Sumitomo Enters India's Renewable Energy Market with $711 Million Investment
Japan’s Sumitomo Corporation has entered India’s renewable energy market with a $711.54 million (JPY100 billion) investment, partnering with AMPIN Energy Transition Private Limited. Together, they have established a joint venture company, AMPIN C&I Power Private Limited, with Sumitomo holding a 49% stake and AMPIN controlling 51%. The new entity will focus on developing clean energy sources in India, primarily solar and wind, for corporate clients.
Through power purchase agreements (PPA), the joint venture aims to supply one gigawatt of renewable energy to industries within the next few years, with plans for further expansion. Seiji Kitajima, General Manager of Sumitomo's Energy Innovation Initiative Strategic Business Unit, highlighted that this is one of the largest corporate PPA projects by a Japanese company in India.
Pinaki Bhattacharya, Founder and CEO of AMPIN Energy Transition, emphasized that the partnership combines their expertise and resources to co-develop renewable energy projects that will contribute to India’s energy transition while offering long-term returns.
India’s ambitious goal of achieving net-zero emissions by 2070 and its target of generating 50% of its energy from renewable sources by 2030 make it an attractive market. With regulatory reforms improving access to transmission and distribution networks, India now has the third-largest corporate PPA market in the world, following the US and Spain. Sumitomo’s entry signals increasing international interest in India’s rapidly growing renewable energy sector.