Sumitomo Corp. plans to double its investment in Indian renewable energy to ¥200 billion ($1.28 billion), according to Nikkei, expanding an ambitious bet on the subcontinent’s fast-growing corporate power market.
The Tokyo-based trading house will channel the funds through its joint venture with Ampin Energy Transition, the New Delhi-based developer that holds 51% of their partnership. Financial institutions will also provide additional capital for the projects, the report said.
The expanded commitment marks a significant escalation from the ¥100 billion Sumitomo originally pledged when establishing the venture in September 2024. Capacity targets have likewise grown, with the partners now aiming for more than 2 GW of solar and wind generation by fiscal 2027—double the initial 1 GW goal.
The joint venture is pursuing projects across more than 10 Indian states, with solar facilities already operational in Haryana and Karnataka. India ranks as the world’s third-largest corporate power purchase agreement market after the United States and Spain, with projections showing expansion from 12 GW in 2023 to 100 GW by 2030.
Sumitomo’s deeper commitment aligns with India’s target of sourcing half its electricity from renewables by 2030, though execution risks remain in a market where grid infrastructure and regulatory complexity have challenged foreign investors.
