Renewable energy business CleanMax has established a long-term collaborative venture with Japanese company Osaka Gas, which aims to support corporate clients in shifting to a low-carbon economy in India.
The partnership also represents Osaka Gas’s initial foray into the green energy sector in India.
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Combining CleanMax’s decarbonisation leadership with Osaka Gas’s global expertise, this partnership accelerates the adoption of sustainable energy, advancing India’s green energy goals.
As part of this partnership, a consortium consisting of Osaka Gas’ affiliate, Osaka Gas Singapore, and the Japan Bank for International Cooperation (JBIC) will invest in a joint venture (JV) with CleanMax.
The JV will be named ‘Clean Max Osaka Gas Renewable Energy (CORE).’
In its initial phase, the JV aims to develop and manage renewable energy facilities with a total capacity of around 400MW in the near term, beginning with a 300MW portfolio.
This move will allow Osaka Gas to enter the Indian C&I market, launching operations in the Indian state of Karnataka.
Moreover, the initiative empowers environmentally conscious businesses across India to operate using clean energy through a long-term corporate power purchase agreement (CPPA) model, enabled by the power grid.
As a result, corporations gain direct access to dependable and scalable renewable energy, essential for meeting decarbonisation objectives, the company said.
CleanMax managing director Kuldeep Jain said: “This joint venture aligns seamlessly with our vision to enable corporate India to achieve its net-zero ambitions. This marks a remarkable milestone in India’s sustainability journey, offering exciting new opportunities in the C&I [commercial and industrial] energy sector.
“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.
“This reflects how strategic global collaborations can create real impact and enable industries to meet their decarbonisation targets.”
A primary participant in the consortium, JBIC is a government-backed financial organisation, with all of its shares owned by the Japanese Government.
