Ampin Energy Transition and Japan’s Sumitomo Corp. have formed a joint venture, Ampin C&I Power, to develop renewable energy sources in India.

Image: Ampin Energy Transition

From pv magazine India

Japanese company Sumitomo Corp. has entered the Indian commercial and industrial renewable energy market in partnership with Indian company Ampin Energy Transition.

The two partners have formed a joint venture, Ampin C&I Power, to develop renewable energy in India and supply electricity to commercial and industrial customers through power purchase agreements (PPAs). The joint venture will create a portfolio of renewable energy assets with a capacity of 1 GW, with a total investment in the project of approximately JPY 100 billion (USD 711 million).

Ampin will hold a 51% stake in the venture, while Sumitomo will hold 49%. The funds will be used to support the development, construction and operation of projects connected to state-owned transmission companies (STUs) that supply renewable energy to commercial and industrial (C&I) customers.

The new company plans to expand by leveraging Ampin Energy Transition’s local expertise and the global network of Japanese Sumitomo companies built through international operations.

This is Sumitomo Corp.’s first venture into renewable energy for corporate customers in India. The company aims to provide 1 GW of electricity in the coming years.

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