Sumitomo Corporation, through Sumitomo Corporation of Americas, together with Advantage Capital has established Perennial Renewables LLC, ‘PR’, a company that develops renewable energy projects with a focus on solar power generation.
At the outset, PR will focus on completing the development of AC's current portfolio, consisting of more than 2 GW of solar generation across six states, and plans to add new renewable energy projects into the development pipeline. The solar projects in the current portfolio are located mainly in the Midwest and Northeastern United States including a concentration in the states of Indiana, Illinois, Arkansas, and New York. The completion of construction and commencement of operations for the most advanced projects is scheduled for the second half of 2024.
SC Group has set a long-term goal of to achieving carbon neutrality within its business operations by 2050, and a medium-term goal of renewable energy net ownership generation capacity reaching 5 GW or more by 2030. SC Group is developing renewable energy generation in its global operations via wind, solar, geothermal, and hydroelectric power, with a present net-owned generation capacity of approximately 2.1 GW (as of June 2023).
In the United States, SC Group has achieved investment and operation of seven renewable energy businesses since its first investment in the onshore wind power generation business in 2009. Currently, through US power development and investment company Perennial Power Holdings, the Group's wholly owned subsidiary established in 2002, SC Group maintains five renewable energy projects, mainly onshore wind power generation (approximate total generation capacity 640 MW, net owned generation capacity 313 MW), and aims to expand the net ownership generation capacity to 1 GW by 2030.