Sumitomo Corp and its subsidiary Perennial Power Holdings Inc have established a joint venture with Virginia-based CEP Solar LLC to develop clean energy projects across Virginia. The announcement was made on Tuesday.
The partnership aims to commercialize a portfolio of solar and battery storage assets exceeding 1.5 gigawatts (GW), with construction anticipated to commence in late 2025. The venture will also focus on originating new projects to enhance its renewable energy offerings.
Virginia’s commitment to achieving a 100% clean energy electric grid by 2050 and its status as home to the world’s largest data center market are expected to drive demand for renewable power to meet net-zero emissions targets.
Leveraging CEP’s local development expertise alongside Sumitomo’s project financing capabilities, the joint venture plans to advance multiple projects concurrently throughout 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,” said Takuya Yoshizawa, president of Perennial Power Holdings.
