Japan's Sumitomo plans $700m renewable energy buildup in India

Venture with local startup to provide solar power to factories, offices

Sumitomo will work with India's Ampin Energy Transition to set up solar and other renewable energy plants in the country. (Ampin Energy Transition)

KEIGO YOSHIDA, Nikkei staff writer

September 13, 2024 00:58 JST

TOKYO -- Japanese trading house Sumitomo Corp. plans to invest 100 billion yen ($702 million) in India with a local company to develop solar and onshore wind power plants for supplying electricity to businesses, Nikkei has learned.

Sumitomo will establish a joint venture with startup Ampin Energy Transition, taking a 49% stake while Ampin holds 51%. The venture will build power plants across India, each with hundreds of megawatts of capacity.