According to Nikkei, Sumitomo Corp. will invest ¥100 billion (US$702 million) in a joint venture with India’s Ampin Energy Transition to develop renewable energy projects, focusing on solar and onshore wind power plants. Sumitomo will hold a 49% stake in the venture, which plans to build plants across India with a capacity of up to 1 gigawatt by fiscal 2026.
As global companies push for cleaner energy throughout their supply chains, Sumitomo’s venture will tap into India’s growing market for renewable energy power purchase agreements (PPAs), especially in states like Rajasthan and Tamil Nadu. The partnership aims to serve businesses, including Japanese automakers and European firms, seeking greener energy sources.
India’s PPA market is forecasted to grow to 100 GW by 2030, significantly expanding from its current size, as the country strives to meet its long-term net-zero goals. The initiative highlights broader efforts by global corporations to reduce emissions in emerging markets where fossil fuels remain prevalent.
