Image: Ampin Energy Transition
Japan’s Sumitomo Corp. has entered the Indian commercial and industrial renewable energy market in partnership with India’s Ampin Energy Transition.
The two partners have formed a joint venture, Ampin C&I Power, to develop renewable energy sources in India and supply electricity to commercial and industrial customers under power purchase agreements (PPAs). The company will create a portfolio of 1 GW of renewable energy assets, with a total project investment of approximately JPY 100 billion ($711 million).
Ampin will own 51% of the company, while Sumitomo will own 49%. The funds will support the development, construction and operation of State Transmission Undertaking (STU) connected projects that provide renewable energy to commercial and industrial (C&I) consumers.
The new company plans to expand by leveraging Ampin Energy Transition’s local expertise and Sumitomo’s global network of Japanese companies built through its international operations.
This is Sumitomo Corp.’s first venture. in providing renewable energy to business customers in India, with the aim of supplying 1 GW of electricity in the coming years.
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