Corporation, through Sumitomo Corporation of Americas (hereinafter referred to as "SC Group"), together with Advantage Capital (AC), a U.S. impact investment firm that is also working on the development of the renewable energy business, has established Perennial Renewables LLC (PR), a limited liability company that develops renewable energy projects with a focus on solar power generation.
"PR will leverage AC's development team expertise on site control and interconnection and SC Group's strength in project finance arrangement to simultaneously develop multiple renewable energy projects<" the companies said
At the outset, PR will focus on completing the development of AC's current portfolio, consisting of 2+ GW of solar generation across six states, and going forward plans to add new renewable energy projects into the development pipeline.
The solar projects in the current portfolio are located mainly in the Midwest and Northeastern United States including a concentration in the states of Indiana, Illinois, Arkansas, and New York.
The completion of construction and commencement of operations for the most advanced projects is scheduled for the second half of 2024.
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September 11, 2023
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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