GIC and Petroliam Nasional Bhd Collectively Invest $2B in AM Green

Petroliam Nasional Bhd, Singapore's sovereign wealth fund GIC and the founders of Greenko Energy Holdings are investing $2 billion in AM Green, a platform built on green molecules, including green hydrogen, green ammonia and other chemicals.

Of that, $1.5 billion to $1.7 billion is likely to come from Malaysia and the state energy company, according to people familiar with the development. AM Green was founded by  Anil Chalamalasetty and Mahesh Kolli, founders of Greenko. Once completed, it will be the largest foreign direct investment to date in the fast-growing sector as companies and governments look for ways to reduce their energy and consumption footprints.

AM Green acts as a holding company for these green initiatives. It is held separately by Greenko Energy,  one of India's top renewable energy producers. Petronas and GIC are minority shareholders in AM Green's green ammonia unit, the people cited above said.

GIC is also the largest shareholder in Greenko Energy Holdings, with a 52 percent stake. Other investors include Japan's Orix Corp  (22%) and Abu Dhabi Investment Authority (14%). Chalamalasetty and Koll own 12%. Petronas is a new strategic partner in  AM Greenand's ammonia benchmark as the Singapore fund doubles.