OMC Power announced its new partnership through a Share Subscription Agreement with Chubu Electric Power Co. Inc., a leading Japanese energy utility.
As their first-ever investment in India, Chubu Electric will support the OMC Power’s expansion of green energy production, storage, and distribution portfolio in rural India. This will complement the efforts being made towards decarbonization and create a sustainable social impact for rural communities, the statement said.
“We are excited to welcome Chubu Electric as OMC Power’s new partner and are looking forward to a long-term collaborative working with cross-learnings to improve OMC’s energy generation, storage and distribution portfolio. This will go a long way towards our commitment of improving the social, economic, and environmental landscape of rural India. The collaboration with Chubu aligns with OMC’s plans of scaling its rural utility business to newer geographies and towards faster decarbonization. OMC Power’s expertise in distributed energy following the ABC model coupled with the comprehensive know-how of the energy industry of Chubu will help in the development of sustainable, rural utility infrastructure,” says Rohit Chandra, CEO, OMC Power Ltd.
“We will contribute to OMC’s efficient business operations by leveraging our operation and maintenance skills for power transmission, distribution, and improvement of the efficiency of generation facilities, and will also contribute to a decarbonized society and the well-being of local people through a clean power supply,” said Hiroki Sato, Senior Managing Executive Officer and Division CEO of Global Business Division at Chubu.
This partnership will boost the rural economy, improving access to green and clean energy for telecom towers, small and medium enterprises and households in rural India and drastically reduce the use of fossil fuels, a statement said.
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