TOKYO (Reuters) – Japanese trading house Sumitomo Corp has entered India’s renewable energy market by creating a joint venture with Indian renewable energy company AMPIN Energy Transition, Sumitomo said on Friday.
Sumitomo, which holds 49% in the JV with AMPIN Energy Transition having the rest, said the two planned to supply energy from solar and wind to clients in India and to make 100 billion yen ($710 million) in total investments in the project.
Sumitomo plans further expansion in the renewable energy market in India where it said demand for solar energy was particularly strong, adding that the JV planned to supply 1 gigawatts of power within the next few years.
($1 = 140.8400 yen)
(Reporting by Katya Golubkova; Editing by Mark Potter)
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