Renewable Energy Firm CleanMax Partners Japan's Osaka Gas Group To Build 300-MW Portfolio
The JV involves a total investment value of Rs 1,500 crore for developing 300 MW renewable energy portfolio that the partners aim to develop in due course of time.
Renewable energy solutions provider CleanMax on Monday said that it has entered into a joint venture with a subsidiary of Japan’s Osaka Gas Group.
According to the company’s press release, the entity resulting from the joint venture with Osaka Gas Singapore Pte will be called 'Clean Max Osaka Gas Renewable Energy Private Limited' and will also include the Japan Bank for International Cooperation.
JBIC is a policy-based financial institution, with its shares wholly owned by the Japanese government.
While the joint venture aims to build and operate renewable energy plants with a combined capacity of approximately 400 MW in the near future, initially, it will start with an upfront portfolio of 300 MW.
The joint venture involves a total investment value of Rs 1,500 crore for developing a 300 MW renewable energy portfolio that the partners aim to develop in due course of time, a revised statement said.
The remaining 100 MW will be developed in about the next two years, it added.
The partnership aims to help corporate clients transition to a low-carbon economy, the statement said, adding that the association with CleanMax marks Osaka Gas' entry into the green energy market in India.
CleanMax, one of Asia's leading renewable energy providers in the commercial and industrial sectors, announced a long-term strategic joint venture with Osaka Gas Co., a prominent Japanese gas major, it said.
By combining CleanMax's leadership in decarbonising solutions with Osaka Gas' global footprint and expertise, this collaboration drives the large-scale adoption of sustainable energy solutions, contributing to India's green energy targets.
It will begin operations in Karnataka, which is a high-potential renewable energy market.
“This association will expand CleanMax's reach with Japanese and multinational clients, while also tapping into global capital sources like JBIC to fuel our aggressive growth,” Kuldeep Jain, managing director of CleanMax, said.
According to Keiji Takemori, representative director and executive vice president at Osaka Gas, “This partnership will enable Osaka Gas Group to contribute to India's renewable energy transition while supporting the country's high-potential C&I market.”
—With PTI inputs
