Japan’s Sumitomo Corp set to invest Rs 5900 Crore in a Joint Venture with Ampin Energy to develop Renewable Energy Projects in India

Investment in India’s Green Energy Sector  

 Japanese trading giant – Sumitomo corporation has announced a huge investment of Rs 5900 crore (100 billion yen) in a renewable energy joint venture with Ampin Energy Transition in India. Ampin energy’s share in the joint venture will be more by 2% in comparison to Sumitomo Corporation whose share is 49%.

Focus on 1 GW Renewable Energy Projects and Corporate PPAs  

With an aim to deliver sustainable power to commercial and industrial clients, the joint venture will develop 1 GW of renewable energy projects and corporate power purchase agreements. The first investment of Sumitomo Corporation in India unveils the part of larger strategy to stimulate green energy growth in the field.

Strategic Collaboration for Long-Term Gains  

The joint venture aims to contribute to India’s energy transition goals and generate substantial returns by aiming towards combining resources and competence to co-devise renewable energy projects.

Major Green Energy Investment

The executive officer and general manager of Sumitomo’s energy innovation initiative – Seiji Kitajima accentuated the magnitude of the investment, asserting, “We believe this is one of the largest corporate PPA projects undertaken by a Japanese company in India, with a total project cost of approximately 100 billion yen.” The joint venture testifies the entry of Sumitomo’s in the flourishing market of renewable energy in India, conforming to the energy transition goals of the country.

Corporate PPAs and Renewable Energy Expansion

The capital invested will be used up to advance, strengthen, and operate projects connected to the state transmission utility (STU), which will provide renewable energy to commercial and industrial customers. Through Ampin Energy’s extensive knowledge of Indian markets and Sumitomo Corporation’s global reach, the joint venture emphasizes on expanding its operations.

The joint venture aims to provide long-term returns while making significant contributions to India’s renewable energy objectives, which include reducing reliance on fossil fuels and boosting the adoption of sustainable energy practices across industries.

A Key Step in India’s Energy Transition

The founder, managing director, and CEO – Pinaki Bhattacharyya of Ampin Energy Transition, punctuated the strategic significance of the collaboration. “By combining our expertise and resources, we aim to co-develop and co-own renewable energy projects that will provide substantial long-term returns while significantly contributing to the nation’s energy transition goals,” Bhattacharyya quoted.

Sumitomo’s Renewable Energy Vision for India

Given the vast market size and potential of India, the Sumitomo Corporation Group arranges to encourage the growth of a green power platform company. The joint venture in a joint statement quoted – “In India, which has an extensive market size and promising prospects, the Sumitomo Corporation Group plans to encourage the growth of a green power platform company, covering all aspects of the value chain, from renewable energy generation to direct supply to client companies.

The strategic partnership between Ampin Energy Transition and Sumitomo Corporation portrays a crucial step forward in the development of India’s renewable energy infrastructure and a resolute commitment to reducing the carbon footprint in the region’s commercial and industrial sectors.

This joint venture between Ampin Energy Transition and Sumitomo Corporation represents a crucial step forward in the development of India’s renewable energy infrastructure and a strong commitment to reducing the carbon footprint in the domain of commercial and industrial sectors.