Ampin, Sumitomo set up renewables venture
- Admin
- Sep 15, 2024
- 3 min read
Japan's Sumitomo Corp. has partnered with India's Ampin Energy Transition to enter India's commercial and industrial renewable energy market. They have formed a joint venture company, Ampin C&I Power, to develop renewable energy sources and supply electricity to commercial and industrial clients under power purchase agreements. The venture aims to create a 1 GW portfolio of renewable energy assets with an investment of around JPY 100 billion. Sumitomo will hold 49% while Ampin will own 51% of the venture. The new company plans to supply renewable energy to commercial and industrial consumers in India with the support of Ampin Energy Transition's local expertise and Sumitomo's global network of Japanese companies. This marks Sumitomo Corp.'s first venture into supplying renewable energy to corporate clients in India, targeting to provide 1 GW of electricity in the future.
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