Japanese utility aligns with OMC’s plans of scaling its rural utility business to newer geographies
In its first ever investment in India, Chubu Electric Power Co Inc of Japan, is supporting OMC Power’s expansion of green energy production, storage and distribution portfolio in rural parts of the country.
Chubu and OMC Power have signed a Share Subscription Agreement which will complement the efforts being made by the Indian power company towards decarbonization and create a sustainable social impact for rural communities.
“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,” said Hiroki Sato, Senior Managing Executive Officer and Division CEO of Global Business Division at Chubu.
The leading Japanese utility will also contribute to a decarbonized society and the well-being of local people through a clean power supply, underlined Sato.
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 as well as New Technology Field.
“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 as it will drastically reduce the use of fossil fuels,” said a release on 31 May 2022 from Gurgaon.
“The collaboration with Chubu aligns with OMC’s plans of scaling its rural utility business to newer geographies and towards faster decarbonization,” Rohit Chandra, CEO, OMC Power Ltd, said, announcing the agreement with Chubu.
“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,” he said.
“This will go a long way towards our commitment of improving the social, economic and environmental landscape of rural India.
“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,” said Chandra.
Currently, OMC Power is focused on building the rural energy infrastructure through its 280 renewable energy plants across rural Uttar Pradesh and Bihar. The supply of OMC’s reliable and green energy has enhanced the socio-economic status of more than 100,000 consumers in all segments at these villages.
Taking giant steps in empowering the rural economy, OMC Power through this partnership will scale up to 5,000 new villages with renewable energy-based power plants with its inclusive and sustainable ABC (Anchor, Business and Communities) business model.
The role of renewable energy is pivotal in the fight against climate change and seamlessly catering to the energy needs of tomorrow. The energy sector needs collaborative measures not to exacerbate the perils of global warming, said the release. fiinews.com
