Antony Waste secures Japanese investment for waste-to-energy projects
The firm has received investment of 750 million yen from Japan’s JFE Engineering Corporation to give new speed to its WtE projects in India.
Antony Waste Handling Cell Limited has entered into a strategic partnership with Japan’s JFE Engineering Corporation, securing an investment of 750 million yen or about Rs 44 crore in a significant boost to India’s waste-to-energy (WtE) sector. The deal marks the first Japanese foreign direct investment in India’s Waste to Energy space and underscores growing global confidence in India’s sustainable infrastructure push.
Under the agreement, JFE Engineering will acquire a 25% equity stake in two special purpose vehicles—Kadapa Renew Energy Private Limited and Kurnool Renew Energy Private Limited—while Antony Lara Enviro Solutions Private Limited will retain the remaining 75% stake. These entities are developing waste-to-energy projects in Andhra Pradesh.
Each project will process 1,000 tonnes of municipal solid waste (MSW) per day, with 750 tonnes allocated for power generation. The plants are expected to generate 15 MW each, taking the combined capacity to 30 MW. The projects will operate under a 20-year concession period, with a power purchase agreement tariff of ₹8.10 per unit and an estimated total revenue of Rs 3,200 crore over the lifecycle. The financing structure comprises 75% debt and 25% equity.
Construction is expected to be completed within 24 months, with commissioning targeted for the first quarter of FY2029. JFE Engineering India will serve as the EPC contractor, while JFE Engineering Corporation will provide technology support and nominate board representatives in both SPVs.
The partnership aligns with the India-Japan Joint Vision 2025 and reflects Japan’s broader investment ambitions in India. With India generating nearly 150,000 tonnes of municipal waste daily and utilizing less than 5% of its WtE potential, the collaboration aims to unlock scalable and environmentally sustainable solutions in the sector.
Projects at Hand
Antony Waste had also bagged two major contracts worth a combined Rs 3,200 crore to develop Waste-to-Energy (WTE) plants in Andhra Pradesh in August 2025. Awarded by the New & Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP), the project involve setting up two ~15 MW WTE facilities—one each at Kadapa and Kurnool.
