Pacifico and Sumitomo Partner on USD 93M Solar and Battery Projects in US
This USD 93 million venture includes previous funding from Mitsubishi UFJ Financial Group (MUFG).
June 27, 2024. By Abha Rustagi
This USD 93 million venture includes previous funding from Mitsubishi UFJ Financial Group (MUFG). The projects, totaling 27 MW of solar PV and 25 MWh of battery storage, are set to provide substantial cost savings of over USD 46 million to customers and support the ongoing transition to sustainable energy.
Kevin Pratt, President of Pacifico Power, emphasized the significance of this collaboration, stating, "We’re pleased to announce Pacifico’s latest financing partnerships with Sumitomo and MUFG as we continue to accelerate deployment of clean energy infrastructure nationwide."
The portfolio features a mix of community solar developments in Massachusetts, under the Solar Massachusetts Renewable Target (SMART) program, aimed at benefiting low-to-moderate income households, and behind-the-meter projects in California designed for commercial and industrial customers. This marks SCOA’s first investment in distributed generation and reflects its dedication to reducing carbon emissions and enhancing grid resiliency.
The partnership is a notable milestone for Pacifico, marking its first utilization of the transferability provisions of the Inflation Reduction Act, allowing for the monetization of the projects' investment tax credits. Nate Franklin, CEO of Pacifico Energy Group, highlighted the strategic importance of this move, saying, “It’s an honor to work with MUFG again on this opportunity, solidifying our ongoing partnership in renewables over the past decade.”
This collaboration will advance Pacifico's role in the US renewable energy market and will also pave the way for further expansion of community solar business models in the US, Japan, and beyond.
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