Press Release

Press Release

Chubu Electric Power Has Completed Capital Increase in OMC Power

November 13, 2024
Chubu Electric Power Co.,Inc.

Chubu Electric Power Co., Inc. ("Chubu") has completed the capital increase in 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 (Note1) in rural India.

OMC owns and operates renewable energy-based power plants in the states of Uttar Pradesh in India. OMC provides a reliable supply of clean power, mainly solar power, combined with storage batteries, to areas with limited electricity access, contributing to decarbonization and improving the well-being of local people and thereby also creating social impact. Since our first investment in September 2022, OMC has expanded its business in India and currently have a solar power generation capacity of approximately 25,000 kW.

This capital increase will strengthen OMC's business foundation and accelerate its distributed power supply and grid business, as well as expand the rooftop solar business, which is being actively promoted by the Uttar Pradesh government, mainly for public facilities such as hospitals and medical universities. By proceeding with targeted business development, OMC aims to further expand its business and improve its corporate value.

As a result of this capital increase, Chubu will become OMC's largest shareholder, and the number of directors will be increased from two to three. Additionally, in order to support OMC's business expansion and efficient business operations, Chubu will dispatch our employees to OMC.

In CHUBU's global business, it will contribute to the realization of decarbonized society and further increase earnings by optimally combining the four domains of (i) green business centered on renewable energy, (ii) blue business in relation to decarbonization, (iii) retail, power transmission and distribution, and new services, and (iv) frontier business.

(Note1) 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.

Attachment

Attachment1

Overview of OMC

1 Overview of OMC

Company Name

OMC Power Private Limited

Location of Headquarters

Gurugram, Republic of India

Established

2011

Business Activities

Renewable energy-based power plants providing energy to telecom towers, small and medium enterprises and communities in rural India

Business Sites

Uttar Pradesh

Representative

Rohit Chandra (Managing Director & CEO)

Business Sites

Illustration of Business Sites

Mini-grid Business

Picture of Mini-grid Business

Rooftop Solar Business

Picture of Rooftop Solar Business

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