Sumitomo, AMPIN collaborate to develop 1 GW RE in India

Sumitomo Corporation has formed a joint venture with AMPIN Energy Transition Pvt Ltd to form AMPIN C&I Power Pvt Ltd for developing renewable energy assets in India and promoting corporate Power Purchase Agreements (PPAs) for supplying renewable electricity to businesses. The total project cost is approximately 100 billion yen and is expected to create a 1 GW portfolio of renewable energy assets backed by corporate PPAs.

The joint venture will be owned 51% by AMPIN and 49% by Sumitomo. Funds will be allocated towards developing, constructing, and operating State Transmission Utility (STU)-connected renewable energy projects, catering to commercial and industrial (C&I) consumers. The collaboration will leverage AMPIN’s local expertise and Sumitomo’s global business network, including connections with Japanese companies.

This initiative marks the first time Sumitomo Corporation will supply renewable electricity to corporate clients in India, with plans to deliver 1 GW over the next few years. The corporate PPA business is growing rapidly in India, which has become the third-largest market globally, after the United States and Spain, driven by regulatory changes and incentives to reduce greenhouse gas emissions.