Sumitomo Corporation, in collaboration with AMPIN Energy Transition, has established a new venture, AMPIN C&I Power, to foster renewable energy development and supply in India.
With an investment of 100bn yen ($712m), the new company indicates Sumitomo’s entry into India’s corporate power purchase agreement (PPA) landscape.
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The partnership aims to address the country’s rising energy needs through renewable sources, marking Sumitomo’s entry into India’s corporate PPA market.
AMPIN Energy Transition founder, managing director and CEO Pinaki Bhattacharya stated: “This collaboration with Sumitomo Corporation highlights our unwavering commitment to accelerating renewable energy adoption in India.
“By combining our expertise and resources, we aim to co-develop and co-own renewable energy projects that will provide substantial long-term returns while significantly contributing to the nation’s energy transition goals.”
The new entity, AMPIN C&I Power, will focus on delivering power from renewable sources, such as solar and wind, to businesses across India.
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By GlobalDataSumitomo Corporation will hold a 49% stake in the venture, while AMPIN Energy Transition will retain the majority stake with 51%.
The collaboration is poised to contribute significantly to India’s energy sector.
The goal is to leverage Sumitomo’s global network of Japanese companies and AMPIN Energy Transition’s local market insights, supported by its 4GW renewable energy portfolio and ongoing projects.
The primary objective for AMPIN C&I Power is to secure new clientele, especially Japanese-affiliated commercial and industrial entities operating in India, with a target to supply 1GW of renewable power to various industries in the coming years.
Sumitomo Corporation Energy Innovation Initiative Strategic Business Unit general manager Seiji Kitajima stated: “With a total project cost of around 100 billion yen, we believe this is one of the largest corporate PPA projects undertaken by a Japanese company in India.
“We are delighted to collaborate with AMPIN Energy Transition and, through this partnership, will strive to expand renewable energy-based power sources in rapidly growing India.”
In August 2024, Sumitomo acquired an equity stake in EEW Offshore Wind Holding to enhance its monopile manufacturing capabilities.
