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DJ Renewables and CleanMax to establish 400 MW renewable energy JV

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Author: PPD Team Date: 11/03/2025

DJ Renewables Pte. Ltd., a consortium between Osaka Gas Company Limited and Japan Bank for International Cooperation (JBIC), plans to form a joint venture (JV) with CleanMax Enviro Energy Solutions Private Limited to develop 400 MW of renewable energy projects in India.

The JV company, named Clean Max Osaka Gas Renewable Energy Private Limited (CORE), will be jointly owned by CleanMax and DJ Renewables, with equity stakes of 51 percent and 49 percent, respectively.

CORE aims to develop a total of 400 MW of renewable energy projects in India by 2028, beginning with 300 MW of projects in Karnataka under Phase-I. Additionally, CleanMax will transfer selected projects from its portfolio to CORE.

The power generated from these projects will be supplied under long-term power purchase agreements (PPAs) to various commercial and industrial (C&I) customers in India.

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