The sovereign wealth fund GIC of Singapore and the energy behemoth Petroliam Nasional (Petronas) of Malaysia will support an initiative to create five million tonnes of green ammonia annually in India by 2030.

The project is being built by AM Green, which was founded by the founders of the clean energy firm Greenko Group. Gentari, the renewable energy division of Petronas, and a subsidiary of GIC will invest in the project, the firms said in a statement.

Gentari Sdn Bhd (Gentari), via its wholly-owned subsidiary Gentari International Renewables Pte Ltd, has entered into an agreement with AM Green BV (AM Green) to jointly invest, in phases, into a green ammonia platform, AM Green Ammonia Holdings BV (AMG Ammonia)," the statement said.

AMG Ammonia was established by the founders of Greenko. An affiliate of Singapore investment entity, GIC, is also an investor in AMG Ammonia.

AMG Ammonia is projected to produce 5 million tonnes per annum of green ammonia using round-the-clock renewable energy by 2030. The platform aims to deliver green ammonia, as it is presently the most mature and stable form of transporting hydrogen," the statement added.