TOKYO: Japan’s Chubu Electric Power Co Inc will spend up to 5 billion yen ($39 million) to buy a 20 per cent 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.
Chubu Electric aims to contribute to OMC, in which Japanese trading house Mitsui & Co also has a stake, by leveraging its operation and maintenance skills for power generation, transmission and distribution, it said.
