GreenFront Advises CEP Solar on Joint Venture and New Investment from Perennial Power Holdings

Strategic Partnership Enables CEP to Deliver Clean Energy Projects Across Virginia

October 15, 2024

GreenFront is pleased to announce the successful closing of CEP Solar’s (CEP) joint venture and new investment from Perennial Power Holdings, Inc. (Perennial), a subsidiary of Sumitomo Corporation of Americas (SCOA). The new investment enables CEP to commercialize its portfolio of solar and battery storage assets while originating new projects to support one of the fastest growing power markets in the country.

The partnership will leverage CEP's local development expertise and extensive network, combined with the project financing capabilities of SCOA and Perennial, to deliver solar and storage solutions throughout the Commonwealth. “CEP’s goal is to enable Virginia’s successful transition to a clean economy by developing the highest quality solar and storage projects through long-lasting relationships,” said Tyson Utt, Co-Founder of CEP. “This partnership with Perennial aligns with our core values and will accelerate our ability to deliver a scale-diversified portfolio, which consists of both solar and battery storage projects, providing long-term economic and environmental benefits for our partnering communities, landowners, and customers.”

Supported by Greenbacker Development Opportunities Fund I LLC’s initial investment in 2021, the company has scaled rapidly, growing its team and pipeline of solar and storage projects. This new partnership builds on that momentum by providing incremental funding across the capital stack that will enhance CEP’s commercial flexibility and improve the team’s ability to deliver new clean energy to Virginia.

“Our partnership with CEP provides Perennial with greater geographic diversity and exposure to highly attractive end markets, and further accelerates our efforts to expand renewable footprints in the United States,” said Takuya Yoshizawa, President of Perennial. “We’re excited about the new capabilities and market expertise the team brings to our platform.”

GreenFront Energy Partners acted as exclusive financial advisor and Spotts Fain served as legal counsel to CEP on the transaction. Norton Rose Fulbright served as legal counsel to Perennial.

Link here to transaction press release.