New Delhi: Malaysian energy giant Petroliam Nasional (Petronas) and Singapore’s sovereign wealth fund GIC will invest in a project to produce five million tonnes of green ammonia a year in India by 2030. Gentari, the renewable energy arm of Petronas, and an affiliate of GIC will invest in the project being developed by AM Green, which has been set up by the founders of clean energy company Greenko Group, the companies said in a statement. “Gentari Sdn Bhd (Gentari), via its wholly-owned subsidiary Gentari International Renewables Pte Ltd, has entered into an agreement with AM Green BV (AM Green) to jointly invest, in phases, into a green ammonia platform, AM Green Ammonia Holdings BV (AMG Ammonia),” it said.
Advt
AMG Ammonia is established by the founders of Greenko. An affiliate of Singapore invesment entity, GIC, is also an investor in AMG Ammonia. “AMG Ammonia is projected to produce 5 million tnnes per annum of green ammonia using round-the-clock renewable energy by 2030. The platform aims to deliver green ammonia, as it is presently the most mature and stable form of transporting hydrogen,” it said. The company, however, did not give the size of the investment. The 5 million tonnes of green ammonia produced is equivalent to approximately 1 million tonnes of green hydrogen, and would represent 20 per cent of India’s target for green hydrogen production by 2030, or 10 per cent of Europe’s target for imported renewable hydrogen. “This size and capacity will place AMG Ammonia among the world’s pioneers in large-scale and cost-competitive green ammonia production,” the statement said. “The first export of green ammonia from this platform is targeted by late 2025, and aims to serve key OECD markets, such as Germany, Japan and South Kora, as well as Singapore.” Gentari and AM Green both bring complementary capabilities across the green hydrogen value chain,including renewable energy, electrolysers, and ammonia production and marketing capabilities. The parties will mutually invest in AMG Ammonia, demonstrating full commitment to realise the platform’s potential and expand their presence in Asia Pacific and Europe, it said.
Advt
“Post-investment from Gentari, AM Green and GIC, AMG Ammonia will be a fully funded platform for the targeted ammonia production plan. The platform is expected to invest, in phases, into projects across different locations in India. This will ensure competitive supply of hydrogen to the global market and will be key for manufacturing and exporting green hydrogen in the region. Sushil Purohit, Chief Executive Officer of Gentari, said: “As Gentari expands our portfolio of clean energy soutions in Malaysia, Asia Pacific and beyond, we believe in the critical importance of industry-level collaborations that combine complementary strengths and unlock syneries. This partnership with AM Green and GIC is a testament to our commitment in accelerating green hydrogen adoption globally, to make an impact in the pursuit of a net zero future. In OECD, Southeast and East Asian economies, green ammonia will address the decarbonisation of industries such as power generation, through co-firing, as well as shipping.” Anil Chalamalasetty, Founder, Greenko Group and AM Green, said: “We are delighted to partner with Gentari and GIC to venture into the global low carbon green economy.” “This strategic partnership will work to accelerate net zero targets of various industries and several OECD economies. Continuous focus on innovation combined with execution will ensure our venture, AM Green, remains ahead of others in becoming a global clean energy transition solutionsplatform,” he said. Gentari was advised by BofA Securities and Shardul Amarchand Mangaldas & Co. Completion of the transaction is subject to the fulfilment of customary ondition precedents.
PTI
Published On Oct 31, 2023 at 08:17 AM IST
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Gentari, the renewable energy arm of Petronas, and an affiliate of GIC will invest in the project being developed by AM Green, which has been set up by the founders of clean energy company Greenko Group, the companies said in a statement. “Gentari Sdn hd (Gentari), via its wholly-owned subsidiary Gentari International Renewables Pte Ltd, has entered into an agreement with AM Green BV (AM Green) to jointly invest, in phases, into a green ammonia platform, AM Green Ammonia Holdings BV (AMG Ammonia),” it said. AMG Ammonia is established by the founders of Greenko. An affiliate of Singapore investment entity, GIC, is also an investor in AMG Ammonia. “AMG Ammonia is projected to produce 5 million tonnes per annum of green ammonia usin round-the-clock renewable energy by 2030. The platform aims to deliver green ammonia, as it is presently the most mature and stable form of transporting hydrogen,” it said. The company, however, did not give the size of the investment. The 5 million tonnes of green ammonia produced is equivalent to approximately 1 million tonnes of green hydrogen, and would represent 20 per cent of India’s target for green hydrogen production by 2030, or 10 per cent of Europe’s target for imported renewable hydrogen. “This size and capacity will place AMG Ammonia among the world’s pioneers in large-scale and cost-competitive green ammonia production,” the statement said. “The first export of green ammonia from this platform is targeted by late 2025, and aims to serve key OECD markets, such as Germany, Japan and South Korea, as well as Singapore.” Gentari and AM Green both bring complementary capabilities across the green hydrogen value chain, including renewable energy, electrolysers, and ammnia production and marketing capabilities. The parties will mutually invest in AMG Ammonia, demonstrating full commitment to realise the platform’s potential and expand their presence in Asia Pacific and Europe, it said. “Post-investment from Gentari, AM Green and GIC, AMG Ammonia will be a fully funded platform for the targeted ammonia production plan. The platform is expected to invest, in phases, into projects across different locations in India. This will ensure competitive supply of hydrogen to th global market and will be key for manufacturing and exporting green hydrogen in the region. Sushil Purohit, Chief Executive Officer of Gentari, said: “As Gentari expands our portfolio of clean energy solutions in Malaysia, Asia Pacific and beyond, we believe in the critical importance of industry-level collaborations that combine complementary strengths and unlock synergies. This partnership with AM Green and GIC is a testament to our commitment in accelerating green hydrogen adopton globally, to make an impact in the pursuit of a net zero future. In OECD, Southeast and East Asian economies, green ammonia will address the decarbonisation of industries such as power generation, through co-firing, as well as shipping.” Anil Chalamalasetty, Founder, Greenko Group and AM Green, said: “We are delighted to partner with Gentari and GIC to venture into the global low carbon green economy.” “This strategic partnership will work to accelerate net zero targets of various industries and sveral OECD economies. Continuous focus on innovation combined with execution will ensure our venture, AM Green, remains ahead of others in becoming a global clean energy transition solutions platform,” he said. Gentari was advised by BofA Securities and Shardul Amarchand Mangaldas & Co. 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