Japan’s Sumitomo Corp. has entered India’s commercial and industrial renewable energy market in collaboration with AMPIN Energy Transition, a renewable energy transition company in India. The two partners have formed a joint venture company, AMPIN C&I Power, to develop renewable energy sources in India and supply the generated RE electricity to commercial and industrial client under power purchase agreement (PPA). The JV will create a 1 GW portfolio of renewable energy assets with total project investment of around 100 billion yen ($711 million).
The JV will be owned 51% by AMPIN and 49% by Sumitomo. The allocated funds will be used for the development, construction, and operation of state transmission utility (STU) connected projects providing renewable energy to commercial & industrial (C&I) consumers.
The new company will focus on expanding its business by leveraging the Indian knowledge of its local partner, AMPIN Energy Transition, and the network of Japanese companies that Sumitomo Corp. has cultivated through its business in various countries around the world. This project will be the first time that Sumitomo Corp. will supply electricity derived from renewable energy sources to corporate clients in India, and the company aims to supply 1 GW of electricity over the next few years.
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