Petronas and GIC Back Green Ammonia Platform in India
Posted on 10/30/2023
Petroliam Nasional Berhad (Petronas) and Singapore’s GIC Private Limited plans to invest in a project to produce five million tonnes of green ammonia per annum in India by 2030. Gentari Sdn Bhd (Gentari), through its wholly-owned subsidiary Gentari International Renewables Pte Ltd, 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). Gentari Sdn Bhd is the renewable energy unit of Petronas. These parties 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. Green ammonia is presently the most mature and stable form of transporting hydrogen.
AMG Ammonia is established by the founders of Greenko. An affiliate of Singapore investment entity, GIC, is also an investor in AMG Ammonia. 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.
Gentari was advised by BofA Securities and Shardul Amarchand Mangaldas & Co. Completion of the transaction is subject to the fulfilment of customary condition precedents.