CleanMax, Osaka Gas partner in JV to develop 300MW renewable portfolio

Brookfield-backed firm CleanMax on Monday announced a joint venture partnership with Osaka Gas Group to develop a 300MW renewable energy portfolio entailing an investment of Rs 1,500 crore.

The joint venture entity will be called 'Clean Max Osaka Gas Renewable Energy Private Limited' (CORE), according to a statement.

Under the joint venture, a total investment value of Rs 1,500 crore for the 300 MW renewable energy portfolio, which will be developed in due course of time, a revised statement said.

The remaining 100 MW will be developed in about next two years, it added.

CleanMax and Osaka Gas are forging a partnership to help corporate clients transition to a low-carbon economy, the statement said, adding that the association with CleanMax marks Osaka Gas' entry into the green energy market in India.

CleanMax, one of Asia's leading renewable energy providers in the Commercial and Industrial (C&I) sectors, announced a long-term strategic joint venture with Osaka Gas Co. Ltd., a prominent Japanese gas major, it said.

By combining CleanMax's leadership in decarbonising solutions with Osaka Gas' global footprint and expertise, this collaboration drives the large-scale adoption of sustainable energy solutions, contributing to India's green energy targets.

As part of this collaboration, a consortium formed between Osaka Gas' subsidiary, Osaka Gas Singapore PTE. LTD. (OGS) and the Japan Bank for International Cooperation (JBIC) will be investing in a joint venture partnership with CleanMax.

JBIC is a policy-based financial institution, with its shares wholly owned by the Japanese government.

In its first phase, it aims to build and operate renewable energy plants with a combined capacity of approximately 400 MW in the near future, starting with an upfront portfolio of 300 MW.

It will begin operations from Karnataka, which is a high-potential renewable energy market.

"This association will expand CleanMax's reach with Japanese and multinational clients, while also tapping into global capital sources like JBIC to fuel our aggressive growth," Kuldeep Jain, Managing Director of CleanMax, said.

Keiji Takemori, Representative Director, Executive Vice President at 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 C&I market.