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JBIC and Osaka Gas Invest in CleanMax JV for 400 MW Renewable Projects

The Japan Bank for International Cooperation (JBIC) has signed a shareholders’ agreement with Osaka Gas to invest in Clean Max Osaka Gas Renewable Energy (CORE), a joint venture with Mumbai-based CleanMax Enviro Energy Solutions. The JV aims to develop 400 MW of renewable energy projects, starting with 300 MW in Karnataka in the first phase. These projects will provide corporations with clean energy through long-term corporate Power Purchase Agreements (PPAs).

Osaka Gas views India as a key growth market, integrating renewable projects with its city gas supply ventures. The company also plans to explore hydrogen and e-methane opportunities in India. JBIC’s investment in CleanMax supports Osaka Gas' overseas expansion, enhancing Japan’s industrial competitiveness in the global energy market.

CleanMax is a major renewable energy solutions provider across India, the Middle East, and Southeast Asia, with a 2 GW portfolio serving 550+ corporate clients across industries like automotive, education, pharmaceuticals, FMCG, and IT. In January 2025, CleanMax secured a $27 million credit facility from HSBC to expand its onsite solar portfolio in the UAE. The funding supports 92 solar projects in malls, schools, and industrial facilities, with an additional $10 million uncommitted credit for future projects.

In the same month, JBIC established a JPY120 billion credit line with India’s Power Finance Corporation (PFC) to finance renewable energy projects. Additionally, Ahmedabad-based Concord Biotech acquired a 26% stake in CleanMax Everglades, a CleanMax subsidiary setting up a 9.9 MW renewable energy project.

This investment highlights growing Japanese interest in India’s renewable sector, strengthening corporate clean energy adoption and advancing India’s decarbonization efforts.