Shares of Adani Power Ltd surged more than 5% in morning trade on Wednesday after the company said that its 330MW power plant in Mundra will co-fire green ammonia for a sustainable future. However, the stock was trading 1% lower around 10.50am.
"As part of the project, the Mundra Plant, which is India's largest private sector power plant, will co-fire up to 20% green ammonia in the boiler of a conventional coal-fired 330MW Unit," Adani Power said in a stock exchange filing.
Adani Power has collaborated with Japan's IHI and Kowa to deliver the pilot project and assess expansion for the company's other units and stations.
The move is aimed at the company's multi-pronged decarbonisation initiatives.
The pilot project is conducted under the Japan-India Clean Energy Partnership (CEP), which aims to focus on energy security, achieve carbon neutrality, and achieve economic growth. The initiative aligns with Japan's New Energy and Industrial Technology Development Organization’s (NEDO) International Demonstration Project, Adani Power said in a release.
The Mundra plant is the first location outside of Japan that has been selected for this green initiative.
Green ammonia is derived from green hydrogen and is produced via electrolysis using renewable energy. The combustion of this ammonia does not produce carbon-dioxide, making it a carbon-neutral alternative to fossil fuels.
"We are happy to partner with IHI and Kawa for blending green ammonia for our Mundra plant, which will reduce carbon-dioxide emissions," Anil Sardana, Managing Director of Adani Power, said.
At 10.50am, shares of Adani Power were trading 1.69% lower at Rs 438.65 apiece on November 29, 2023.
(Edited by : Shloka Badkar)
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