Sumitomo Establishes U.S. Renewables Development Company
By Ben Glickman
Sumitomo Corp. said Monday it has established Perennial Renewables, a U.S. company to develop renewable energy projects.
The trading and investment company said its U.S. subsidiary, Sumitomo Corporation of Americas, would invest in the new venture along with Advantage Capital, an American renewable energy investment firm.
Sumitomo said the new company would focus specifically on solar power projects. The company will start by developing a handful of solar projects in the Midwest and northeastern U.S. already owned by Sumitomo, with the "most advanced projects" set to be completed and operational in the second half of 2024.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
September 11, 2023 15:57 ET (19:57 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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