HomeRenewable energy ›Ramkrishna Forgings Invests INR 12.90 Cr in AMPIN Energy’s SPV to Procure Solar Energy

Ramkrishna Forgings Invests INR 12.90 Cr in AMPIN Energy’s SPV to Procure Solar Energy

Ramkrishna Forgings has approved an investment of INR 12.90 crore in equity and debentures in AMP Energy C&I Fifteen, an SPV by Ampin Energy Transition, to secure solar power under a captive generation scheme for its operations.

October 25, 2024. By Mrinmoy Dey

Kolkata-based Ramkrishna Forgings has approved an investment of INR 12.90 crore in the form of equity and debentures in a special purpose vehicle (SPV) of Ampin Energy Transition for procurement of solar power under the captive generation scheme.

The SPV, AMP Energy C&l Fifteen, was incorporated for developing, constructing, operating and maintaining a solar power plant generating around 45.69 MUs per year in Jamesdhpur, Jharkhand, the company informed in a regulatory filing.

It further added that Ramkrishna Forgings now holds a 45.78 percent stake in the SPV (AMP Energy C&I Fifteen) and may increase its investment in the SPV through compulsory convertible debentures. This investment is aimed at reducing power costs by sourcing energy directly from a solar project.

The company, known for supplying forged and fabricated products, serves various sectors, including automotive, farm equipment, mining and construction, oil and gas, railways, power, and general engineering.

AMPIN Energy Transition, a comprehensive renewable energy producer, has a balanced portfolio of more than 3 GWp spread across 21 states in the country catering to both commercial and industrial (C&I) and utility customers. Backed by marquee institutional investors across the globe, AMPIN aims to build a renewable energy portfolio of 10 GWp by 2030.
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