Sumitomo Corporation of Americas Diversifies into Distributed Energy with Solar and Storage Investment, Opportunity to Expand Globally
Sumitomo Group has announced its first tax equity investment in distributed solar and battery energy projects through its subsidiary, Sumitomo of Americas. This initiative involves six projects totaling 27 MW of solar PV and 25 MWh of battery storage across Massachusetts and California.
The Massachusetts projects, part of the SMART program, focus on low-income community solar, delivering renewable energy benefits to local subscribers. The California projects cater to commercial and industrial customers, integrating on-site solar with battery storage to improve energy efficiency and reliability.
This investment underscores Sumitomo Group's commitment to reducing carbon emissions and enhancing grid resiliency. The company aims to further expand this business model globally, contributing to sustainable economic growth and addressing climate change.
- Sumitomo Group's first investment in distributed solar and battery storage projects.
- Six projects totaling 27 MW solar PV and 25 MWh battery storage.
- Support for low-income communities through the SMART program in Massachusetts.
- Integration of renewable energy into corporate sustainability strategies in California.
- Projected community solar market growth from 6 GW to 14 GW by 2028.
- Solar production is intermittent and relies on sunlight hours and other factors.
Sumitomo Corporation Group's investment includes six projects that consist of 27 MW solar PV and 25 MWh battery storage located in
Additionally, the portfolio includes four behind-the-meter projects in
Solar production is intermittent, which means it cannot always generate consistently throughout the day due to limited hours of sunlight and other factors. When paired with BESS, it becomes possible to adjust the system's output according to demand, which improves efficiency and stabilizes the power transmission and distribution network. By integrating solar PV with BESS, Sumitomo Corporation Group aims to continue to deliver on its commitment to reducing carbon emissions and enhancing grid resiliency, while also fostering sustainable economic growth in local communities. Sumitomo Corporation Group's collaboration with Pacifico Power signifies its proactive approach to embracing a low-carbon future through critical support for the development of renewables and distributed generation, both in the
Through the knowledge gained as part of this investment, Sumitomo Corporation Group will seek to identify further opportunities to expand the community solar business model in the
"Sumitomo Corporation Group is committed to providing access to the benefits of renewable energy solutions for all communities," said Sandro Hasegawa, Corporate Officer of Sumitomo Corporation, General Manager of Energy Innovation Initiative Americas at Sumitomo Corporation of Americas. "Sumitomo Corporation Group has the experience and resources needed to support and expand these solutions in
*Comprehensive renewable energy platform to be achieved by organizing the development of distributed generation, increasing renewable energy, and utilizing battery storage and electric vehicles.
About Sumitomo Corporation
Sumitomo Corporation (TYO: 8053) is an integrated trading company with a strong global network comprising 128 offices in 66 countries and regions. The Sumitomo Corporation Group consists of approximately 900 companies and 80,000 employees on a consolidated basis. The Group's business activities are spread across the following nine groups: Steel, Automotive, Transportation & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions and Energy Transformation Business. Sumitomo Corporation is committed to creating greater value for society under the corporate message of "Enriching lives and the world," based on Sumitomo's business philosophy passed down for over 400 years. Sumitomo Corporation
Established in 1952, Sumitomo Corporation of Americas (SCOA) is the largest subsidiary of Sumitomo Corporation. Headquartered in
About Pacifico Power
Pacifico Power is Pacifico Energy Group's US-focused brand and is a dynamic renewable energy developer and operator, specializing in the development, financing, construction, and operation of distributed generation projects. With a focus on sustainability and innovation, Pacifico Power is at the forefront of the transition towards clean energy solutions, leveraging cutting-edge technology and strategic partnerships to deliver reliable, cost-effective, and environmentally friendly electricity generation. Backed by a team of experienced professionals and a track record of successful projects across various technologies and markets, Pacifico Power is committed to driving the transition to a low-carbon future while creating value for its stakeholders and contributing to the global fight against climate change.
About Pacifico Energy Group
Pacifico Energy Group is a privately held global investment holding company with operations in
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SOURCE Sumitomo Corporation of Americas
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