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Decentralized solutions like microgrids offer resilience against grid failures and natural disasters—a crucial consideration in states like California that are prone to wildfires and earthquakes. Source: PV Magazine April 9, 2025 | Kevin Pratt Image: Pacifico Energy As California works toward its ambitious clean energy vision, an almost counterintuitive challenge has emerged: The state is, at times, generating more solar energy than it can handle. It’s gotten to the point where loads of clean energy are going to waste. Renowned for its progressive strides toward a clean energy future, California faces an ironic and pressing dilemma. On one hand, most days, the state is generating more renewable energy than it can use, which seems like a great problem to have. On the other, this surplus is bottlenecked by an overburdened and inefficient grid, hindering both new energy generation and the integration of new business operations that require significant energy. The heart of the problem lies in a grid that is clogged and outdated, offering no clear path for interconnecting significant new users of energy or generation sources. While many look to battery storage solutions to absorb excess energy and smooth out supply and demand, this is not the only way—nor is it likely the optimal one. The solution? Embracing strategic siting of generation assets alongside new load to take advantage of the existing midday surplus of energy without adding stress during peak congestion times. This approach allows us to get more out of the existing grid without upgrades, shields ratepayers, and accommodates new load to drive industry. Visit the CAISO price map on any sunny afternoon, and you’ll witness a peculiar sight: dozens and dozens of blue dots representing negative electricity prices. This means energy producers are effectively paying to supply power to the grid. While seemingly a boon for consumers, it’s also a glaring symptom of systemic inefficiency. The grid is saturated, often functionally operating outside the rated effective load carrying capacity. Simultaneously, new large-scale business operations—like data centers, EV charging hubs, & onshoring new manufacturing facilities —are facing prohibitive costs and lengthy timelines to connect to this congested grid. Integrating these substantial loads requires significant grid upgrades, which are both time-consuming and expensive. Consider a new data center seeking to establish operations in Silicon Valley. The demand for such facilities is skyrocketing, with many tech companies seeing data center capacity as an existential key to their business. However, when attempting to connect to the grid, the data center faces a daunting reality: multi-year timelines and exorbitant costs for grid upgrades. The process is so inefficient that it threatens to derail the project entirely. This isn’t an isolated incident; it’s a recurring theme across the state. Large new load applications are met with lengthy interconnection studies, costly infrastructure investments, and no guarantees of timely completion. Meanwhile, renewable energy producers are disincentivized from adding new generation capacity due to the grid’s inability to clear the existing interconnection queues and handle existing surplus. The paradox is stark: California has both the supply and the demand for energy, but the grid stands as a barrier between the two. The inefficiency not only wastes clean energy but also hampers the state’s economic and environmental objectives. Many point to battery storage as a solution, storing excess energy during periods of surplus and releasing it during peak demand. While energy storage systems can play a role, they’re not a panacea. Batteries are expensive, has environmental impacts associated with battery production and disposal, and does not address the underlying issue of grid congestion during peak times. Moreover, relying solely on storage solutions doesn’t make full use of the existing surplus in real-time, nor does it alleviate the bottleneck for new energy-intensive operations needing grid access. The effective, scalable solution lies in a reframing of how we generate and consume energy – strategically siting new loads with microgrids to align consumption with periods of surplus generation. By collocating energy-intensive operations with decentralized or onsite generation, we can take advantage of the existing midday surplus without adding stress during peak congestion times. This allows for better utilization of the current grid infrastructure, shields ratepayers from the costs of grid upgrades, and supports new industrial growth. Take, for example, a manufacturing facility in Fresno. By strategically timing its highest energy consumption to coincide with peak solar production and integrating with a microgrid that includes onsite renewable energy generation, the facility can significantly reduce its reliance on the congested grid during peak times. This approach not only alleviates pressure on the grid but also provides the facility with energy cost savings and resilience against outages. Unlike relying on battery storage alone, this method directly matches energy consumption with surplus generation, optimizing the use of available resources. Decentralized solutions like microgrids also offer resilience against grid failures and natural disasters—a crucial consideration in a state prone to wildfires and earthquakes. Microgrids