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Sumitomo Corporation and AMPIN Energy Transition Partner to Expand Renewable Energy in India

ByNeelima
2024-09-16.7 months ago
Sumitomo Corporation and AMPIN Energy Transition Partner to Expand Renewable Energy in India
Sumitomo Corporation and AMPIN Energy Transition Partner to Expand Renewable Energy in India

Sumitomo Corporation, based in Tokyo, Japan, partnered with AMPIN Energy Transition Private Limited, a renewable energy developer in India, to establish a new company called AMPIN C&I Power Private Limited. 

With this, Sumitomo Corporation makes its first significant foray into the expanding corporate Power Purchase Agreement (PPA) sector in India. 

AMPIN C&I Power Private Limited's main priorities are the development of renewable energy sources and the facilitation of a corporate PPA business that supplies client firms in India with power generated from renewable sources like solar and wind. 

With a project investment of over 100 billion yen, the business wants to provide sustainable energy to corporate clients in India. 

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The project will initially deliver 1 GW of power in the coming years, with plans for future expansion. 

Seiji Kitajima, the general manager of 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.

He added, “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." 

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The new company will profit from AMPIN Energy Transition's local knowledge and network of Japanese companies.  

AMPIN Energy Transition presently has a 4 GW renewable energy portfolio, including planned projects. 

In pursuit of carbon neutrality by 2050, Sumitomo Corporation is working to establish businesses that serve as the foundation of a sustainable energy cycle.  

This entails boosting fuel conversion, increasing the availability of renewable energy sources, and improving carbon capture storage. 

Sumitomo Corporation aims to supply more than 5 GW in the renewable energy business by 2030. 

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