Sumitomo Corporation Establishes Renewable Energy Development and Supply Company in India- First Entry into India's Corporate PPA Market with Total Project Cost of 100 Billion Yen -

Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Shingo Ueno) and AMPIN Energy Transition Private Limited (Head Office: New Delhi, India; CEO: Pinaki Bhattacharyya ; hereinafter, "AMPIN Energy Transition"), a renewable energy developer in India, have established a holding company, AMPIN C&I Power Private Limited (headquartered in New Delhi, India), to develop renewable energy power sources and promote a corporate Power Purchase Agreement (PPA) business (*1) supplying power derived from renewable sources such as solar and wind to client companies in India. With a total project cost of approximately 100 billion yen, this marks Sumitomo Corporation's first entry into India's corporate PPA market, with plans for further expansion.

India’s Renewable Energy Market Landscape

The Indian government aims to achieve net-zero greenhouse gas emissions by 2070, with a target of 50% of power generation from renewable energy sources by 2030. India's corporate PPA market is growing rapidly due to regulatory relaxation, such as open access to transmission and distribution networks for operators, and improvements in the business environment. It is now the world's third-largest market after the United States and Spain. The corporate PPA market is projected to expand from 12 GW in 2023 to 100 GW by 2030. Demand for solar power is particularly high among client companies seeking renewable energy due to India's vast land area, abundant sunlight, and low equipment installation costs, which help keep generation prices down.

New Company Objectives and Future Outlook

The Sumitomo Corporation Group is developing a green power platform (*2) business in India that encompasses the entire value chain from renewable energy generation to direct supply to client companies. The new company will leverage the local expertise of its Indian partner, AMPIN Energy Transition, which has a renewable energy portfolio of 4 GW including planned projects, and the network of Japanese companies Sumitomo Corporation has cultivated through its global operations. By focusing on acquiring new customers, primarily Japanese-affiliated commercial and industrial companies operating in India, the company aims to supply 1 GW(*3) of power to industry within the next few years. As Sumitomo Corporation's first project supplying renewable energy-derived power to client companies in India, this venture will help meet the country's rapidly growing energy demand driven by population and economic growth.

Seiji Kitajima, General Manager, Energy Innovation Initiative Strategic Business Unit of Sumitomo Corporation

"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. 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."

Pinaki Bhattacharya, Founder, MD & CEO of AMPIN Energy Transition

"This collaboration with Sumitomo Corporation highlights our unwavering commitment to accelerating renewable energy adoption in India. By combining our expertise and resources, we aim to co-develop and co-own renewable energy projects that will provide substantial long-term returns while significantly contributing to the nation’s energy transition goals."

Sumitomo Corporation's Initiatives Toward a Carbon-Neutral Society

To achieve carbon neutrality in its business activities by 2050, Sumitomo Corporation is working to establish businesses that serve as the foundation for a sustainable energy cycle by promoting fuel conversion, expanding renewable energy supply, and advancing CO₂ capture, storage and utilization. In the renewable energy business, Sumitomo Corporation aims to supply more than 5 GW by 2030. Power Frontier Business Unit, which is driving this project, has already conducted corporate PPA projects in Japan and the U.S., securing contracts for over 70 MW through collaboration with partners. In addition to Japan, the U.S., and India, Sumitomo Corporation plans to participate in projects across Asia, targeting a combined equity capacity of more than 1 GW in Japan and overseas by 2030.

(*1) A corporate PPA (Power Purchase Agreement) is a contract under which a company purchases renewable energy power from a producer over an extended period. It is attracting attention as an energy procurement approach that enables companies to contribute to CO₂ emissions reduction.
(*2) A comprehensive renewable energy platform that begins with the introduction of distributed renewable energy power and aims to transform grid power to renewable energy, introduce storage batteries and EVs, and establish renewable energy as a primary power source by linking these initiatives through digital transformation (DX).
(*3) Total equity capacity with AMPIN Energy Transition.

Overview of the New Company

About Sumitomo Corporation

Sumitomo Corporation (TYO: 8053) is an integrated trading company with a strong global network comprising 128 offices in 66 countries and regions. The Sumitomo Corporation Group consists of approximately 900 companies and 80,000 employees on a consolidated basis. The Group's business activities are spread across the following nine groups: Steel, Automotive, Transportation & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions and Energy Transformation Business. Sumitomo Corporation is committed to creating greater value for society under the corporate message of “Enriching lives and the world,” based on Sumitomo’s business philosophy passed down for over 400 years.
Sumitomo Corporation

About AMPIN Energy Transition

AMPIN Energy Transition is India’s leading renewable energy transition company with a total portfolio of 4 GW spread across 21 states in the country. Headquartered in New Delhi with regional offices in Mumbai, Bangalore & Kolkata, AMPIN is run by an industry leading team of professionals and backed by leading institutional investors from Europe, Asia and North America. AMPIN has a balanced portfolio C&I and utility customers, providing complete renewable energy transition solutions while reducing their operating costs. It has marquee customers across 10 diverse sectors such as Pharmaceuticals, Automobiles, Cement, Steel, Heavy Engineering, Infrastructure, FMCG, Educational Institutions, IT & Datacentres, Utilities and Government bodies. To date, AMPIN Energy Transition has successfully raised approximately $600 million of equity from various investors. For further information please visit, https://ampin.energy/

---