Sumitomo, through Sumitomo Corporation of Americas (SCOA) and SCOA subsidiary Perennial Power Holdings, has formed a joint venture with CEP Solar to deliver clean energy projects across the Commonwealth of Virginia.
The investment enables both Perennial and CEP to commercialize its 1.5 GW portfolio of solar and battery storage assets, with construction expected to commence next year.
The joint venture will leverage CEP’s local development expertise and network, combined with the SC Group’s project finance, to undertake simultaneous development of multiple projects across Virginia.
“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 United States,” says Ryan Yoshizawa, president, Perennial Power Holdings. “We’re excited about the new capabilities and market expertise the team brings to our platform.”
