Ramakrishna Forgings Invests Rs.12.90 Cr In Green Energy Deal With AMP Energy

Ramakrishna Forgings Invests Rs. 12.90 Cr In AMP Energy

Ramakrishna Forgings, a metal forming company, recently made an investment of Rs. 12.90 crore in the form of equity and debentures in AMP Energy C&I Fifteen. The Kolkata-based company entered into Share Subscription and Shareholders Agreements, along with other relevant agreements, with the AMP Energy subsidiary for the procurement of solar power under a captive generation scheme.

AMP Energy C&I Fifteen Private Limited (SPV) was recently incorporated to develop, construct, operate, and maintain a solar power plant in Jamshedpur, Jharkhand, expected to generate around 45.69 MUs per year. The facility has not yet commenced commercial production.

Ramakrishna Forgings has acquired an initial 45.78% equity contribution in the SPV and holds the option to further invest in CCDs to be issued by the SPV. To optimize power costs and enhance renewable power generation, the company entered into a captive power agreement with the SPV for solar power under the Captive Generation Scheme and has committed to invest as a captive user.

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The project, scheduled for completion on or before March 2025, has an acquisition price of ₹12.90 crore. With this investment, the company initially acquired a 45.78% equity stake, with the option to make additional investments in CCDs to be issued by the SPV. This arrangement would help the company optimize the power cost and to enhance the renewable power generation.

Other Projects By AMP Energy 

AMP Energy has a sound financial record internationally, it has previously, has secured up to USD 145 million (JPY 20 billion) in equity funding for Amp Japan. The investment comes from Asia-Pacific Sustainable & Decarbonisation Infrastructure Equity, LP (a fund sponsored by Aravest and SMBC Group) (SDIEF), and Banpu NEXT Company Limited (“Banpu NEXT”), a subsidiary of Banpu PCL. The funds will be used to accelerate the growth of the Company in Japan, invest into Amp Japan’s assets under development and fund new acquisitions, across the Company’s strategic targets of utility scale and small scale solar, onshore wind and battery storage.

Additionally, the company recently also secured a commenced construction of its Bungama Battery in South Australia. Amp Energy (‘Amp’), a global energy transition platform backed by the Carlyle Group, announced today the commencement of construction of its Bungama Battery Energy Storage System (‘BESS’) located approximately 6 kilometres east of Port Pirie, South Australia. Stage 1 of the multi-stage project will have a 150 MW / 300 MWh capacity and support energy security and reliability as the supply of renewable energy increases at record pace in South Australia.