Sumitomo Corporation and AMPIN Energy Team Up for Renewable Energy in India
New Delhi, India – Japan’s Sumitomo Corporation has joined forces with India’s AMPIN Energy Transition Private Limited to create a new company called AMPIN C&I Power Private Limited. This company, based in New Delhi, will develop renewable energy sources like solar and wind power and provide this green energy to businesses in India through corporate Power Purchase Agreements (PPAs).
Big Investment and Big Plans
Sumitomo Corporation is investing around 100 billion yen in this project, marking its first step into India’s corporate PPA market. The market is growing fast due to new rules that make it easier for companies to access power networks and a better business environment. Solar power is especially popular because India has lots of sunshine and low costs for setting up solar panels.
Green Power Platform
The new company will use AMPIN Energy’s local knowledge and Sumitomo’s global network to build a green power platform. This platform will cover everything from generating renewable energy to delivering it directly to businesses. They aim to supply 1 GW of power to industries, especially Japanese companies in India, in the next few years.
Statements from Leaders
Seiji Kitajima, General Manager of Sumitomo Corporation’s Energy Innovation Initiative, said, “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, and CEO of AMPIN Energy Transition, added, “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.”
India’s Green Goals
At the COP26 summit in 2021, India made a big promise to increase its renewable energy capacity to 500 GW, generate half of its energy from renewables, and cut emissions by 1 billion tonnes by 2030. India also aims to reduce its GDP’s emissions intensity by 45% and achieve net-zero emissions by 2070. Renewable energy is a key part of this plan to reduce reliance on fossil fuels and combat climate change.
Doubts Revealed
Sumitomo Corporation -: Sumitomo Corporation is a big company from Japan that does many different kinds of business, like trading and investing in various industries.
AMPIN Energy Transition -: AMPIN Energy Transition is an Indian company that works on creating and using clean energy, like solar and wind power.
renewable energy -: Renewable energy comes from natural sources that can be used again and again, like sunlight and wind, unlike coal or oil which can run out.
100 billion yen -: 100 billion yen is a lot of money from Japan. In Indian rupees, it’s about 6,000 crore rupees.
solar power -: Solar power is energy we get from the sun using special panels called solar panels.
wind power -: Wind power is energy we get from the wind using big machines called wind turbines.
1 GW of power -: 1 GW (gigawatt) of power is a huge amount of electricity, enough to power about 10 million LED bulbs.
COP26 -: COP26 is a big meeting where leaders from many countries talk about how to protect our planet from climate change.
net-zero emissions -: Net-zero emissions means not adding any more harmful gases to the air than we can take away, making the air cleaner.