TOKYO, Oct. 15, 2024 /PRNewswire/ -- Sumitomo Corporation (Head Office: Chiyoda-ku); Representative Director, President and Chief Executive Officer: Shingo Ueno), through Sumitomo Corporation of Americas (hereinafter referred to as "SCOA") and Perennial Power Holdings, Inc. (hereinafter, Perennial), a subsidiary of SCOA (collectively "SC Group") announced today that it has formed a joint venture with CEP Solar, LLC (Head Office: Richmond, Virginia; Co-Founders: Tyson Utt and Richard Wright; hereinafter, "CEP"), to deliver clean energy projects across the Commonwealth of Virginia. The new investment enables both Perennial and CEP to commercialize its portfolio of solar and battery storage assets which exceeds 1.5 GW, with construction expected to commence starting in late 2025. The company will seek to originate new projects to support one of the fastest growing power markets in the United States.

The Virginia Clean Economy Act of 2020 (VCEA) is transforming Virginia's electric grid to 100% clean energy by 2050, requiring large-scale deployment of renewable generation resources. In addition to robust policy support, Virginia hosts the largest data center market in the world, with up to 70% of the world's internet traffic passing through its data centers each day. * As a critical hub of IT infrastructure, this significantly increases the demand for new renewable power to meet net zero emissions targets.

The joint venture will leverage CEP's local development expertise and extensive network, combined with the strengths in project finance arrangement of the SC Group, to undertake simultaneous development of multiple projects across Virginia. Building on SC Group's early-stage projects in the Midwest and Northeastern U.S. launched in 2023, this partnership with CEP will further enhance SC Group's ability to respond to the rapidly growing demand for renewable energy in Virginia.

"CEP's goal is to enable Virginia's successful transition to a clean economy by developing the highest quality solar and storage projects through long-lasting relationships," said Tyson Utt, Co-Founder of CEP. "This partnership with Perennial aligns with our core values and will accelerate our ability to deliver a scale-diversified portfolio, which consists of both solar and battery storage projects, providing long-term economic and environmental benefits for our partnering communities, landowners, and customers across the Commonwealth."

"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," said Takuya Yoshizawa, President, Perennial Power Holdings. "We're excited about the new capabilities and market expertise the team brings to our platform."