HCG installs solar power plant at Jagalur in Davangere district.
Credit: DH Photo
Bengaluru: Brookfield-backed CleanMax has entered into a strategic joint venture (JV) with Japanese firm Osaka Gas Co Ltd, the company announced on Monday.
Osaka Gas Singapore and the Japan Bank for International Cooperation (JBIC) will invest in the JV entity christened CleanMax Osaka Gas Renewable Energy Private Limited (CORE), the company stated.
An amount of Rs 1,500 crore will be invested for a 300 MW renewable energy portfolio in Karnataka, which will be operational in six months. The portfolio will comprise both wind and solar projects. The projects will be in Jagalur, a spokesperson for CleanMax told DH.
This is part of the first phase, in which CORE will develop 400 MW of renewable energy projects. It will start with the upfront 300 MW portfolio in Karnataka, offering corporations clean energy through long-term corporate power purchase agreements (PPAs). The remaining 100 MW will be developed within two years or so.
“CleanMax and Osaka Gas are forging a partnership to help corporate clients transition to a low-carbon economy,” said CleanMax in a statement. This also marks Osaka Gas’s entry into India’s green energy market.
CleanMax is a renewable energy provider in Asia’s commercial and industrial sector. JBIC is a policy-based financial institution with its shares wholly owned by the government of Japan.
In September 2024, the Karnataka government had set itself a goal to add 19.2 GW renewable energy by building on its existing 18 GW capacity by 2030.
The recently concluded Global Investors Meet in the state further received commitments for renewable energy, with the government reiterating its emphasis on positioning the state as an attractive destination for investments. The state is consistently among the top few for renewable energy generation.