India will need to accelerate installations of renewables to reach its goal of net zero emissions by 2070. (Image: Freepik) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Sumitomo Corp. will invest 200 billion yen ($1.3 billion) on several Indian renewable power projects, to take advantage of rapid growth in demand from major industrial users.

The funds will be invested via a joint venture between the Japanese trading house and Indian company AMPIN Energy Transition, with the goal to develop projects totaling 2 gigawatts of capacity by the of the financial year through March 2028, according to a Sumitomo spokesperson. The plan was first reported in the Nikkei newspaper.

India, which still relies on fossil fuels for about three-quarters of its power generation, will need

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