Petronas, Singapore’s GIC Greenko’s founders to invest US$ 2 bn in AM Green

Petroliam Nasional Bhd, Singapore’s sovereign wealth fund GIC, and the founders of Greenko Energy Holdings are set to invest $2 billion in AM Green. A platform for green molecules such as green hydrogen, green ammonia, and other chemicals.

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Petroliam Nasional Bhd, Singapore’s sovereign wealth fund GIC, and the founders of Greenko Energy Holdings are set to invest US$ 2 billion in AM Green, a platform for green molecules such as green hydrogen, green ammonia, and other chemicals.

The state-owned energy company in Malaysia is expected to contribute US$ 1.5-1.7 billion of this, according to individuals with knowledge of the development. The founders of Greenko, Anil Chalamalasetty and Mahesh Kolli, are setting up AM Green.

As corporations and governments look for ways to reduce their carbon footprint in terms of energy and consumption, this will, when all is said and done, be the largest foreign direct investment in the quickly expanding sector to date.

AM Green will serve as a holding company for these green initiatives. It will be kept separate from Greenko Energy, one of India’s leading producers of renewable energy. According to the sources cited above, Petronas and GIC will be minority shareholders in AM Green’s green ammonia unit.

GIC is also the single largest shareholder in Greenko Energy Holdings, owning 52% of the company. Other investors include Japan’s Orix Corp (22%), and the Abu Dhabi Investment Authority (14%). Chalamalasetty and Kolli own 12% of the company. While the Singapore fund is doubling down, Petronas will be a new strategic partner in AM Green’s ammonia vertical.