Greenko group, one of India’s largest renewable energy companies, is in talks with private equity investor TPG Rise Climate fund to raise as much as $750 million in its green ammonia business, said people familiar with the ongoing discussions.
TPG Rise fund, one of the most active investors in India’s clean energy space, has signed an exclusivity pact with Greenko and a deal announcement is likely in the coming months if the talks fructify, according to the persons cited above.
Hyderabad-based Greenko group is building India’s largest green ammonia facility under unit Greenko ZeroC (GZC). Green ammonia is a fuel that can be used in existing internal combustion engines. It’s also renewable and produced using a process called hydrogenation. In February, Germany-based Uniper Group signed an agreement with Greenko ZeroC to source green ammonia. Besides green ammonia, Uniper and Greenko also intend to collaborate on deploying similar flexible renewable electricity to other hydrogen produts such as e-methanol and sustainable aviation fuels. Greenko’s Kakinada project is a multi-phase green ammonia production and export facility that will add up to 1 million tonnes per annum (mtpa) of green ammonia production capacity by 2027.
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