Japan’s Chubu Electric to buy stake in India’s rural renewable energy service company OMC Power
Japan’s Chubu Electric Power Co Inc said on Tuesday it will spend up to 5 billion yen ($39 million) to buy a 20% stake in India’s rural renewable energy service company, OMC Power Private Ltd, through a third-party allotment of shares.
OMC operates about 280 renewable energy plants to provide electricity for telecom companies, small and medium businesses and rural houses via mini-grids, using storage batteries, in the states of Uttar Pradesh and Bihar. It aims to expand its network to 5,000 power plants by 2030, the Japanese company said.
