Sumitomo forms renewable energy JV in India with AMPIN Energy Transition [Yahoo! Finance]
SUMITOMO CORP S/ADR (SSUMY)
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Source: Yahoo! Finance
a new venture, AMPIN C&I Power, to foster renewable energy development and supply in India. With an investment of 100bn yen ($712m), the new company indicates Sumitomo's entry into India's corporate power purchase agreement (PPA) landscape. The partnership aims to address the country's rising energy needs through renewable sources, marking Sumitomo's entry into India's corporate PPA market. AMPIN Energy Transition founder, managing director and CEO Pinaki Bhattacharya stated: “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.” The new entity, AMPIN C&I Power, will focus on delivering power from renewable sources, such as solar and wind, to businesses across India. Sumitom
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