Petronas Arm Gentari India to Raise Funds for Green Ammonia Solar and Wind Power Project
Key Ideas
- Gentari India, the clean energy arm of Petronas, plans to raise $300-400 million to set up solar and wind assets in Karnataka and Andhra Pradesh for green ammonia production.
- The funds will be used to establish around 2,400 MW of renewable energy capacity, with a focus on providing round-the-clock power for green ammonia production.
- Gentari has signed a power purchase agreement with AM Green Ammonia India Private Limited and aims to set up 5 million tonnes per annum of green ammonia capacity by 2030.
- The project involves supplying 650 MW of carbon-free energy round-the-clock to power the green ammonia plant in Andhra Pradesh, creating an attractive investment opportunity linked to green ammonia supply contracts.
Gentari India, the clean energy arm of Petronas, is looking to raise $300-400 million to set up solar and wind assets in Karnataka and Andhra Pradesh to support green ammonia production. The funds will be utilized to establish approximately 2,400 MW of renewable energy capacity to ensure uninterrupted power supply for green ammonia manufacturing. Gentari has partnered with AM Green Ammonia India Private Limited, focusing on green ammonia and hydrogen solutions, aiming to develop 5 million tonnes per annum of green ammonia capacity by 2030. Gentari will supply 650 MW of carbon-free energy round-the-clock to power the green ammonia plant in Andhra Pradesh. The power supply agreement is priced in dollars, enhancing investor interest due to higher yields compared to Indian assets. Petronas' Gentari business unit operates across renewable energy, hydrogen, and green mobility sectors, with significant investments in India's green power space since 2019. They have a portfolio of 3 GW of renewable energy assets in India and have recently won bids for wind-solar hybrid projects. The company's focus on expanding green energy infrastructure in India showcases a positive outlook towards sustainable energy solutions.
Topics
India
Renewable Energy
Investment
Solar Power
Business Expansion
Power Purchase Agreement
Wind Power
Fundraising
Green Ammonia
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