can operate independently during outages, ensuring that critical facilities and new business operations remain operational. By aligning energy-intensive operations with periods of surplus generation and integrating them within microgrids, we create a synergistic relationship that benefits both the grid and the consumer. Policymakers need to prioritize streamlined, adaptive regulations that encourage rapid deployment of decentralized energy systems and strategic load siting. This includes simplifying interconnection procedures, offering incentives for onsite generation and flexible consumption patterns, expanding microgrid tariffs and programs, and removing barriers that currently hinder progress. Here are three examples of policies that would move the needle: Rather than defining all power generators as public utilities and carving out a subset of exceptions, set narrow and strict criteria for public utilities to reduce the regulatory burden on private energy ventures. Modernize microgrid definitions and tariffs with an intent to be more permissive, including relaxing parcel ownership and siting criteria to make more sites eligible for collocated energy solutions. Allow private energy producers to wheel power on public utility lines for a fee, where there is capacity, to get further utilization from existing infrastructure and allow flexibility in siting new energy resources. By focusing on strategic load siting and decentralized solutions, California can transform its energy landscape, overcoming inefficiency through innovation. Each successful deployment of a microgrid or onsite generation project not only demonstrates the feasibility of this approach but also serves as a catalyst for broader change. These projects showcase how aligning energy consumption with periods of surplus generation can effectively meet demand, reduce strain on the grid, and make productive use of renewable energy that might otherwise go to waste. Decentralized generation and strategic load siting align with California’s environmental and economic objectives. They accelerate the adoption of renewable energy, reduce greenhouse gas emissions, and promote energy independence. They also spur job creation in the burgeoning clean energy sector, fostering economic growth while addressing climate change. The transition to this model isn’t just a technological shift; it’s a paradigm change in how we perceive and manage energy. It empowers communities and businesses to take control of their energy futures, fosters innovation, and enhances resilience. It moves us away from an outdated, centralized model that no longer serves our needs toward a flexible, efficient system designed for the realities of the 21st century. The path forward requires collaboration among policymakers, energy practitioners, businesses, and communities. It demands a shift from complacency to action, from centralized control to localized empowerment. The challenges are significant, but so are the opportunities. By unlocking the grid through strategically siting generating resources alongside new load, California can continue striding into future. Kevin Pratt is the Chief Operating Officer of Pacifico Energy, a commercial and industrial energy developer. He joined Pacifico Energy in July 2020, after roles in the U.S. Army, the FBI, and Boston Consulting Group. Pratt holds an MBA from the University of Southern California.

Author: Otto Gunderson Source: The Energy Pioneer In certain situations, forgoing interconnection and relying instead on microgrids may be the best solution. This is particularly true for large power users, such as data centers. Kevin Pratt, Chief Operating Officer at Pacifico Energy, explained how microgrids are a strong alternative in situations where a single off-taker could require the same amount of power as a whole line of small off-takers. As Pratt outlined, requiring the utility to build new distribution lines to power something as large as a data center is not only expensive and slow-moving but could negatively affect power access to other people on the grid. This would undoubtedly be a case where utilities should not attempt to “build their way out”.  With the anticipated growth in energy demand, the creation of a "smart grid" can improve distribution, incorporate more renewable projects, and handle the expected increase from EVs, data centers, and AI. Rather than pressuring utilities into a costly, time-intensive, and hardware-based improvement for every line in the country, new technologies that provide similar benefits can reduce cost and prevent delays. These technologies encompass both hardware and software innovations, with applications that range from enhanced efficiency to mitigating the effects of disasters. By adopting new technologies now, utilities can build a transmission grid well-positioned for an efficient and resilient renewable-based economy. Updating the power grid in the United States is a necessity, but has thus far proven to be an expensive and slow process. This is partly due to the current state of the infrastructure. Kaitlyn Albertoli, Co-founder and CEO of Buzz Solutions, explained that utilities cannot simply “build their way out” of their current situation. Albertoli outlined how providing utilities with accurate information regarding asset location is critical to improving resiliency and efficiency, enabling improvements to be made where they are most needed. Similarly, using AI technologies to analyze