Sumitomo Group establishes a renewable energy development company in the United States

PR will benefit from the AC development team’s expertise in site control, interconnection and SC group Strength in project financing arrangements to develop multiple renewable energy projects simultaneously. Initially, PR will focus on completing development of the existing HVAC portfolio, consisting of more than 2 GW of solar generation across six states, and moving forward with plans to add new renewable energy projects to the development pipeline. Solar projects in the current portfolio are located primarily in the Midwest and Northeastern United States, including a concentration in the US Indiana, illinois, ArkansasAnd New York. Completion of construction and start of operations for the more advanced projects are scheduled for the second half of 2024.

SC group It has set a long-term goal to achieve carbon neutrality in its business operations by 2050, and a medium-term goal of having net renewable generation capacity of 5 GW or more by 2030. SC group The Group’s mission is to achieve sustainable growth with society, and the Group works to develop renewable energy generation globally via wind, solar, geothermal and hydropower, with a currently owned net generation capacity of approximately 2.1 GW (as of June 2023). SC group It focused on practical business investments and established a global organizational structure to support its electric power business at a group level.

in United State, SC group It has invested in and operated seven renewable energy companies since its first investment in onshore wind power generation business in 2009. Currently, through we Energy Development and Investment Company Perennial Power Holdings, Inc (Lasting power), a wholly owned subsidiary of the group which was established in 2002, SC group The company maintains five renewable energy projects, mostly onshore wind generation (approximate gross generation capacity: 640 MW, net owned generation capacity: 313 MW), and aims to expand net owned generation capacity to 1 GW by 2030.

SC group It will continue to grow its renewable energy business by adding more projects in the pipeline while developing multiple early-stage projects. The company is committed to contributing to achieving a sustainable society by using its experience gained through existing businesses and expanding its renewable business in United State.

on Sumitomo Corporation
Sumitomo Corporation (“SC”) is a leading global Fortune 500 trading and business investment company with 129 locations in 66 countries. complete SC group It consists of more than 800 companies and more than 78,000 employees. SC conducts commodity transactions in all industries using global networks, provides relevant clients with diversified financing, acts as an arranger and coordinator of various projects, and invests in companies to foster greater growth potential. SC’s core business areas include mineral products, transportation and construction systems, environment and infrastructure, media, networks, lifestyle goods and services, mineral resources, energy, chemicals and electronics.

on Sumitomo Americas Corporation
Sumitomo Americas Corporation SCOA was founded in 1952 and is headquartered in New York City It has nine main offices we Cities. SCOA is the largest subsidiary of Sumitomo Corporation, one of the world’s largest traders of goods and services. As an integrated business enterprise, the company has emerged as a major multinational venture organizer, idea accelerator, important international investor and financier, and a powerful product distribution and global communications force through a network of offices around the world. Its core business units include Tubular Products, Environment & Infrastructure, Steel & Non-Ferrous Metals, Transportation & Building Systems, Chemicals & Electronics, Media & IoT Applications, Real Estate, Mineral Resources & Energy, and Food. For more information, visit www.sumitomocorp.com

About the renewable capital advantage
Advantage Capital Renewables is the renewable energy platform of a leading impact investing firm, Capital advantage, which works to bring businesses, jobs, and technologies to communities that have historically lacked access to investment. Advantage Capital Renewables finances and develops high-impact utility-scale solar and battery storage projects that expand access to clean energy solutions.

Disclosures:

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source Sumitomo Americas Corporation