Japan’s Sumitomo plans $700m renewable energy expansion in India

TOKYO — Japanese investment firm Sumitomo Corp. plans to invest 100 billion yen ($702 million) in India, Nikkei has learned, setting up a local company that will develop onshore solar and wind farms that will supply electricity to businesses.

Sumitomo will form a joint venture with startup Ampin Energy Transition, taking a 49% stake and Ampin owning 51%. The joint venture will build power plants across India, each with a capacity of hundreds of megawatts.