AMPIN Energy Transition Private Limited has partnered with Sumitomo Corporation to establish AMPIN C&I Power Private Limited. The main objective of the project is to promote corporate power purchase agreement (PPA) business for renewable energy-generated electricity supply to client companies and develop renewable energy resources in India.
The joint venture (JV) has an estimated cost of 100 billion yen and there is a potential to expand. The JV is expected to create a portfolio of 1 GW renewable energy assets with corporate PPAs. AMPIN will hold the majority stake of 51 per cent and 49 per cent will be held by Sumitomo. The funds allotted to the project will be used for the development, construction, and operation of State Transmission Utility (STU) connected projects that provide renewable energy to Commercial and Industrial (C&I) consumers.
In April 2024, AmpIn Energy Transition disclosed a long-term investment of EUR 25 million from OeEB to assist AmpIn in advancing its renewable energy portfolio and setting up a domestic solar cell and module production facility with a capacity of 1 GW in Odisha. In January 2024, they signed a 25-year power purchase agreement with the Maharashtra Metro Rail Corporation Limited for setting up a 6 MW solar project for its Nagpur Metro Rail project.