thousands of images and structures can play a role in preventing grid strain and allow for more efficient and targeted upgrades. Rather than shouldering the cost of updating an entire grid infrastructure, utilities may turn to new technologies, which allow for better flows of both electricity and information at a fraction of the cost. One of these new technologies, developed by the Chicago-based company Switched Source, enables power grids to allocate power more effectively in the event of a disruption. Utilities can use these automation tools to locate outages, develop load management, and improve distribution. During a tour of the Switched Source Facility, Switched Source Co-Founder and President Charles Murray outlined how utilities already stretched to the limit can utilize new technologies to increase capacity by 10-15% in a matter of hours, for a fraction of the cost of upgrading an entire network. New technologies, such as the Phase EQ, allow for greater resiliency and a 10-15% capacity increase without the need to rebuild grid infrastructure. Photo Provided by Switched Source Grid improvement technologies will also prove crucial in the addition of new distributed generation renewable energy projects. An article by the Institute of Electrical and Electronics Engineers  (IEEE) found that constant communication between renewable projects and a smart grid would allow for less downtime and optimize energy usage. Additionally, smart grids can incorporate renewable energy projects while limiting the need for expensive and slow-moving infrastructure build-out. To best understand where changes need to be made to the grid, vast amounts of data must be gathered continuously. Colin Gibbs, Vice President at Sense, outlined how new software platforms can provide a constant stream of information back to the user. These platform, which allows for 15,000 reads per second, can reduce strain on the power grid while generating savings for owners. For instance, homes with electric vehicles would be able to optimize charging times. Using raw electrical signals can facilitate an understanding of exactly where energy is being used and how to utilize it more efficiently. Additionally, the methods of communication used at Sense are bi-directional, meaning the utility can monitor real-time data to see faults in a distribution network, reducing downtime. In certain situations, forgoing interconnection and relying instead on microgrids may be the best solution. This is particularly true for large power users, such as data centers. Kevin Pratt, Chief Operating Officer at Pacifico Energy, explained how microgrids are a strong alternative in situations where a single off-taker could require the same amount of power as a whole line of small off-takers. As Pratt outlined, requiring the utility to build new distribution lines to power something as large as a data center is not only expensive and slow-moving but could negatively affect power access to other people on the grid. This would undoubtedly be a case where utilities should not attempt to “build their way out”.  Creating a "Smart Grid" allows for easier adoption of renewable projects into the grid. Photo Provided by Pacifico Energy While all of these technologies, along with many others currently in testing and production, will contribute to improvements across the transmission grid, they will not replace the need for certain infrastructure upgrades. As a report from Grid Strategies  outlines, electricity demand is expected to grow 15.8% by 2029. Undoubtedly, utility companies will need to construct new transmission lines and upgrade their infrastructure to varying degrees. However, new technologies can improve this process, increase grid efficiency, and facilitate the growth of green energy.

Max Issokson Research Analyst, US Distributed Solar Source: Wood Mackenzie "In the commercial solar-plus-storage rankings, Pacifico Power  led with a 20% market share in 2024 due to strong deployments in California and Massachusetts." Tracking distributed solar and storage competitive landscapes Tesla's Powerwall 3 shakes up the residential inverter supplier market The commercial and community solar segments set annual records for installed capacity in 2024, but the residential segment declined. All segments, however, saw shifting competitive landscapes for installers and equipment manufacturers.   In Wood Mackenzie’s quarterly  US Distributed Solar Leaderboard and US Distributed Solar-plus-storage Leaderboard , both available via the  US Distributed Solar Service , we rank the top solar installers and equipment suppliers. Read on for an overview of our key findings from 2024.   Sunrun and Freedom Forever gain market share amidst a residential solar contraction  Turbulence persisted in the residential solar market in 2024. The segment experienced a 31% decline compared to 2023, marking the lowest year of installed capacity since 2021. Installers faced tough market conditions, with sustained high interest rates, high customer acquisition costs, and cash flow constraints. Two high-profile installer bankruptcies also slowed deployments.   Despite the broader market downturn, Sunrun and Freedom Forever gained market share. The companies held 12% and 7% of the market in 2024, respectively, up from 11% and 5% in 2023. Sunrun's focus on its third-party-ownership subscription model and leadership in energy storage pairing allowed the company to gain market share. Freedom Forever captured market share by expanding its services to new state markets and continuing to focus on providing a premium offering with aggressive pricing.   