Chubu Electric Expands Investment in OMC Power

Chubu Electric has increased its investment in OMC Power, raising its stake to over 35%. This investment will fund 100 MW of energy projects, broadening OMC's footprint in India and South Africa. Mitsui & Co holds a significant portion of OMC's remaining shares, owning over 25%.

Chubu Electric, a prominent Japan-based energy company, announced on Tuesday that it has signed a new agreement to boost its investment in OMC Power.

This financial boost is set to support OMC Power in commissioning 100 MW worth of energy transition projects imminently, allowing the company to expand its operations significantly within India and South Africa. According to a statement from Chubu Electric, the firm had previously acquired a 20% interest in OMC Power. The latest agreement now increases their stake to over 35%, making them the largest shareholder.

This move comes as OMC Power continues to make strides in the clean energy sector, operating over 500 plants that provide energy solutions to telecom towers, institutional rooftops, rural communities, and the commercial and industrial sectors. Meanwhile, Mitsui & Co retains over 25% stake in OMC Power.

(With inputs from agencies.)