CHUBU ELECTRIC POWER CO., INC Press Release
Chubu Electric Power Signs a Share Subscription Agreement with OMC Power
May 31, 2022
Chubu Electric Power Co.,Inc.
Chubu Electric Power Co., Inc. ("Chubu") announced today that it has entered into a Share Subscription Agreement, through its wholly owned subsidiary Chubu Electric Power Company Netherlands B.V., with OMC Power Private Limited ("OMC"), which operates renewable energy based power plants for supply of energy to telecom towers, small and medium enterprises and communities via mini-grids(*1) in rural India. Chubu will acquire shares of OMC subject to regulatory approvals. For Chubu, this is the first investment in India.
OMC owns and operates 280 renewable energy based power plants in the states of Uttar Pradesh(*2) and Bihar in India. OMC provides a reliable supply of clean power, mainly solar power, combined with storage batteries, to areas with limited or no electricity access, and thereby also creating social impact. OMC plans to further expand its business in India and aims to operate 5,000 renewable energy based power plants by 2030 with its "ABC business model"(*3) (Anchor-Business-Community).
"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 clean power supply," said Hiroki Sato, Senior Managing Executive Officer and Division CEO of Global Business Division at Chubu.
"We are excited to announce Chubu Electric as OMC Power's investor. 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 towards faster decarbonization. OMC Power's expertise in renewable energy coupled with a comprehensive knowhow of the energy industry of Chubu will help in the development of sustainable, rural utility infrastructure." says Rohit Chandra, CEO, OMC.
Chubu intends to contribute to the realization of a decarbonized society and reinforce its earnings base through an optimal combination of four segments: Green Field, Blue Field, Retail / Transmission & Distribution / New Services, and New Technology Field.
(*1) Small-scale power generation, transmission and distribution facilities that are not connected to the existing large-scale transmission system, and that perform all processes from power generation to transmission and distribution on its own
(*2) Uttar Pradesh, the center of OMC's business, has approximately 230 million people, which is the largest population of any state in India, and with GDP growing at approximately 8% per year, demand for electricity in the region is expected to continue to increase.
(*3) "ABC business model" provides reliable and affordable energy to "A"nchor customers such as telecom towers, small and medium "B"usiness enterprises and rural "C"ommunities, leading to economic development of rural India.
Attachment- Overview of OMC and Chubu's Strategy of Global Business
Attachment1
Overview of OMC and Chubu's Strategy of Global BusinessCompany Name | OMC Power Private Limited |
Location of Headquarters | Gurugram, Republic of India |
Established | 2011 |
Business Activities | Renewable energy based power plants providing energy to telecom towers, small and medium enterprises and communities in rural India |
Business Sites | Uttar Pradesh, Bihar |
Representative | Rohit Chandra (CEO) |
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Chubu Electric Power Co. Inc. published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 06:59:08 UTC.