The new administration and financier instability are driving uncertainty for what’s to come in 2025. Companies that can navigate the changing landscape, optimise their operations, and provide a compelling value proposition to consumers will emerge stronger next year. Tesla makes gains in the residential inverter market with Powerwall 3  Enphase and SolarEdge have dominated the residential inverter space for the past several years. Since 2019, the companies have consistently held a combined market share of over 80%. However, their grip on the market is loosening as we enter 2025, with Tesla emerging as a formidable competitor.  Tesla's market presence has grown significantly since launching its first solar inverter in 2021. The company captured 3% of the inverter market in 2021, rising to nearly 5% in 2023. The introduction of Powerwall 3, which features an integrated inverter, has propelled Tesla's market share to 10% in 2024.  The Powerwall 3 has gained market share because of its attractive pricing and ease of installation. Its success also reflects the growing momentum of residential solar-plus-storage. Solar-plus-storage installations grew 44% in 2024, accounting for 28% of residential solar. Wood Mackenzie forecasts the residential attachment rate will reach 35% in 2025.   Tesla's gains have come at the expense of established players. Enphase's market share fell from 55% in 2023 to 47% in 2024. In Q4 2024, Enphase's market share dipped below 40% for the first time since Q2 2020. The SunPower bankruptcy and competition from Powerwall 3 proved to be strong headwinds for the company.  As the solar-plus-storage market grows, we expect storage products with integrated inverters to gain popularity due to their simplified installation process. Enphase and SolarEdge both offer storage products but lack solutions (for now) with integrated inverters that match the Powerwall 3's price point. Enphase and SolarEdge must innovate to maintain their positions in this increasingly competitive landscape.  Nexamp continues to lead the community solar market  Nexamp topped the community solar rankings for the second consecutive year in 2024. The company continued to lead the market by expanding its footprint in key states.   The US community solar market installed a record-breaking 1.7 GWdc of capacity in 2024, a 35% increase from 2023. This growth was primarily led by New York, Maine, and Illinois, accounting for 83% of the national volumes. Nexamp's strategic presence in these states allowed it to capitalise on the growing demand for community solar projects.  Summit Ridge Energy, Standard Solar and Pivot Energy followed Nexamp in the rankings, with market shares of 4%, 4%, and 3% respectively.   Additional findings from the latest Leaderboard include:   Tesla claimed the top spot in the residential storage supplier market with a 47% market share in 2024.   Chint Power Systems secured the #1 spot in the 2024 commercial inverter supplier ranking, passing SMA, which ranked #1 in 2022 and 2023.   In the commercial solar-plus-storage rankings, Pacifico Power led with a 20% market share in 2024 due to strong deployments in California and Massachusetts.

Exciting news for Data Centre Dynamics' event DCD>Connect | New York 2025 with Pacifico Energy Group joining the official sponsor lineup! As the flagship event for the North American data center industry, DCDConnect New York is set to take place on March 24-25, bringing together key players in the digital infrastructure space. Bringing together more than 3,500 senior leaders working on North America's largest data center projects, DCD>Connect | New York will drive industry collaboration, help forge new partnerships and identify innovative solutions to core challenges. Learn more here

Ventura Coastal - Citrus Processing & Food Manufacturing, Located in Visalia, California, USA Source: BusinessWire Over 21 MW of solar PV and 21 MWh of battery storage projects achieved commercial operation in December, providing clean energy to underserved communities and businesses in California and Massachusetts LOS ANGELES--( BUSINESS WIRE )-- Pacifico Power , a leading energy developer and energy services company, celebrates a year of exceptional achievements, including the commercial operation of 21.8 MW of solar photovoltaic (PV) and 21.3 MWh of battery storage projects in December. These projects mark critical infrastructure milestones, delivering clean energy and significant cost savings to community solar subscribers and prime power microgrid customers across the United States. As the U.S. segment of the Pacifico Energy Group, Pacifico Power will formally conduct its U.S. businesses under the Pacifico Energy flagship name moving forward as it expands into prime power and microgrid generation. Among Pacifico Power’s standout projects is the Bernardston Community Solar Project , a pioneering initiative under Massachusetts’ SMART (Solar Massachusetts Renewable Target) Program. Designed to serve low-income communities, the project ensures at least 50% of subscribers qualify as low-income households, guaranteeing them minimum energy bill savings of 10%. The 6.735 MW system incorporates state-of-the-art silicon wafer photovoltaic technology and a 6.708 MWh battery energy storage system to optimize energy delivery and enhance grid stability. Similarly, the