Sumitomo Partners with AMPIN

Japan's Sumitomo Join Forces with AMPIN Energy Funding Rs 100 Billion in Renewable Energy in India

Japan’s Sumitomo Corporation partners with AMPIN C&I Power Private Limited to create AMPIN C&I Power Private Limited. 

The corporate PPA market in India stands at the third position globally, just after the United States and Spain. This area has seen swift development thanks to supportive regulatory adjustments and rewards, suggesting a rise from 12GW in 2023 to 100GW by 2030.

Partnership Between Japan’s Sumitomo and AMPIN

The partnership is set to create 1 GW of renewable energy assets, supported by a strong investment of around 100 billion yen. The partnership will lead to the development of renewable energy sources and enhance corporate PPA business. This will provide power generated from green sources to customers.

Pinaki Bhattacharyya, Founder, MD & CEO of AMPIN Energy Transition, said "This collaboration with Sumitomo Corporation highlights our unwavering commitment to accelerating the adoption of renewable energy in India. By combining our expertise and resources, we aim to co-develop and co-own projects that will not only offer significant long-term returns but also contribute substantially to India’s energy transition goals," he stated.

Renewable Energy in India

In India, especially with solar energy, renewable power is becoming a more attractive choice for businesses because it's becoming as affordable as the electricity from the main power grid. 

Moreover, according to the agreement, AMPIN will secure a 51% stake in the joint venture, while Sumitomo Corporation will maintain the other 49%. The designated funds will be allocated for the advancement, building, and running stages of projects related to the State Transmission Utility (STU), with a focus on serving Commercial & Industrial (C&I) customers.

The Government of India, by 2030, has a target to achieve zero greenhouse gas emissions by 2070 and generate 500 GW of power from non-fossil fuel.