Sumitomo Corporation launches second renewable energy fund

Sumitomo Corporation, Sumitomo Mitsui Banking Corporation, and the Development Bank of Japan, Inc. have established a second renewable energy fund through Spring Infrastructure Capital Co., Ltd.

The Fund is the second fund following the first established by SIC in 2019 to invest in offshore wind power projects overseas (in the UK). The Fund’s investment targets are solar power projects in operation in Japan, and it has received investment commitments totaling approximately JPY13 billion (US$101.44 million) from several Japanese investors.

As its first investment, The Fund recently acquired 50% of the shares of two solar power generation companies in Minamisoma City, Fukushima Prefecture, owned by Sumitomo Corporation and Sumitomo Corporation Tohoku Co. Ltd. The Fund plans to acquire additional solar power generation facilities in 2022.