November 23, 2022
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Japanese Chubu Electric invests in OMC Power to expand its renewable energy portfolio in rural India

By on May 31, 2022 0

OMC Power is delighted to announce its new partnership through an equity subscription agreement with Chubu Electric Power Co. Inc., a leading Japanese energy supplier. As the first-ever investment in India, Chubu Electric will support the expansion of OMC Power’s green energy generation, storage and distribution portfolio in rural India. This will complement decarbonization efforts and create lasting social impact for rural communities. Currently, OMC Power is focused on building rural energy infrastructure through its 280 renewable energy plants in rural areas of Uttar Pradesh and Bihar. OMC’s reliable and green energy supply has improved the socio-economic status of more than 100,000 consumers in all segments of these villages. Taking giant steps in empowering the rural economy, OMC Power through this partnership will expand up to 5000 new villages with renewable energy based power plants with its ABC (Anchor, Business and Communities) inclusive and sustainable. The role of renewable energies is central in the fight against climate change and perfectly meets the energy needs of tomorrow. The energy sector needs collaborative action to avoid exacerbating the perils of global warming.

“We are delighted to welcome Chubu Electric as a new partner of OMC Power and look forward to a long-term collaboration with cross-learnings to enhance OMC’s power generation, storage and distribution portfolio. This will greatly contribute to our commitment to improving the social, economic and environmental landscape of rural India.The collaboration with Chubu aligns with OMC’s plans to expand its rural utility business to new geographies and Towards faster decarbonization OMC Power’s expertise in distributed power following the ABC model combined with global knowledge – how Chubu’s power industry will contribute to the development of sustainable rural utility infrastructure” , says Rohit Chandra, CEO of OMC Power Ltd.

“We will contribute to the efficiency of OMC’s business operations by leveraging our operations and maintenance skills for power transmission and distribution and improving the efficiency of generation facilities, and we will also contribute to a low-carbon society and the well-being of local people through a clean power supply environment,” said Hiroki Sato, Senior Managing Director and CEO of Chubu’s Global Business Division.

Chubu intends to contribute to the realization of a low-carbon society and strengthen its revenue 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 significantly reduce the use of fossil fuels.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)