To be headquartered in New Delhi, the company will develop renewable energy power sources and promote a corporate Power Purchase Agreement (PPA) business supplying power derived from renewable sources such as solar and wind to client companies in India.
As per a company statement, with a total project cost of approximately 100 billion yen, this marks Sumitomo Corporation's first entry into India's corporate PPA market, with plans for further expansion.
India's corporate PPA market is growing rapidly due to regulatory relaxation, such as open access to transmission and distribution networks for operators, and improvements in the business environment.
Demand for solar power is particularly high among client companies seeking renewable energy due to India's vast land area, abundant sunlight, and low equipment installation costs, which help keep generation prices down.
This story is from the September 16, 2024 edition of The Business Guardian.
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This story is from the September 16, 2024 edition of The Business Guardian.
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