Richardson Community Solar Project in Attleboro County, Massachusetts, exemplifies Pacifico Power’s commitment to energy equity and sustainability. The 6.435 MW system, also developed under the SMART Program, delivers clean energy to low-income households while meeting federal Low-Income Communities Bonus Credit Program requirements. Subscribers enjoy a 20% reduction on energy bills, making the project both impactful and economically viable. Community Solar Projects in Bernardston & Attleboro, Massachusetts, USA On the West Coast, Pacifico Power achieved significant progress with its Ventura Coastal Projects in California. These systems, comprising Tesla stationary battery energy storage systems paired with PV generation, were developed to meet the unique needs of Ventura Coastal, a citrus juice and extracts producer. The Tipton and Visalia projects will collectively provide over 13 MW of renewable energy and integrate advanced battery storage solutions, offering Ventura Coastal over 20% in annual energy cost savings while enabling 100% renewable energy usage. Sheep grazing under Ventura Coastal's solar array in Visalia, CA - an eco-friendly way to control vegetation “2024 has been a transformative year for Pacifico Power, driven by our commitment to energy equity, sustainability and innovation,” said Kevin Pratt, Chief Operating Officer of Pacifico Power. “We’re proud to deliver solutions that not only provide cost savings but also empower communities and businesses to take greater control of their energy.” Looking ahead to 2025, Pacifico Power plans to expand its footprint in distributed and prime generation, leveraging innovative financing models and strategic partnerships to bring additional energy projects online. The company remains committed to delivering clean, reliable energy solutions that create long-term value for customers and stakeholders alike. About Pacifico Power & Pacifico Energy Pacifico Power (“Pacifico”) is a forward-looking energy infrastructure platform that delivers customized industrial-scale on-site energy solutions to companies and communities looking to quickly secure reliable and affordable electricity. Pacifico develops, constructs, finances and invests in prime generation (microgrid) and distributed generation energy projects, which help companies and communities become less reliant on utility companies for electricity. Pacifico Power is the U.S. segment of the Pacifico Energy Group, which seeds and manages energy development companies around the world. Moving its focus toward prime power generation into 2025, Pacifico will formally operate in the U.S. as Pacifico Energy. ( https://pacificoenergy.com/ ) Contacts Media Contact: Tung N’Vietson Email: media@pacificoenergy.com

Party General Secretary Tô Lâm receives founder and CEO of US-based Pacifico Energy (PE) Nate Franklin. (Photo: VNA) Source: VietnamPlus, VNA Party General Secretary Tô Lâm praised PE’s contributions to Vietnam’s renewable energy sector and the broader Vietnam-US partnership. Hanoi (VNA) – Party General Secretary Tô Lâm on March 14 suggested US-based Pacifico Energy (PE) further expand its cooperation and investment in Vietnam, including new energy transition projects, while expediting ongoing initiatives. Hosting PE founder and CEO Nate Franklin in Hanoi, the Party leader praised PE’s contributions to Vietnam’s renewable energy sector and the broader Vietnam-US partnership. He affirmed that the US is one of Vietnam's most important economic partners, and the Comprehensive Strategic Partnership framework between the two countries is creating new opportunities and space for US businesses to invest and operate in the Southeast Asian nation. The Party chief reiterated Vietnam’s vision of becoming an upper middle-income country with a modern industrial base by 2030 and a developed nation with high income by 2045. To achieve these goals, Vietnam is committed to facilitating investment through institutional reforms. The country also remains steadfast in its pledge to reach net-zero emissions by 2050. He noted that a stable and clean energy supply is essential for Vietnam’s economic expansion. The government has been refining its legal framework to encourage energy firms to invest in the country, catering to domestic demand and the broader Southeast Asian market. Lâm also encouraged closer collaboration between PE and Vietnamese enterprises in technology transfer and capacity building to enhance the nation’s expertise in wind and renewable energy. Party General Secretary Tô Lâm suggests US-based Pacifico Energy (PE) further expand its cooperation and investment in Vietnam, including new energy transition projects, while expediting ongoing initiatives. (Photo: VNA) For his part, Franklin said Vietnam holds vast potential for offshore wind power, adding the group is committed to advancing surveys and project development to support the country's pursuit of double-digit economic growth. Franklin praised Vietnam’s efforts to improve its business climate and acknowledged the strong support from local authorities for US investors. He highlighted PE’s successful projects in Vietnam as a testament to the growing Vietnam-US Comprehensive Strategic Partnership and expressed confidence that they will pave the way for increased American investment. He pledged further investment in offshore wind and renewable energy to drive the nation’s sustainable economic growth and strengthen ties between the two nations.

