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Chubu Electric, OMC Power sign agreement to increase investment
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Chubu Electric on Wednesday said it has signed an agreement with OMC Power to increase investment in the company. The investment will help OMC Power commission 100 MW of energy transition projects in the near term and expand presence in India and South Africa, Chubu Electric said in a statement.
According to industry sources, Chubu had earlier invested in OMC Power for a 20 per cent stake. With the latest investment, its stake will increased to over 35 per cent to become single-largest stake holder in OMC Power.
Mitsui & Co has over 25 per cent stake in OMC Power.
OMC operates over 500 plants, supplying clean energy to telecom towers, institutional rooftops, rural communities, and the C&I (commercial and industrial) sectors.
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