Sumitomo Corporation and Advantage Capital have set up a joint venture to develop renewable energy projects, with a focus on solar power generation.
The venture, Perennial Renewables, will develop multiple renewable energy projects simultaneously. Initially, it will focus on completing the development of Advantage’s current portfolio, consisting of 2 gigawatts of solar generation across six US states.
Advantage is a US impact investment firm with experience in renewable energy. The solar projects in the current portfolio are located mainly in the US Midwest and Northeast, including a concentration in the states of Indiana, Illinois, Arkansas, and New York.
The most advanced projects are scheduled to be completed and start operations in the second half of 2024.
Sumitomo Corporation Group aims to achieve carbon neutrality within its business operations by 2050, with a medium-term goal of acquiring renewable energy net ownership generation capacity of 5GW or more by 2030.
Globally, it is developing solar, geothermal, and hydroelectric power, with a net owned generation capacity of 2.1GW as of June 2023.
Through its existing US power development and investment company Perennial Power Holdings, a wholly owned subsidiary established in 2002, SC Group maintains five renewable energy projects, mainly onshore wind power generation, with a capacity of 1GW by 2030.