Japan headquartered Sumitomo Corporation, through its subsidiary Sumitomo Corporation of Americas (SCOA) and Perennial Power Holdings, has formed a joint venture with CEP Solar to develop PV and battery storage projects across Virginia. The new venture aims to commercialize a portfolio exceeding 1.5 GW of renewable energy, with construction set to begin in late 2025. This partnership leverages CEP’s local expertise and SC Group’s financial strength to help meet the increasing demand for renewable energy in Virginia, driven by the Virginia Clean Economy Act (VCEA), which mandates 100% clean energy by 2050. AdditionallySumitomo aims to expand its renewable energy capacity to 5 GW by 2030.