• 2023 October 31 14:55

    Petronas and GIC to invest in green ammonia project in India

    Gentari, the clean energy unit of Malaysia’s Petronas, AM Green, established by Greenko’s founders, and an affiliate of GIC Holdings Pte Ltd, on Monday agreed to produce 5 million tonnes per annum (mtpa) of green ammonia by 2030.

    In a joint statement, Gentari and AM Green said that the partnership will focus on the production of green ammonia across locations in India, with the aim of accelerating efforts to achieve net zero targets in India as well as in OECD markets. Exports of green ammonia to key OECD markets, such as Germany, Japan, South Korea, and Singapore, are expected to begin in late 2025, it said.

    Post-investment from Gentari, GIC, and AM Green, the unit will be a fully funded platform that will invest, in phases, in Andhra Pradesh, Tamil Nadu, Gujarat, Karnataka, and Himachal Pradesh.

    Gentari and GIC will invest $1.75 billion in AM Green Ammonia Holdings. Gentari will invest $1.5 billion for 30% in AM Green Ammonia Holdings, valuing the company at $5 billion. The founders will hold the balance 70% along with Singaporean wealth fund GIC, which will invest $250 million.

    The joint statement said that the planned 5 mtpa of green ammonia will be equivalent to about 1 mtpa of green hydrogen, representing a fifth of India’s target for green hydrogen production under the country’s National Green Hydrogen Mission and 10% of Europe’s target for green hydrogen imports by 2030.

    The production of green ammonia by AM Green will be supported by the round-the-clock renewable energy supplied via offtake agreements with counterparties and electrolyzers manufactured by a unit of AM Green.

    AM Green will also produce green molecules such as green methanol, green caustic soda, green chlorine, and various downstream green chemicals under its AM Green Molecules subsidiary. Also, AM Green will house a joint venture with John Cockerill of Belgium to produce electrolyzers in its AM Green Technology & Solutions arm, supplying about 6.5GW of electrolyzers to AM Green Ammonia by 2030.

    The statement said that the completion of the transaction is subject to the fulfilment of relevant and customary condition precedents. Citigroup Global Market India Pvt. Ltd. and Cyril Amarchand Mangaldas acted as the exclusive financial and legal advisors to AM Green for this transaction.

    AM Green is wholly owned and controlled by the founders of Hyderabad-based Greenko Group, Anil Chalamalasetty and Mahesh Kolli. In India, AM Green is developing production capabilities for green molecules (green hydrogen, green ammonia, biofuels, green caustic soda, and e-methanol) for decarbonization in hard-to-abate industries.




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