Chubu Electric Power Completes Acquisition of Shares in OMC Power

Chubu Electric Power Co., Inc. ("Chubu") has entered into a Share Subscription Agreement, through its wholly owned subsidiary Chubu Electric Power Company Netherlands B.V., with OMC Power Private Limited ("OMC"), which operates renewable energy based power plants for supply of energy to telecom towers, small and medium enterprises and communities via mini-grids(Note 1) in rural India (as announced on May 31).

Then Chubu completed the acquisition procedures, namely a regulatory approval, and yesterday has officially acquired shares of OMC through Chubu Electric Power Company Netherlands B.V., a wholly owned subsidiary by Chubu.

OMC owns and operates 280 renewable energy based power plants in the states of Uttar Pradesh and Bihar in India. OMC provides a reliable supply of clean power, mainly solar power, combined with storage batteries, to areas with limited or no electricity access, and thereby also creating social impact. OMC plans to further expand its business in India and aims to operate 5,000 renewable energy based power plants by 2030 with its "ABC business model"Note 2) (Anchor-Business-Community).

Chubu 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, and will also contribute to a decarbonized society and the well-being of local people through clean power supply.

Chubu intends to contribute to the realization of a decarbonized society and reinforce its earnings base through aggressive development of overseas business centered on decarbonization business.

(Note 1) Small-scale power generation, transmission and distribution facilities that are not connected to the existing large-scale transmission system, and that perform all processes from power generation to transmission and distribution on its own

(Note 2) "ABC business model" provides reliable and affordable energy to "A"nchor customers such as telecom towers, small and medium "B"usiness enterprises and rural "C"ommunities, leading to economic development of rural India.