Source: Yahoo! Finance The combined $29mm construction-to-permanent debt facility, $24mm transferability bridge loan, and $40mm tax equity commitment will support Pacifico's 27 MW solar + 25 MWh battery storage portfolio in California and Massachusetts. Los Angeles, California, USA (June 26, 2024)  – Pacifico Energy Group, through its United States-focused renewable power development, energy services and financing subsidiary, Pacifico Power LLC (together, “Pacifico"), has partnered with Sumitomo Corporation, through Sumitomo Corporation of Americas (collectively, “Sumitomo Corporation Group" or “SCOA"), to finance a portfolio of solar photovoltaic (PV) plus battery energy storage system (BESS) projects. Pacifico secured $40 million in project tax equity funding from SCOA for a portfolio consisting of six projects totaling 27 MW of solar PV and 25 MWh of battery storage located in California and Massachusetts. The projects will provide customers with an estimated cost savings of more than $46 million over the course of the portfolio's useful lifetime, as well as support the ongoing transition to sustainable energy infrastructure. SCOA will act as a tax equity partner, while Pacifico will remain a sponsor owner and operator of the projects through direct subsidiaries. This will be SCOA's first investment in distributed generation and signals the group's continued commitment to renewable energy resources across the United States. The projects were developed and constructed by Pacifico Power with commercial operation expected by year end 2024.This innovative portfolio strategy includes a diverse combination of retail markets and private companies, the financing for which has historically been more difficult. The portfolio furthers Pacifico Power's goal to be a premier energy services provider for industrial customers turning to renewable-powered microgrid implementation for cost savings and energy independence from traditional utilities. The two projects in Massachusetts, developed under the Solar Massachusetts Renewable Target (SMART) program, are community solar developments wherein over half of the energy produced will be dedicated to serving low-to-moderate income households. Community solar subscribers for the projects include both residential as well as commercial and industrial (C&I) customers. These projects provide access to the benefits of renewable energy for local subscribers, especially those without the ability to install onsite solar. The community solar market is expected to undergo continued growth and expand from its current size of 6 GW to an estimated 14 GW by 2028, reflecting 8% annual growth.Additionally, the portfolio includes four behind-the-meter projects in California that are designed to support C&I customers by integrating renewable energy into corporate sustainability strategies, while also reducing energy costs and enhancing reliability. Each project provides tailored energy solutions through the efficient use of onsite solar paired with BESS under a long-term energy services agreement. This follows the successful close of a $29 million deal with Mitsubishi UFJ Financial Group (“MUFG") for a construction-to-permanent debt facility and $24 million transferability bridge loan for the portfolio in January 2024 – for a total transaction value of $93 million in funding for the Pacifico Power projects. The transaction marks Pacifico's first to leverage the transferability provisions of the Inflation Reduction Act allowing monetization of the projects' investment tax credits, as well as one of the first such transactions in the industry. "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," stated Kevin Pratt, President of Pacifico Power. “As one of the first participants to close a transferability bridge loan under the IRA and a tax equity vehicle of this nature, we're excited to build on the momentum that Pacifico is experiencing within clean energy." MUFG has been a long-term banking partner to Pacifico's operations in Asia, where the group helped finance Pacifico's first utility-scale project in Japan and ultimately the company's first distributed generation deal in the U.S. “It's an honor to work with MUFG again on this opportunity, solidifying our ongoing partnership in renewables over the past decade," noted Nate Franklin, CEO of Pacifico Energy Group. “Pacifico and MUFG successfully executed MUFG's first non-recourse project financing transaction domestically in 2014, and we continue to innovate in the clean energy space, marked by the close of our first transferability bridge loan for this portfolio." Meanwhile, SCOA's collaboration with Pacifico Power signifies its proactive approach to embracing a low-carbon future through critical support for the development of renewables and distributed generation, both in the U.S. and globally. By integrating solar PV with BESS, Sumitomo Corporation Group aims to continue to deliver on its commitment to reduce carbon emissions and enhance grid resiliency, while also fostering sustainable economic growth in local communities. Through the knowledge gained as part of this investment, Sumitomo Corporation and Mitsubishi UFJ Financial Group will seek to identify further opportunities to expand the community solar business model in the U.S., Japan, and other countries in an effort to increase access to the immense benefits of renewable energy. ------------------------------ About Pacifico Energy Group Pacifico Energy Group is a privately held global investment holding company with operations in the United States, Japan, Vietnam, and