Tokyo-based Sumitomo Corporation and New Delhi headquartered AMPIN Energy Transition Private Limited have established a holding company, AMPIN C&I Power Private Limited to develop renewable energy power sources and promote a corporate Power Purchase Agreement (PPA) business supplying power derived from renewable sources such as solar and wind to client companies in India. With a total project cost of approximately 100 billion yen, this marks Sumitomo Corporation's first entry into India's corporate PPA market, with plans for further expansion.

The new company will leverage the local expertise of its Indian partner, AMPIN Energy Transition, which has a renewable energy portfolio of 4 GW including planned projects, and the network of Japanese companies Sumitomo Corporation has cultivated through its global operations. By focusing on acquiring new customers, primarily Japanese-affiliated commercial and industrial companies operating in India, the company aims to supply 1 GW of power to industry within the next few years.

As Sumitomo Corporation's first project supplying renewable energy-derived power to client companies in India, this venture will help meet the country's rapidly growing energy demand driven by population and economic growth.

Commenting on the development, Seiji Kitajima, General Manager, Energy Innovation Initiative Strategic Business Unit of Sumitomo Corporation, said: “"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. We are delighted to collaborate with AMPIN Energy Transition and, through this partnership, will strive to expand renewable energy-based power sources in rapidly growing India."

Pinaki Bhattacharya, Founder, MD & CEO, AMPIN Energy Transition, added: "This collaboration with Sumitomo Corporation highlights our unwavering commitment to accelerating renewable energy adoption in India. 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."