Tokyo-based Sumitomo Corporation has announced a $710 million investment to build renewable energy (RE) projects in India, in collaboration with New Delhi-based AMPIN Energy Transition. The two companies have formed a joint venture, AMPIN C&I Power Private Ltd, to drive this initiative. This partnership marks Sumitomo’s official entry into India’s renewable energy market, with a focus on supplying green energy to commercial and industrial (C&I) clients.
The joint venture aims to develop a capacity of 1 GW of renewable energy, providing eco-friendly electricity to corporate customers across the country. This move aligns with India’s increasing demand for sustainable energy solutions as industries look to transition to greener power sources to meet environmental goals.
Sumitomo Corporation, a global trading conglomerate with a strong presence in metals and manufacturing, is leveraging its experience in large-scale industrial projects to expand into India’s rapidly growing renewable energy market. The company’s decision to invest in renewable energy reflects its commitment to supporting global sustainability efforts and reducing carbon footprints.
AMPIN Energy Transition, already established as a significant player in India’s green energy sector, will collaborate closely with Sumitomo to ensure the successful execution of these projects. By joining forces, the two companies aim to accelerate the shift to renewable energy in India, catering specifically to C&I customers seeking clean energy alternatives.
This substantial investment underscores Sumitomo’s long-term vision to diversify its portfolio and contribute to the growth of renewable energy globally, while also supporting India’s ambitious clean energy targets. The joint venture is expected to play a key role in meeting the rising demand for green energy in India’s industrial sectors.
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