Sumitomo to Invest $1.3 Billion in Renewable Energy Projects in India.

Sumitomo Corp. will invest 200 billion yen ($1.3 billion) in multiple renewable energy projects in India as it looks to tap into rising demand from large industrial consumers.

The investment will be routed through a joint venture between the Japanese trading company and India’s AMPIN Energy Transition. The partnership aims to develop renewable projects with a total capacity of 2 gigawatts by the end of the financial year ending March 2028, a Sumitomo spokesperson said. The Nikkei first reported the development.

India, which still generates roughly three-quarters of its electricity from fossil fuels, must accelerate its rollout of renewable energy to meet its target of achieving net-zero emissions by 2070. Sumitomo has projected that India’s corporate power purchase agreement market will grow sharply—from 12 gigawatts in 2023 to about 100 gigawatts by 2030.