Toyota Tsusho Corporation ("Toyota Tsusho") announced today that it reached agreement through Toyota Tsusho India Private Limited, its subsidiary in India, with Clean Max Enviro Energy Solutions Private Limited ("Clean Max"), one of India's leading renewable energy power generation firms, to establish a new company that will supply and operate renewable energy in India, mainly to Japanese-affiliated companies.

This will be the Toyota Tsusho Group's first venture into the renewable energy business in India.

Greenhouse gas emissions in India are increasing alongside economic growth, and the impact on climate change has become a serious issue. The Indian government has set targets of achieving carbon neutrality by 2070 and increasing electric power generation capacity using non-fossil fuels to 500 GW by 2030, and expectations are rising for Japanese companies operating in India to introduce renewable energy and take other measures.

Clean Max is a leading company in India with strengths in the corporate PPA (power purchase agreement) business. It has an established track record in the PPA business, primarily in solar power generation as well as wind power, and seeks to expand its business even further.

The new company is slated to be established and commence operations in 2025 and will engage in the PPA business, providing support for introducing renewable energy, mainly to Japanese companies that have entered the Indian market. Specifically, the new company will supply electric power with a focus on on-site and off-site solar power generation and develop and operate wind power plants according to customer needs.

By supporting the introduction of renewable energy in India, Toyota Tsusho will contribute to the sustainable growth of the country while also contributing to the Indian government's goal of achieving net zero by 2070.