CleanMax and Osaka Gas have formed a joint venture that will own and operate 400 megawatts (MW) of renewable energy capacities with majority being commissioned in the next six months.
As part of this collaboration, a consortium formed between Osaka Gas’ subsidiary, Osaka Gas Singapore. (OGS) and the Japan Bank for International Cooperation (JBIC) will be investing in a joint venture (JV) partnership — Clean Max Osaka Gas Renewable Energy (CORE).
CleanMax Managing Director Kuldeep Jain told businessline that “After 18 months of conversation, Clean Max and Osaka Gas and JBIC have signed a JV. This JV will own and operate about 400 MW of wind and solar power assets selling to the corporate sector.”
This association will expand CleanMax’s reach with Japanese and multinational clients, while also tapping into global capital sources like JBIC to fuel the company’s aggressive growth, he added.
Nikunj Ghodawat, CFO of CleanMax, said Osaka Gas is doing its first partnership in India for green energy and the JV is majority owned by Clean Max.
“Out of the 400 MW, 300 MW capacity will be commissioned within six months and the remaining 100 MW will be developed within two years or so. The total investment value will be about ₹1,500 crore for 300 MW,” Jain said.
India’s RE transition
Keiji Takemori, Representative Director, Executive Vice President, Osaka Gas, said: “This partnership will enable Osaka Gas Group to contribute to India’s renewable energy transition while supporting the country’s high-potential commercial and industries (C&I) market.”
This initiative enables sustainability-driven companies across India to run their operations with clean energy under a long-term corporate Power Purchase Agreement (PPA) framework facilitated by the power grid. Corporations thus gain direct access to reliable and scalable renewable energy, which is crucial for achieving decarbonization goals.
