📋 Tender Overview
The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on March 7 a shareholders' agreement for a joint investment with Osaka Gas Co., Ltd. (Osaka Gas)*1 in a portfolio of renewable energy projects implemented by Clean Max Enviro Energy Solutions Private Limited (CleanMax), an Indian company, through Clean Max Osaka Gas Renewable Energy Private Limited (CORE) *2in India.
CleanMax is a leading corporate power purchase agreement*3 (Corporate PPA) provider in India, which supplies electricity from renewable sources, such as solar, wind, and hybrid power. JBIC, together with Osaka Gas, will make an equity investment in these projects, which are developed and operated by Clean Max based on Corporate PPA, mainly in Karnataka, India.
Osaka Gas designates India as one of its most important target countries for business development, considering the country’s economic scale and growth potential. The company aims to expand its energy business by combining this renewable energy project with its existing city gas supply projects*4 in India, contributing to the country's economic growth and decarbonization efforts. Additionally, it plans to explore the possibilities for new energy projects, such as green hydrogen and e-methane*5 in the future. JBIC’s equity investment in this project is intended to support the overseas expansion of Osaka Gas, thereby contributing toward maintaining and improving the international competitiveness of Japanese industry.
In the Infrastructure System Overseas Promotion Strategy 2030, approved by the Ministerial Meeting on Strategy relating to Infrastructure Export and Economic Cooperation in December 2024, the government of Japan views social transformations the world is facing, such as green initiatives and decarbonization, as opportunities for growth. It has set goals to address global challenges, including climate change, and foster close collaborations with countries in the Global South. These nations are expected to enhance their presence in the global economy and international society for the long term. The investment is in line with the government policy.
In India, the economic growth rate is high, and the demand for electric power is expected to grow. The government of India pledged in August 2021 that India will become energy independent by 2047, which coincides with the 100th anniversary of independence, and at COP26 in November 2021, it committed to realizing carbon neutrality by 2070. It also aspires to achieve 50% cumulative electric power generation from non-fossil-fuel-based energy resources by 2030 as its Nationally Determined Contribution (NDC), an action plan to address climate change under the Paris Agreement. Under these circumstances, the government is introducing renewable energy and promoting countermeasures against climate change, such as the enhancement of green hydrogen production capacity and the dissemination of energy efficiency technologies. This i
