US projects team represents Perennial Power Holdings in formation of US joint venture renewable energy development platform

Global law firm Norton Rose Fulbright represented Perennial Power Holdings, Inc. (Perennial Power), a wholly-owned subsidiary of Sumitomo Corporation of Americas (SC Group), in a joint venture transaction with Advantage Capital (AC) to establish Perennial Renewables LLC (PR), a limited liability company that develops renewable energy projects with a focus on solar power generation.

PR will first focus on completing the development of AC's current portfolio, consisting of 2+ GW of solar generation across six states, and will later add new renewable energy projects into the development pipeline. Located mainly in the Midwest and Northeastern United States, the solar projects are expected to be operational by the second half of 2024.

Established in 2002, Perennial Power is a power development and investment company wholly owned by SC Group that maintains five renewable energy projects in the US mostly comprised of onshore wind power generation. The projects currently have an approximate total generation capacity of 640 MW and a net-owned generation capacity of 313 MW, and the company aims to expand the net ownership generation capacity to 1 GW by 2030.

Norton Rose Fulbright's core deal team was led by Becky Diffen (Austin) and Erin Mitchell (Houston) and also included Shaileen Berlas (New York), Justin Lee (Los Angeles) and Lauryn Robinson (Austin).

Additional support was provided by Julie Searle (Austin), Christine Fernandez Owen, Emily Beckman, Kayce Borders (Chicago), Bob Greenslade (Denver), Jamila Mensah, Kevin Gieseke (Houston), Marjorie Glover, Gabrielle Jacques (New York), Hilary Lefko and Stefan Reisinger (Washington, DC).