Sumitomo Corporation of Americas Diversifies Distributed Energy Business with Solar and Storage Investments, Possibility for Global Expansion

NEW YORK, June 26, 2024 /PRNewswire/ — Sumitomo Corporation, through Sumitomo Corporation of Americas (collectively, the “Sumitomo Corporation Group”), today announced a tax equity investment in a diversified portfolio of solar photovoltaic (PV) and battery storage projects led by Power Pacific. Sumitomo Corporation Group is expanding its Green Power Platform* business with this investment, which will be Sumitomo Corporation Group’s first in distributed generation.

The Sumitomo Corporation Group investment includes six projects including a 27 MW photovoltaic facility and a 25 MWh battery storage facility located in Massachusetts AND Californiawhich will meet the power demand of approximately 4,000 US households and support the transition to a more sustainable energy system. Two Massachusetts the projects are referred to as low-income community solar projects that were developed under the Solar Massachusetts Renewable Target (SMART) program. These projects provide access to the benefits of renewable energy and reduced electricity rates for local subscribers, especially those who do not have the opportunity to install a solar PV system on-site. Community solar subscribers include residential, commercial and industrial (C&I) customers. The Community solar market is expected to continue to grow and expand from 6 GW today to an estimated 14 GW by 2028, reflecting 8% annual growth.

Additionally, the portfolio includes four projects behind the counter in California which are designed to support C&I customers by integrating renewable energy into corporate sustainability strategies, as well as reducing energy costs and increasing reliability. Each project provides tailored energy solutions through the efficient use of on-site solar energy combined with battery energy storage systems (BESS) under a long-term energy services contract.

Solar energy production is intermittent, meaning it cannot always be generated evenly throughout the day due to limited hours of sunlight and other factors. In combination with the BESS system, it is possible to adjust the system’s power to demand, which improves efficiency and stabilizes the electricity transmission and distribution network. By integrating photovoltaics with BESS, Sumitomo Corporation Group intends to further deliver on its commitment to reduce greenhouse gas emissions and increase grid resilience, while supporting sustainable economic growth in local communities. Sumitomo Corporation Group’s partnership with Pacifico Power marks its proactive approach to a low-carbon future through critical support for the development of renewable energy sources and distributed generation, both in US and globally.

With the knowledge gained from this investment, Sumitomo Corporation Group will seek to identify further opportunities to expand the local solar business model in the market US, Japanand other countries in an effort to increase access to the enormous benefits of renewable energy. Sumitomo Corporation Group’s commitment to renewable energy and distributed energy resources will contribute to achieving sustainable growth and addressing important issues such as “Conquering Climate Change” and “Building a Resilient and Prosperous Society.”

“The Sumitomo Corporation Group is committed to ensuring all communities have access to the benefits of renewable energy solutions,” said Sandro Hasegawa, corporate director of Sumitomo Corporation, CEO of Energy Innovation Initiative Americas at Sumitomo Corporation of Americas. “Sumitomo Corporation Group has the experience and resources needed to support and develop these solutions United Statesand we are excited that these new projects will begin generating clean electricity.”

*A comprehensive renewable energy platform that can be achieved by organizing the development of distributed generation, increasing renewable energy and the use of batteries and electric vehicles.

About Sumitomo Corporation
Sumitomo Corporation (TYO: 8053) is an integrated trading company with a strong global network of 128 offices in 66 countries and regions. The Sumitomo Corporation Group consists of approximately 900 companies and 80,000 employees on a consolidated basis. The Group’s business activities are divided into the following nine groups: Steel, Automotive, Transportation and Building Systems, Diversified Urban Development, Media and Digital Technologies, Lifestyle Business, Mineral Resources, Chemical Solutions and Energy Transition Business. Sumitomo Corporation is committed to creating greater value for society through its corporate message of “Enriching Lives and the World,” based on the Sumitomo business philosophy that has been passed down for over 400 years. Sumitomo company

Founded in 1952, Sumitomo Corporation of Americas (SCOA) is the largest subsidiary of Sumitomo Corporation. Headquarters in New YorkSCOA has offices in 9 main locations US cities, four offices in Canada and two in Mexico. As an integrated business enterprise, the company has become a major organizer of international projects, a promoter of ideas, an important international investor and financier, and a powerful force in product distribution and global communications through a network of offices around the world. Its core business units include energy, automotive, social infrastructure, agri-food and life sciences, construction and transportation systems, real estate, mineral resources and energy innovation.

About the power of Pacifico
Pacifico Power is the American brand of Pacifico Energy Group, a dynamic developer and operator of renewable energy, specializing in the development, financing, construction and operation of distributed generation projects. With a focus on sustainability and innovation, Pacifico Power is at the forefront of the transition to clean energy solutions, leveraging cutting-edge technologies and strategic partnerships to ensure reliable, cost-effective and environmentally friendly electricity generation. Backed by a team of experienced specialists and a history of successful projects across technologies and markets, Pacifico Power is committed to driving the transition to a low carbon future, while creating value for its stakeholders and contributing to the global fight against climate change.

About Pacifico Energy Group
Pacifico Energy Group is a privately held, global investment holding company operating in: United States, Japan, VietnamAND Korea. Specializing in renewable energy, aviation, real estate and private equity, Pacifico Energy Group aspires to be a major player in global markets, especially those affected by the energy transition. To date, the company has successfully raised over $6 billion in debt and equity financing and has over 1.5 GW of renewable energy projects under construction or operation, with an additional 7 GW under construction. The Japanese branch of Pacifico Energy Group is currently the largest solar energy developer in the world Japan and continues to expand its operations. Other successful renewable energy projects include offshore and onshore wind, as well as commercial-scale battery deployments.

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SOURCE Sumitomo Corporation of America