Malaysian Petronas to invest $1.6 billion to help India export green energy

Malaysian state-owned energy company Petronas is all set to invest $1.6 billion in India.

The company will invest in an Indian green ammonia venture to help India achieve its target to export energy.

According to Petronas, the “investment will give it a 30 percent stake in a green ammonia company.” This is incorporated by the founders of Indian renewables group Greenko, one of India’s largest wind and solar power producers and energy storage operators, a local report mentioned.

As per reports, it could be one of the top five biggest private capital raises in India so far this year. It has been reported that the investment values AM Green Ammonia Holdings at roughly $5.5 billion.

Under the investment agreement, AM Green Ammonia will produce 5mn tonnes of green ammonia by 2030. The operation will spread across five Indian states.

Meanwhile, Petronas has set a target to cap operational emissions to 49.5 million tonnes of carbon dioxide equivalent by 2024 in Malaysia, and achieve 25 percent absolute emissions reduction group wide by 2030.

The project has planned to start export in the next two years.