Sumitomo Corporation Group Establishes Renewable Energy Development Company in the United States
- Perennial Renewables will complete the development of Advantage Capital's current portfolio of 2+ GW of solar generation across six states.
- SC Group aims to achieve carbon neutrality by 2050 and a renewable energy net ownership generation capacity of 5 GW by 2030.
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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. 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
SC Group has set a long-term goal to achieve carbon neutrality within its business operations by 2050, and a medium-term goal of renewable energy net ownership generation capacity reaching 5 GW or more by 2030. As part of SC Group's mission to achieve sustainable growth with society, The Group is globally developing renewable energy generation by way of wind, solar, geothermal, and hydroelectric power, with a present net-owned generation capacity of approximately 2.1 GW (as of June 2023). SC Group has focused on hands-on business investments and has established a global organizational structure to support its electric power business group-wide.
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SC Group will continue to grow its renewable energy businesses by adding more projects into the pipeline while developing multiple projects from early stages. The company is committed to contributing to the achievement of a sustainable society by using its expertise gained through existing businesses and expanding its renewable business in
About Sumitomo Corporation
Sumitomo Corporation ("SC") is a leading Fortune 500 global trading and business investment company with 129 locations in 66 countries. The entire SC Group consists of more than 800 companies and over 78,000 personnel. SC conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in companies to promote greater growth potential. SC's core business areas include Metal Products, Transportation and Construction Systems, Environment and Infrastructure, Media, Network, Lifestyle Related Goods and Services, Mineral Resources, Energy, and Chemical and Electronics.
About Sumitomo Corporation of Americas
Sumitomo Corporation of Americas (SCOA) was established in 1952 and is headquartered in
About Advantage Capital Renewables
Advantage Capital Renewables is the renewable energy platform of leading impact investment firm, Advantage Capital, which works to bring businesses, jobs and technologies to communities that have historically lacked access to investment. Advantage Capital Renewables finances and develops high-impact utility-scale solar and battery storage projects that expand access to clean energy solutions.
Disclosures:
Advantage Capital is a registered investment adviser with the
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SOURCE Sumitomo Corporation of Americas