Sumitomo Corporation announced a joint venture (JV) with CEP Solar to deliver renewable energy projects across Virginia. This collaboration will enable Perennial and CEP to commercialise a portfolio of solar and battery storage assets exceeding 1.5 GW, with construction expected to begin in late 2025. Moreover, the company aims to develop new projects to cater to one of the fastest-growing power markets in US.
Furthermore, this venture will leverage CEP’s local expertise and network, alongside the SC Group’s strengths in project financing, to develop multiple projects across Virginia simultaneously. Additionally, this partnership builds on SC Group’s early-stage projects launched in 2023 in the Midwest and Northeastern US, further enhancing its capacity to meet the rising demand for renewable energy in Virginia.
Earlier this year, Sumitomo Corporation along with JGC Japan Corporation, entered into an agreement to explore collaboration on the detailed design, manufacturing, and supply of floating structural components for offshore wind power generation. The partnership aims to reduce costs, boost efficiency, and establish a mass production system for these components by leveraging the combined strengths of both companies.
