Sumitomo to Invest USD 1.3 Billion in India Renewable Energy Projects

Tokyo-based Sumitomo Corporation plans to invest USD 1.3 billion in renewable energy projects in India, seeking to capitalise on rapidly rising electricity demand from large industrial consumers.

As per the reports, the investment will be routed through a joint venture with AMPIN Energy Transition, with the partners targeting the development of 2 GW of renewable power capacity by the end of the financial year ending March 2028. 

India, which continues to rely on fossil fuels for nearly 75 per cent of its electricity generation, is accelerating renewable energy deployment as it works toward its net-zero emissions target by 2070.

Sumitomo expects India’s corporate power purchase agreement (PPA) market to expand significantly, growing from 12 GW in 2023 to 100 GW by the end of this decade, according to projections released by the company in 2024. The Japanese trading house has already secured around 10 PPAs with Japanese companies operating in India.

Sumitomo holds a 49 per cent stake in AMPIN C&I Power, while AMPIN Energy Transition owns the remaining stake.

The development highlights growing foreign investment interest in India’s clean energy sector as multinational corporations seek reliable renewable power to meet sustainability commitments.