Sumitomo Corporation and AMPIN Energy Collaborate to Power India's Renewable Future

Sumitomo Corporation partners with AMPIN Energy to establish AMPIN C&I Power in New Delhi. With a budget of 100 billion yen, they aim to develop renewable power sources and supply 1 GW of energy primarily to Japanese firms in India, addressing the country's growing energy demand.

Japan-headquartered Sumitomo Corporation has joined forces with India's AMPIN Energy Transition Private Limited to create a new entity, AMPIN C&I Power Private Limited, which will be based in New Delhi. The venture aims to develop renewable energy sources and promote a corporate Power Purchase Agreement (PPA) business supplying solar and wind energy to companies in India.

According to the company, the total project cost is approximately 100 billion yen, marking Sumitomo's entry into India's corporate PPA market. The market is expanding rapidly due to regulatory relaxations and a better business environment. Increased demand for solar power in India is driven by its vast land area, abundant sunlight, and low installation costs, contributing to lower generation prices.

The new partnership will leverage AMPIN's 4 GW renewable energy portfolio and Sumitomo's extensive network of global operations. The company aims to supply 1 GW of power to the industry within a few years, focusing on acquiring new clients, particularly Japanese-affiliated firms in India. Sumitomo's General Manager for the Energy Innovation Initiative, Seiji Kitajima, emphasized the project's significance in meeting India's energy needs, spurred by population and economic growth.

(With inputs from agencies.)