AMPIN C&I Power Pvt Ltd Targets 1 GW Renewable Energy
The Japanese trading company, Sumitomo Corporation, has teamed up with AMPIN Energy Transition Pvt Ltd to form AMPIN C&I Power Pvt Ltd—a joint venture dedicated to advancing India’s renewable energy sector. This venture aims to develop a substantial 1 gigawatt (GW) renewable energy portfolio, supported by an investment of around YEN 100 billion.
AMPIN Energy Transition Pvt Ltd will hold a 51 percent stake, with the Japanese trading company owning the remaining 49 percent. The funds will be utilized for the development, construction, and operation of renewable energy projects tailored for Commercial & Industrial (C&I) consumers, connecting to the State Transmission Utility (STU).
The initiative aims to promote the corporate Power Purchase Agreement (PPA) market, which is the third largest globally. This market is expected to grow from 12 GW in 2023 to 100 GW by 2030. The Indian government has set ambitious targets to achieve zero greenhouse gas emissions by 2070 and to generate 500 GW from non-fossil fuel sources by 2030.
Electricity from renewable sources, particularly solar power, is becoming increasingly cost-effective compared to traditional grid electricity in India. Sumitomo Corporation’s entry into this market represents its first venture into supplying renewable energy to corporate clients in India.
Pinaki Bhattacharyya, Founder, MD & CEO, AMPIN Energy Transition Pvt Ltd, highlighted the joint venture’s dedication to advancing renewable energy in India. Meanwhile, Seiji Kitajima, Executive Officer and General Manager, Energy Innovation Initiative, Sumitomo Corporation, described the venture as one of the largest corporate PPA projects by a Japanese company in India.