Sumitomo & Advantage Capital Launch 2GW US Solar Business

• Perennial Renewables LLC is a joint venture between Sumitomo Corporation of Americas and Advantage Capital. The company is developing 2 GW of solar photovoltaic projects in the Midwest and Northeastern US, with operations by 2024. Additionally, plans to add new renewable energy projects are underway to help Sumitomo achieve 5 GW of renewable energy assets by 2030.

Sumitomo Corporation of Americas and Advantage Capital have partnered to form Perennial Renewables LLC, a company focused on developing solar photovoltaic projects in the US. These projects, with a combined capacity of 2 GW, are located in the Midwest and Northeastern US and are expected to be operational by 2024. The new company plans to add new renewable energy projects to its pipeline, and it will help Sumitomo achieve its goal of 5 GW of renewable energy assets by 2030.

How Will Perennial Renewables LLC Advance Sumitomo's Renewable Energy Goals?

• Perennial Renewables LLC will use Advantage Capital’s expertise in project and asset management to develop and maintain its solar photovoltaic projects.
• The new company will improve Sumitomo’s investments in renewable energy by making use of its financial strength and long-term commitment to the technology.
• Perennial Renewables LLC will enable Sumitomo to expand its renewable energy portfolio by adding more solar photovoltaic projects in the US.
• The new projects will help Sumitomo achieve its target of 5 GW of renewable energy assets by 2030, as well as its commitment to reduce carbon emissions.
  
• Perennial Renewables LLC will also provide Sumitomo with access to new markets, allowing it to tap into the growing demand for renewable energy in the US.
• The new company will help Sumitomo to become a leader in the renewable energy industry, providing clean and sustainable energy solutions to the global market.