Sumitomo Corp. of Americas and Advantage Capital (AC), a U.S. impact investment firm, have unveiled a renewable-energy development company in the United States.
Perennial Renewables (PR) is a limited liability company that develops renewable-energy projects, with a focus on solar power generation. The company will leverage AC's development team expertise on site control and interconnection and SC Group's strength in project finance arrangement to simultaneously develop multiple renewable-energy projects.
At the outset, PR will focus on completing the development of AC's current portfolio, consisting of more than 2 gigawatts of solar generation across six states, and 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 most advanced projects are scheduled