CleanMax, Osaka Gas form joint venture for India's green transition

Brookfield-backed renewable energy provider CleanMax has partnered with Japanese gas company Osaka Gas to launch a joint venture aimed at catering to India’s corporate sector.

 

The newly formed entity, CleanMax Osaka Gas Renewable Energy (CORE), will focus on wind-solar hybrid solutions, starting with a 400-megawatt (MW) portfolio in Karnataka.

 

The first phase of the project includes 300 MW of operational capacity with a total investment value of Rs 1,500 crore, which will be operational in 6 months, and an additional 100 MW, expected to be developed within 2 years. 

“One of the key objectives is capital efficiency, as renewables is a massively capital-intensive industry,” said Kuldeep Jain, managing director, CleanMax. CORE will be majority-owned by CleanMax and will have a board comprising representatives from both companies. “The joint venture will leverage CleanMax’s capabilities in engineering and implementing existing projects based in Karnataka,” Jain added.

 

While the initial focus is on Karnataka, further geographic expansion remains on the table.

 

“Karnataka has been our largest market by far. It is home to a lot of technology companies, cement companies—generally a very big and profitable state. So largely, the 400 MW is in Karnataka and focused on wind-solar hybrid solutions,” said Jain.

 

The venture is backed by Osaka Gas Singapore, a subsidiary of Osaka Gas, and the Japan Bank for International Cooperation (JBIC), marking Osaka Gas’ first foray into India’s green energy sector.

 

Founded in 2011, CleanMax operates wind-solar hybrid solutions in Tamil Nadu, Karnataka, Maharashtra, and Gujarat, with off-site solutions in Haryana, Uttarakhand, Chhattisgarh, and Andhra Pradesh. The company also has an international presence in Thailand, Bahrain, Dubai, Abu Dhabi, and Saudi Arabia.