Rural Renewables Focused OMC Power Raises Funding From Japan’s Chubu Electric

Highlights :

OMC Power is planning to build the rural energy infrastructure through these 280 renewable energy plants across rural Uttar Pradesh and Bihar state.

OMC Power through this partnership will scale up to 5000 new villages with renewable energy.

Rural Renewables Focused OMC Power Raises Funding From Japan’s Chubu Electric Investment in Solar Power to Exceed Investment in Oil in 2023: World Energy Report, IEA

Indian rural renewable energy service firm, OMC Power has announced getting financial backing for their planned expansion of green energy production, storage, and distribution portfolio in rural India. 

Chubu Electric Power Co., Inc., which is the 3rd Largest Power Generation Firm in Japan, has made this investment through a Share Subscription Agreement with OMC Power. Chubu Electric Power Co Inc is expected to invest up to 5 billion yen ($39 million) to acquire a 20% share in OMC Power

OMC currently manages around 280 renewable energy plants and employs storage batteries to transmit the generated power to telecom firms, small and medium businesses, and rural households in Uttar Pradesh and Bihar via mini-grids. 

In association with Chubu Electric Power Co., OMC Power is focusing on scaling up to 5000 new villages with renewable energy-based power plants with its inclusive and sustainable ABC (Anchor, Business & Communities) business model.

Rohit Chandra, CEO of OMC Power Ltd., stated, “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.”

Simultaneously, Hiroki Sato, who is Senior Managing Executive Officer and Division CEO of the Global Business Division at Chubu said, “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.” 

The investment from Chubu Electric will be welcome at two levels. First, for the face value of fresh investment into what is essentially the mini and off grid sector in many ways, where India has performed well below potential so far. Secondly, the investment from a Japanese firm is welcome as Indian firms seek to look at avenues beyond the west for funding, and Japan is the first stop in that search.

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