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Sumitomo Commits USD 1.3 Billion to Expand Renewable Energy Footprint in India

Japan-based Sumitomo Corporation has announced plans to invest USD 1.3 billion in India’s renewable energy sector, aiming to meet the country’s growing electricity demand from large industrial and commercial consumers.

According to reports, the investment will be channelled through a joint venture with AMPIN Energy Transition, with the partners targeting the development of 2 GW of renewable energy capacity by the end of FY2028.

India currently generates nearly 75 percent of its electricity from fossil fuels, but the country is rapidly scaling up renewable energy deployment as part of its commitment to achieve net-zero emissions by 2070. Sumitomo views this transition as a major growth opportunity, particularly within the corporate power purchase agreement (PPA) market.

The company projects that India’s corporate PPA market could expand from 12 GW in 2023 to nearly 100 GW by the end of the decade, based on estimates released in 2024. Sumitomo has already secured around 10 PPAs with Japanese companies operating in India, strengthening its presence in the market.

Currently, Sumitomo holds a 49 percent stake in AMPIN C&I Power, with the remaining ownership held by AMPIN Energy Transition. The planned investment underscores increasing foreign participation in India’s clean energy sector, driven by multinational corporations seeking dependable renewable power to support their sustainability goals.