The Japan Bank for International Cooperation (JBIC) has signed a shareholders’ agreement with Osaka Gas to invest in a joint venture (JV) between the Japanese gas company and Mumbai-based Clean Max Enviro Energy Solutions (CleanMax).

The JV — Clean Max Osaka Gas Renewable Energy (CORE) — will develop 400 MW of renewable energy projects, starting with ~300 MW in Karnataka in the first phase, offering corporations reliable clean energy through long-term corporate Power Purchase Agreements (PPAs).

Osaka Gas has designated India as a significant business development target country because of its economic scale and growth potential. It aims to expand its energy business by combining the JV’s renewable energy projects with its existing city gas supply ventures in India.

It also plans to explore new energy projects in fields including hydrogen and e-methane.

JBIC’s equity investment in CleanMax’s projects targets supporting Osaka Gas’ overseas expansion to help maintain and improve the Japanese industry’s international competitiveness.

CleanMax is a renewable energy solutions provider operating in India, the Middle East, and Southeast Asia. The company has a 2 GW project portfolio and serves over 550 corporate entities in the automotive, education, pharmaceuticals, fast-moving consumer goods, and information technology sectors.

In January this year, CleanMax secured a long-term credit facility of AED99 million ($27 million) from HSBC to expand its onsite solar portfolio in the UAE. The funding will support the development of 92 solar assets across industrial facilities, malls, schools, and universities, with an additional uncommitted accordion of AED37 million ($10 million) for future projects.

In the same month, JBIC signed an agreement to set up a credit line of JPY120 billion (~$770.64 million) with the government-owned Power Finance Corporation to fund renewable energy projects.

Earlier, Ahmedabad-based pharmaceutical company Concord Biotech entered into an agreement to acquire a 26% equity stake in CleanMax Everglades, a CleanMax Enviro Energy Solutions special purpose vehicle setting up a renewable energy project with a total capacity of 9.9 MW.