{"id":6938,"date":"2023-10-30T04:41:38","date_gmt":"2023-10-30T04:41:38","guid":{"rendered":"https:\/\/infundpros.com\/business\/malaysias-petronas-to-invest-1-6bn-in-indian-green-ammonia\/"},"modified":"2023-10-30T04:41:38","modified_gmt":"2023-10-30T04:41:38","slug":"malaysias-petronas-to-invest-1-6bn-in-indian-green-ammonia","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=6938","title":{"rendered":"Malaysia\u2019s Petronas to invest $1.6bn in Indian green ammonia"},"content":{"rendered":"<div>\n<p>Stay informed with free updates<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Simply sign up to the <!-- -->Renewable energy<!-- --> myFT Digest &#8212; delivered directly to your inbox.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=c5005502-3850-4866-a597-4447f29cb5b5&amp;concept-id=29e9fad1-14fc-480b-a89c-cd964750bd80\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Malaysian state-owned energy company Petronas is set to invest $1.6bn in an Indian green ammonia venture, in a boost to New Delhi\u2019s ambitions to export energy.<\/p>\n<p>The investment by Petronas\u2019s Gentari renewables division will give it a 30 per cent stake in a green ammonia company incorporated by the founders of Indian renewables group Greenko, one of India\u2019s largest wind and solar power producers and energy storage operators, according to two people with direct knowledge of the deal and two people briefed on it.\u00a0<\/p>\n<p>It will be one of the top five biggest private capital raises in India so far this year, according to Dealogic data, and is the latest sign of international investor appetite for India\u2019s growing renewable energy industry. <\/p>\n<p>The investment values AM Green Ammonia Holdings at roughly $5.5bn, said a person with direct knowledge of the transaction. Bloomberg first reported the deal.\u00a0<\/p>\n<p>Singaporean sovereign wealth fund GIC will also be investing, according to people with direct knowledge, who declined to say how much the investment would be worth. GIC is Greenko Energy Holdings\u2019 biggest shareholder and has four non-executive seats on its board.\u00a0<\/p>\n<p>Ammonia is considered \u201cgreen\u201d if it is made with hydrogen that is produced by electrolysis of water using renewable energy, and combined with nitrogen to become liquid.<\/p>\n<p>While this makes the liquid form more readily transportable than hydrogen gas, it can also lead to emissions of nitrous oxide gas as a byproduct.<\/p>\n<p>Under the investment agreement, AM Green Ammonia will produce 5mn tonnes of green ammonia by 2030, with operations across five Indian states, and will begin exporting it in the next two years. <\/p>\n<p>Traditionally best known for its use in fertilisers, many companies and governments believe ammonia will help ease their dependence on fossil fuels.<\/p>\n<p>Mahesh Kolli, Greenko\u2019s group president and joint managing director, told the Financial Times that ammonia had become a \u201cstrategic molecule\u201d.<\/p>\n<p>With swaths of India soaked in sun for much of the year, investors are also eyeing the country\u2019s potentially vast solar capacity for producing both hydrogen and ammonia using renewable energy.\u00a0<\/p>\n<p>AM Green plans to build the world\u2019s \u201clowest cost hydrogen delivery platform\u201d by leveraging renewable energy generation and storage capabilities, Kolli added. The Greenko Group is already manufacturing electrolysers that are used in making green hydrogen alongside Belgian engineering company John Cockerill. Kolli said this would help reduce costs.<\/p>\n<p>Other Indian companies have been involved in green hydrogen and ammonia deals this year. Tycoon Gautam Adani formed a joint venture with Japanese conglomerate Kowa to sell and market green hydrogen and derivatives in Japan, Taiwan and Hawaii. The Indian infrastructure giant has forecast that it will start green hydrogen by March 2027.\u00a0<\/p>\n<p>In February, Greenko signed a memorandum of understanding with German energy company Uniper for green ammonia supply. Kolli said Greenko\u2019s first delivery of green ammonia to Germany was scheduled for mid-2025. \u201cThat will be the first time India\u2019s exporting energy,\u201d he said, predicting it will be a \u201chuge milestone for the country\u201d.\u00a0<\/p>\n<p>India, now the world\u2019s third-largest oil importer, is aiming for energy independence by 2047 and has set a \u201cnet zero\u201d emissions target of 2070. However, this is rated as \u201cinsufficient\u201d to limit global warming to the goals of the Paris agreement, by the highly regarded Climate Action Tracker.<\/p>\n<p>The green ammonia deal will also help Malaysia\u2019s Petronas to meet its targets. It has set a target of a 30 per cent revenue contribution from non-traditional businesses by the end of this decade.<\/p>\n<p>It has pledged to cap operational emissions to 49.5 million tonnes of carbon dioxide equivalent by 2024 in Malaysia, and achieve 25 per cent absolute emissions reduction groupwide by 2030 based on 2019 emissions data.<\/p>\n<p>It has been investing in renewables through Gentari, as it seeks to reduce its reliance on oil and gas sales. Gentari in turn has invested in Indian renewables group ReNew Energy.<\/p>\n<p>Singapore also has a strategic interest in green ammonia. The resource-starved city-state has adopted a national hydrogen strategy.<\/p>\n<p>Like many global institutional investors, GIC has been building its bets on green hydrogen, last year investing alongside private equity firm Carlyle in the UK and US-based green ammonia project development company Eneus Energy. <\/p>\n<p>Citi and Bank of America both advised on the deal. Petronas and GIC declined to comment. <\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/c5005502-3850-4866-a597-4447f29cb5b5\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay informed with free updates Simply sign up to the Renewable energy myFT Digest &#8212; delivered directly to your inbox. Malaysian state-owned&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-6938","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Malaysia\u2019s Petronas to invest $1.6bn in Indian green ammonia | inFundPros<\/title>\n<meta name=\"description\" content=\"Stay informed with free updatesSimply sign up to the Renewable energy myFT Digest -- delivered directly to your inbox.Malaysian state-owned energy company\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=6938\" \/>\n<meta property=\"og:locale\" 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