SJVN rose 1.43% to Rs 131.40 after its wholly owned subsidiary, SJVN Green Energy (SGEL), signed a memorandum of understanding (MoU) with AM Green Ammonia for the supply of renewable energy for the green ammonia plants in Andhra Pradesh.
Under this MoU, the parties have agreed to cooperate with each other for supply or sourcing of renewable energy on long term basis for these Green Ammonia Plants on a mutually agreed terms and conditions, said the company.
The AM Ammonia (India), a company under Greenko Group is developing one of the worlds largest Green Ammonia Platforms at Kakinada, Andhra Pradesh. The platforms shall be developed in two phases starting with a capacity of one million tons per annum (MTPA) and ramping capacity to five million tons per annum by 2030, equivalent of 1 MTPA of hydrogen, it added.
SGEL will explore setting-up of 4,500 megawatt (MW) renewable energy projects in India including 2,500 to 3,000 MW of solar projects and 1,500 to 2,000 MW of wind projects over three phases which shall ensure a supply of about 11,500 million units on annual basis.
According to companys regulatory filling, SGEL and AM Ammonia have agreed to explore innovative commercial framework to ensure competitive tariff and adequate returns to SGEL including offering dollar denominated tariff. It has been agreed that the parties shall enter into a definitive agreement shortly so as to formalize the further course of action.
SGEL is currently handling a RE Portfolio of about 7.2 GW under various stages of development i.e. operation, construction & pre-construction. This MoU paves way towards SGELs first venture into commercial & industrial segment, stated the company.
SJVN is engaged principally engaged in electricity generation. The company is also engaged in the business of providing consultancy.
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The company reported 56.04% drop in consolidated net profit to Rs 61.08 crore on 11.12% decline in revenue from operations to Rs 482.91 crore in Q4 FY24 over Q4 FY23.
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