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Signing ceremony for the contracts of investment in OMC Power, an Indian Renewable Energy based Mini Grid Operator

Mitsui & Co., Ltd. (“Mitsui”) has entered into a strategic partnership with OMC Power Private Limited (“OMC”), an Indian renewable energy service company, which is one of the largest mini-grid operators in the world. To commemorate this partnership, a signing ceremony was held on August 22, 2017 in India, which was attended by Managing Officer Yoshio Kometani (Chief Operating Officer of Infrastructure Projects Business Unit) of Mitsui & Co. and the co-founders of OMC (Chairman Sushil Jiwarajka, Vice Chairman & Executive Director Rohit Chandra and Managing Director Anil Raj). By this investment in OMC, Mitsui will enhance its foray into the distributed energy business.

Mitsui OMC Investment Signing
Mitsui & Co. Infrastructure Projects Business Unit COO Yoshio Kometani (fourth from left), Chief Representative of Mitsui & Co. in South West Asia Hiromichi Yagi (fourth from right) and OMC Chairman Sushil Jiwarajka (third from left) at the signing ceremony.

OMC generates power mainly using solar and supplies energy to rural areas via its mini-grids to anchor loads such as telecom towers, local small and medium enterprises and rural households, in areas with limited or no electricity access.
The source of energy in these areas is currently fossil fuel based, that is diesel and kerosene. OMC provides electricity to such areas with high reliability, affordable cost and with positive impact on the environment. This further contributes to reduction of CO2 emissions and increased productivity, along with overall economic development of rural communities.

In recent years, India has experienced rapid economic growth, consequent to which the demand for electricity has been increasing. In the medium term, OMC aims to operate 1,000 mini grid based power plants (totaling to a generation capacity of 50 MW), which would deliver power to more than 1 million people. Mitsui intends to contribute to rural electrification in India through its investment in OMC as well as by joint project development with OMC, so as to capture the growth of Indian market. In additional to energy access for rural India, the strategic partnership also intends to provide value added services on the strength of availability of reliable electricity.

Mitsui and OMC’s collaboration extends beyond India, covering Africa and other parts of Asia, where there is a strong demand for distributed energy access and rural electrification.

OMC Info

Read the Press Release on the Mitsui & Co Website
In English :
Signing ceremony for the contracts of investment in OMC Power, an Indian Renewable Energy based Mini Grid Operator

In Japanese:
インドの分散電源事業者OMC Power社への出資に関する契約調印式を実施


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Yahoo News: USAID & RBL Bank USD 75M loan guarantee

New Delhi [India], Nov. 3 (ANI): The United States Agency for International Development (USAID) and Mumbai-based RBL Bank announced on Thursday a new loan portfolio guarantee that will facilitate up to USD 75 million for lending to small and medium enterprises (SMEs) operating in off-grid, solar rooftops, and energy efficiency sectors. This guarantee is the first of its kind between USAID and an Indian private sector bank which will support innovative solutions and business models to improve access to clean energy sources for electricity.

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India needs more than USD 100 billion in energy investment per year until 2040 to meet its need for electricity. The U.S. Government supports the Government of India’s goal of providing 24×7 power to all Indian households by 2020 and lowering of greenhouse gas (GHG) emissions by 2030. Today’s loan guarantee signing advances that goal by making finance accessible for companies that are providing energy access to communities not connected to India’s electricity grid.

USAID Mission Director to India, Ambassador Jonathan Addleton, hosted RBL for the official partnership signing ceremony noting that “USAID is excited to partner with such a forward-looking institution as RBL Bank to achieve our shared vision of bringing clean energy access to all Indians. USAID will continue to support clean energy finance efforts in support of India’s transition to a high-performing, low-emission, energy-secure economy.”

Managing Director & CEO, RBL Bank, Vishwavir Ahuja, commended the agreement, saying, “We are proud to be the first Indian private sector bank to sign this guarantee with USAID. While India has abundant renewable energy, finance is a major barrier to develop clean, affordable and reliable energy. Our partnership with USAID will significantly reduce the gap between sustainable energy projects and financial resources for stakeholders with little or no access to financial sources as well as for entrepreneurs who are passionate about building clean energy.”

Also present at the event was rural micro-grid company OMC Power, which hopes to be one of the first companies to access a loan under the guarantee. Vice-Chairman and Executive Director, OMC Power, Rohit Chandra, celebrated the signing saying, “This loan comes at a time when financing options for companies such as OMC are harder to come by. It will allow us to expand our operations to rural areas in Uttar Pradesh that have never had access to energy in the past.”

The United States Agency for International Development (USAID) works to end extreme poverty and promote resilient, democratic societies. It is an independent government agency that provides economic, development, and humanitarian assistance around the world in support of the foreign policy goals of the United States.

RBL Bank is one of India’s fastest growing private sector banks with an expanding presence across the country. It currently services over 2 million customers through a network of 201 branches and 373 ATMs spread across 16 Indian states and Union Territories. (ANI)


Read original article: “US AID and RBL Bank Announce USD 75 m loan guarantee for clean energy projects

USAID press release: “USAID AND RBL BANK ANNOUNCE $75 MILLION IN LOAN GUARANTEE FOR CLEAN ENERGY PROJECTS

Microgrid Media: “USAID, RBL Bank Partner to Expand Off-Grid, Rooftop Solar in India

Renewable Energy for India: A New Deal Could Impact 250 Million People


Written by Brinda Ganguly, Sr. Associate Director, The Rockefeller Foundation

Read original blog post: rockefellerfoundation.org/blog


Recently, The Rockefeller Foundation and OMC Power closed a $4.5 million deal to finance OMC Power’s construction and retrofitting of 100 solar power plants in rural Uttar Pradesh, India to serve villages that do not have reliable access to power.

This deal is an example of a foundation engaging in impact investing—making an investment that generates social impact as well as a financial return.

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PRESS RELEASE: Rockefeller Foundation & OMC reach US$4.5M deal

THE ROCKEFELLER FOUNDATION AND OMC POWER REACH A US$4.5M DEAL TO FINANCE 100 MINIGRIDS IN RURAL INDIA

The financial deal is part of the Foundation’s initiative to use renewable energy to electrify 1,000 villages


New York, the United States/Delhi, India, March 8, 2016The Rockefeller Foundation and OMC Power have reached a US$ 4.5 million deal to finance OMC Power’s construction and retrofitting of 100 solar power plants with minigrids, in rural Uttar Pradesh.

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