Stock Report

SJVN inks an MOU with AM Ammonia (India) Private Limited

Posted On : 2024-06-26 21:18:58( TIMEZONE : IST )

SJVN through its wholly owned subsidiary SJVN Green Energy Limited (SGEL) signed a Memorandum of Understanding (MoU) with AM Green Ammonia (India) Private Limited in the august presence of Sh. Akhileshwar Singh, Director (Finance), SJVN at Delhi, today.

The MoU was signed by Sh. Ajay Singh, CEO, SGEL and Sh. Bhuwan Chandra Tripathi, CEO AM Green Ammonia and Sh. A M Jha, CFO, SGEL, Sh. Jitendra Yadav, GM (F), SJVN and other senior officials from SJVN/SGEL and Greenko Group were present on the occasion.

The AM Ammonia (India) Private Limited, a company under Greenko Group is developing one of the world's 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 one million tonnes per annum of hydrogen. Under this MoU the parties have agreed to cooperate with each other for supply/ sourcing of renewable energy on long term basis for these Green Ammonia Plants on a mutually agreed terms and conditions.

SGEL will explore setting-up of 4,500 MW renewable energy projects in India including 2500 - 3000 MW of Solar Projects and 1500 - 2000 MW of Wind Projects over three phases which shall ensure a supply of about 11,500 million units on annual basis.

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 SGEL's first venture into Commercial & Industrial Segment.

Shares of SJVN Limited was last trading in BSE at Rs. 129.55 as compared to the previous close of Rs. 129.20. The total number of shares traded during the day was 548151 in over 4645 trades.

The stock hit an intraday high of Rs. 132.20 and intraday low of 128.35. The net turnover during the day was Rs. 71388095.00.