Japan’s Sumitomo Corp enters renewable energy market in India – ThePrint – ReutersFeed

TOKYO (Reuters) – Japanese investment firm Sumitomo Corp. has entered the Indian renewable energy market by forming a joint venture with Indian renewable energy company AMPIN Energy Transition, Sumitomo said on Friday.

Sumitomo, which holds a 49% stake in the joint venture with AMPIN Energy Transition holding the rest, said the two companies plan to supply solar and wind power to customers in India and invest a total of 100 billion yen ($710 million) in the project.

Sumitomo plans to further expand its renewable energy business in India, where demand for solar power is particularly strong. It added that the joint venture plans to deliver 1 gigawatt of power in the next few years.

(1 dollar = 140.8400 yen)

(Reporting by Katya Golubkova; editing by Mark Potter)

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