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Ampin Energy Transition and Japan’s Sumitomo Corp. have formed a joint venture company, Ampin C&I Power, to develop renewable energy sources in India.
From pv magazine India
Japan’s Sumitomo Corp. has entered India’s commercial and industrial renewable energy market in collaboration with India’s Ampin Energy Transition.
The two partners have formed a joint venture company, Ampin C&I Power, to develop renewable energy sources in India and supply electricity to commercial and industrial clients under power purchase agreements (PPAs). The venture will create a 1 GW portfolio of renewable energy assets, with a total project investment of around JPY 100 billion ($711 million).
Ampin will own 51% of the venture, while Sumitomo will hold 49%. The funds will support the development, construction, and operation of state transmission utility (STU) connected projects that supply renewable energy to commercial and industrial (C&I) consumers.
The new company plans to expand by using Ampin Energy Transition’s local expertise and Sumitomo’s global network of Japanese companies built through its international business.
This marks Sumitomo Corp.’s first venture into supplying renewable energy to corporate clients in India, with a goal of providing 1 GW of electricity in the coming years.
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