Japan’s Chubu Electric invests in OMC Power, aims to scale RE portfolio in rural India
OMC Power has announced its new partnership through a Share Subscription Agreement with Chubu Electric Power Co. Inc.
As their first-ever investment in India, Chubu Electric will support OMC Power's expansion of green energy production, storage, and distribution portfolio in rural India. This will complement the efforts being made toward decarbonization and create a sustainable social impact for rural communities.
At present, OMC Power is focused on building the rural energy infrastructure through its 280 renewable energy plants across rural Uttar Pradesh and Bihar. The supply of OMC's reliable and green energy has enhanced the socio-economic status of more than 100,000 consumers in all segments in these villages. Taking giant steps in empowering the rural economy, OMC Power through this partnership will scale up to 5000 new villages with renewable energy-based power plants with its inclusive and sustainable ABC (Anchor, Business and Communities) business model. The role of renewable energy is pivotal in the fight against climate change and seamlessly caters to the energy needs of tomorrow. The energy sector needs collaborative measures not to exacerbate the perils of global warming.
"We are excited to welcome Chubu Electric as OMC Power's new partner and are looking forward to a long-term collaborative working with cross-learnings to improve OMC's energy generation, storage, and distribution portfolio. This will go a long way toward our commitment to improving the social, economic, and environmental landscape of rural India. The collaboration with Chubu aligns with OMC's plans of scaling its rural utility business to newer geographies and toward faster decarbonization. OMC Power's expertise in distributed energy following the ABC model coupled with the comprehensive know-how of the energy industry of Chubu will help in the development of sustainable, rural utility infrastructure," states Rohit Chandra, CEO, OMC Power Ltd.
"We will contribute to OMC's efficient business operations by leveraging our operation and maintenance skills for power transmission, distribution, and improvement of the efficiency of generation facilities, and will also contribute to a decarbonized society and the well-being of local people through a clean power supply," said Hiroki Sato, Senior Managing Executive Officer and Division CEO of Global Business Division at Chubu.
Chubu intends to contribute to the realization of a decarbonized society and reinforce its earnings base through an optimal combination of four segments: Green Field, Blue Field, Retail / Transmission and Distribution / New Services, and New Technology Field.
This partnership will boost the rural economy, improve access to green and clean energy for telecom towers, small and medium enterprises, and households in rural India and drastically reduce the use of fossil fuels.