Japan's Sumitomo forms JV with Ampin Energy Transition, to invest over Rs 5,900 cr in RE projects in India

Japanese trading house, Sumitomo Corporation, will invest over Rs 5900 crore (100 billion yen) to set up a joint venture with Ampin Energy Transition, the companies said on Friday. This will be the first time that Sumitomo Corporation will supply electricity derived from renewable energy sources to corporate clients in India.

The joint venture called Ampin C&I Power Private Limited, will be owned 51% by Ampin Energy Transition and 49% by Sumitomo Corp. Ampin Energy did not disclose its financial contribution to the joint venture.

Together it will develop renewable energy projects in India and create a 1 GW portfolio of corporate power purchase agreements (PPAs).


Seiji Kitajima, Executive Officer and General Manager of the Energy Innovation Initiative at Sumitomo Corporation added, "With a total project cost of around 100 billion yen, we believe this is one of the largest corporate PPA projects undertaken by a Japanese company in India."

This project will be the first time that Sumitomo Corporation will supply electricity derived from renewable energy sources to corporate clients in India.

The companies said that the allocated funds will be used for developing, constructing, and operating State Transmission Utility (STU) connected projects providing renewable energy to Commercial & Industrial (C&I) consumers.

"In India, which has a large market size and promising prospects, the Sumitomo Corporation Group will promote the development of a green power platform business that will cover the entire value chain, from renewable energy generation to direct supply to client companies," the companies said.

Pinaki Bhattacharyya, Founder, MD & CEO of AMPIN Energy Transition, remarked, “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."

The new company will focus on expanding its business by leveraging the Indian knowledge of its local partner, Ampin Energy Transition, and the network of Japanese companies that Sumitomo Corporation has cultivated through its business in various countries around the world, the companies said.