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CleanMax and Osaka Gas Establish Joint Venture to Accelerate India’s Green Energy Transition

Key Facts: 

CleanMax is Asia’s leading renewable energy company for commercial and industrial sector with 2 GW operational assets across India, the Middle East, and Thailand. 

Osaka Gas Co., Ltd.  is a Japanese gas company which supplies gas to the Kansai region, especially the Keihanshin area. 

Prime Highlights: 

CleanMax and Osaka Gas have launched CleanMax Osaka Gas Renewable Energy (CORE) to promote wind-solar hybrid solutions in India. 

CORE will begin with a 400 MW portfolio in Karnataka, with 300 MW of operational capacity and a total investment of Rs 1,500 crore. 

Key Background: 

CleanMax, a Brookfield-backed renewable energy provider, has partnered with Japan’s Osaka Gas to form a new joint venture aimed at supporting India’s corporate sector transition to clean energy. The newly established entity, CleanMax Osaka Gas Renewable Energy (CORE), will focus on developing wind-solar hybrid solutions, with an initial 400-megawatt (MW) portfolio based in Karnataka. 

The first phase of the project will deliver 300 MW of operational capacity, requiring a total investment of Rs 1,500 crore. An additional 100 MW is expected to be completed within the next six to eight months. According to Kuldeep Jain, Managing Director of CleanMax, one of the primary goals of the venture is to ensure capital efficiency in a renewable energy sector known for its significant capital investment requirements. The joint venture will be majority-owned by CleanMax, with a board comprising representatives from both partners. 

While the initial focus will be on Karnataka, where CleanMax already has a strong presence, the joint venture plans to expand geographically in the future. Jain highlighted that Karnataka’s large market, especially with its concentration of technology and cement industries, makes it an ideal location for the wind-solar hybrid projects. 

The joint venture is backed by Osaka Gas Singapore, a subsidiary of Osaka Gas, and the Japan Bank for International Cooperation (JBIC), marking Osaka Gas’ first foray into India’s green energy market. Founded in 2011, CleanMax has successfully operated wind-solar hybrid solutions across several states, including Tamil Nadu, Maharashtra, and Gujarat, and has expanded internationally to regions such as Thailand, Bahrain, and Saudi Arabia.