Gentari, GIC and Greenko founders join hands to produce, export green ammonia

livemint.com:

Mint previously reported that Gentari Sdn Bhd and GIC Holdings Pte Ltd will invest $1.75 billion in AM Green Ammonia Holdings, a company owned by Greenko Group founders Mahesh Kolli and Anil Kumar Chalamalasetty. Gentari will invest $1.5 billion for a 30% stake in AM Green Ammonia Holdings, valuing the company at $5 billion.

The founders will hold the remaining 70% along with Singaporean wealth fund GIC, which will invest $250 million, Mint had reported. The joint statement said the planned 5 MTPA of green ammonia would be equivalent to about 1 MTPA of green hydrogen, representing a fifth of India’s target for green hydrogen production under the 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 electrolysers manufactured by another unit of AM Green (AM Green Technology & Solutions). “With its presence across the value chain and with complementary growth engines in place, AM Green is well positioned to claim and consolidate a position at the forefront of large-scale competitive solutions to decarbonise industries and economies across the world," it said.

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