Gentari, the clean energy division of Malaysia’s Petroliam Nasional Bhd (Petronas) and AM Green, a hydrogen and ammonia producer owned by the founders of Indian renewable company Greenko Energy Holdings, have together signed definitive agreements with an affiliate of Singapore’s sovereign wealth fund, GIC, to produce 5 million tons per annum (MTPA) of green ammonia by 2030.
Petronas, GIC and Greenko Energy Holdings are investing $2 billion in AM Green. Of this, $1.5 billion will come from Petronas for a 30% stake. GIC of Singapore and the Greenko founders are expected to invest $250 million each in the green ammonia business.
The partnership will focus on the production of green ammonia across multiple locations in India, which is expected to accelerate efforts to achieve net zero targets in India and OECD markets. Exports of green ammonia to main OECD markets, such as Germany, Japan, South Korea, and Singapore from this platform is likely to begin by late 2025.
The green ammonia will be produced by a unit of AM Green, known as AM Green Ammonia Holdings. After investment from Gentari, GIC and AM Green, the fully funded platform will invest in Andhra Pradesh, Tamil Nadu, Gujarat, Karnataka, and Himachal Pradesh in phases.