Korea. Specializing in renewable energy, aviation, real estate, and private equity, Pacifico Energy Group aspires to be a major player in global markets, particularly those impacted by the energy transition. To date, the company has successfully raised over $5+ billion in debt and equity financing and has over 1.5 GW of renewable energy projects in construction or operation, with an additional 7 GW under development. Pacifico Energy Group's Japanese division is currently the largest solar developer in Japan and is continuing to expand its operations. Other successful renewable projects include offshore and onshore wind, as well as merchant utility-scale battery deployments. ( www.pacificoenergy.com ) About Pacifico Power Pacifico Power is Pacifico Energy Group's United States-focused subsidiary and is a dynamic renewable energy developer and energy services company, 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 towards clean energy solutions, leveraging cutting-edge technology and strategic partnerships to deliver reliable, cost-effective, and environmentally friendly electricity generation. Backed by a team of experienced professionals and a track record of successful projects across various 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. ( www.pacificopower.com ) About Sumitomo Corporation Sumitomo Corporation (TYO: 8053) is an integrated trading company with a strong global network comprising 129 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 spread across the following nine groups: Steel, Automotive, Transportation & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions and Energy Transformation Business. Sumitomo Corporation is committed to creating greater value for society under the corporate message of "Enriching lives and the world," based on Sumitomo's business philosophy passed down for over 400 years. ( www.sumitomocorp.com ) About Sumitomo Corporation of Americas Sumitomo Corporation of Americas is the largest subsidiary of Sumitomo Corporation, a leading global trading company, with 108 locations in 65 countries and 20 locations in Japan. The entire Sumitomo Corporation Group consists of 900 companies and more than 80,000 personnel. The Sumitomo business is continuously expanding into a diverse range of products and services. As of December 31, 2023, Sumitomo had total assets of over $72 billion and cash-on-hand of over $4.26 billion. ( www.sumitomocorp.com ) About Mitsubishi UFJ Financial Group MUFG (Mitsubishi UFJ Financial Group) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with over 2,100 locations in more than 40 markets including the Americas, Europe, the Middle East and Africa, Asia and Oceania. The Group has over 120,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. Through close partnerships among our group companies, the Group aims to be the world's most trusted financial group, flexibly responding to all of the financial needs of its customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges. ( www.mufg.jp )

Pacifico Energy K.K. (headquartered in Minato-ku, Tokyo; Hiroki Matsuo, President & CEO; hereinafter referred to as "the Company") is delighted to announce the successful commencement of commercial operations for two Energy Storage System (ESS) facilities developed by the Company in Itoshima City, Fukuoka Prefecture, and Sapporo City, Hokkaido (referred to as the "ESS Projects"). These projects, which began operating in June 2023, mark a significant milestone as Japan's first large-scale grid connected ESS facilities involved in market bidding.* The ESS facilities have been specifically designed to enhance the stability of the power grid by providing ancillary services, capacity services and energy arbitrage. These projects were chosen by the Ministry of Energy, Trade, and Industry (METI) under the "Subsidy for Grid Storage Battery Installation Support Project for Accelerating the Introduction of Renewable Energy in 2021" initiative. Pacifico Energy has an impressive cumulative total of 1,172 MW (DC basis) of completed solar power plants to date, establishing itself as the largest renewable energy developer in Japan. As a leader in renewable energy development, the Company established battery storage business department in 2021, and within a span of two years, it had successfully achieved commercial operation of these pioneering ESS plants. Advancing the integration of ESS facilities into Japan's power system is crucial for advancing renewable energy (which may fluctuate under the actual weather conditions) as the primary power source in the country. By mitigating the impacts of weather-related fluctuations in renewable energy generation and grid bottle necks, ESS facilities play a vital role in achieving this goal. Having utilized our global network and knowledge in both renewable energy power sources and ESS facilities, Pacifico Energy remains committed to tackling this challenge by expanding both renewable energy power sources and ESS facilities. Our ultimate goal is to introduce a reliable and sustainable long-term power source while striving and materializing our future grid parity in the renewable energy sector. Furthermore, the Company is dedicated to the development and operation of power sources that are deeply integrated into local communities and promote coexistence with them. Its objective is to foster the widespread adoption of safe, clean, and affordable renewable energy solutions. *Projects that are not co-located with attached to an existing power source and are commercially viable through market trading of ESS services.

