Kolkata-based Ramkrishna Forgings (RKFL) has approved an equity and debenture investment of ₹129 million (~$15.34 million) in a special purpose vehicle (SPV) of AMPIN Energy Transition to procure solar power in a captive arrangement.

The SPV, AMP Energy C&l Fifteen, has been set up to develop, construct, operate, and maintain a solar project in Jamshedpur, Jharkhand, generating 45.69 MUs per year.

Ramkrishna Forgings now has 45.78% of shares in AMP Energy C&I Fifteen and may further invest in compulsory convertible debentures issued by the SPV. The investment will help the company reduce power costs by sourcing power from the solar project.

The company supplies forged and fabricated products to sectors like automotive, farm equipment, mining and construction, oil and gas, railways, power, and general engineering.

AMPIN Energy Transition, an integrated renewable energy producer, provides renewable energy transition solutions to the commercial and industrial (C&I) sector. Its renewable energy portfolio spans over 2.7 GW across 17 states in India.

Renewable energy open access arrangements through captive and group captive arrangements are proving beneficial for consumers in India’s C&I sector. Sourcing power from solar and wind energy projects helps them reduce their energy expenditure and make their operations more sustainable.

Mercom India is bringing clean energy solutions providers and consumers together to discuss power requirements, cost benefits, challenges, opportunities, and solutions at its C&I Clean Energy Meet in Bhubaneswar on November 15, 2024.

AMPIN Energy Transition recently announced the financial closure for its 200 MW wind-solar hybrid project in Rajasthan, with the final step achieved through a green loan of ₹7.42 billion (~$88.27 million) from Standard Chartered.

In September, Japan-headquartered Sumitomo Corporation entered India’s corporate power purchase agreement market through a joint venture with AMPIN Energy Transition. The partnership has led to the establishment of AMPIN C&I Power, a new entity aimed at developing renewable energy projects for corporate clients in India.