On September 15, 2023, sheep began weeding at the Pacifico Energy Furukawa Mega Solar Power Plant in Osaki City, Miyagi Prefecture. This time, with the cooperation of a company that fattens sheep near the power plant, we welcomed dozens of sheep. The sheep came out of the truck and ate the grass under the panels while observing their new home. The solar power plants operated by Pacifico Energy Co., Ltd. do not use herbicides or pesticides and are operated in harmony with the natural environment. We will contribute to improving security. Pacifico Energy will continue to aim to be an earth-friendly power plant operator while protecting the ecosystem of plants and animals that live within the power plant. To learn more about the sheep at Furukawa, follow this note: https://note.com/pacificoenergy/n/nfc81a9685110 Pacifico Energy Co., Ltd. Public Relations PR@pacificoenergy.jp

VGP/Nhat Bac, Prime Minister Pham Minh Chinh receives Chairman of Pacifico Energy Group Nate Franklin Pacifico Energy Group (headquartered in the United States) is the largest solar energy investor in Japan; one of the private renewable energy corporations with high growth rates in the region and the Asian market. From 2012 to present, Pacifico Energy has mobilized over 4.6 billion USD for dozens of projects (including solar power, wind power, offshore wind power, battery storage) with a total capacity of about 8.5 GW globally, focusing on Japan, the U.S., Korea and Vietnam. In Vietnam, Pacifico Energy is currently the largest renewable energy investor in the United States with the 40 MW Mui Ne solar power project in Binh Thuan and the 30 MW Sunpro wind power project in Ben Tre. At the meeting, Chairman of Pacifico Energy Group, Mr. Nate Franklin highly appreciated the establishment of a comprehensive strategic partnership between Vietnam and the United States and Prime Minister Pham Minh Chinh's business trip to the United States. He said that Vietnam, along with Japan and Korea, are the three most important markets of the Group. He wishes to continue investing in the field of renewable energy in Vietnam and share ideas for developing wind power outside the country of Vietnam. The Prime Minister affirmed that Vietnam always welcomes, encourages and creates favorable conditions for foreign investors, including investment projects in the field of renewable energy in the spirit of "harmonious benefits, "shared risks" between the State, businesses, and people and comprehensively calculate all five factors including power source, power load, distribution, use of electricity and electricity price suitable to people's ability to pay, businesses and the economy. The Government of Vietnam welcomes and encourages Pacifico Energy Group's new ideas and investment plans in renewable energy and clean energy projects as well as commits to accompany, support and create all conditions. Favorable for Pacifico Energy and its partners to deploy effective, successful and sustainable business investment activities in Vietnam. The Prime Minister requested the Group to coordinate with agencies and partners in Vietnam to implement projects according to regulations, ensuring publicity and transparency.

On November 15, 2023, together with Hyogo Prefecture Environment Department staff and the Hyogo Environmental Creation Association, we visited the Prefectural Yumesaki no Mori Park and inspected the reforested areas. This is the second visit as part of the use of the "Hyogo Green Energy Blue Carbon Fund" donated by Pacifico Energy in 2022. In addition, we visited Oshio no Jigiku no Sato Park in Himeji City, where the fund is used for conservation, and were able to confirm the nursery and planting area of ​​the Nojigiku, the Hyogo Prefectural Flower. Pacifico Energy will actively support afforestation, which absorbs carbon dioxide and helps prevent global warming, and Satoyama conservation activities such as cultivating Japanese chrysanthemums. About the Hyogo Green Energy Blue Carbon Fund A fund for global warming prevention measures run by the Hyogo Environmental Creation Association, a public interest incorporated foundation. It promotes local contribution projects to combat global warming, such as solar power generation, forest conservation and creation activities at prefectural Furusato no Mori Park and other locations, and the regeneration of seaweed by creating shallow areas in the Seto Inland Sea.

Pacifico Energy Sanda Mega Solar Power Plant completed in August 2023 was published in Nikkei BP “Mega Solar Business". For more information on the Sanda Mega Solar Power Plant Project, you can find here. Pacifico Energy Public Relations PR@pacificoenergy.jp