- ~4500 MW RE capacity to power AM Green’s upcoming green ammonia
facilities.
- Potentially, the single largest investment by SJVN Green in an
RE project to date.
AM Green and SJVN Green Energy Limited (SGEL), a wholly owned
subsidiary of SJVN, has entered into a Memorandum of Understanding
(MoU) for a long-term agreement for supply and sourcing of
renewable energy.
This press release features multimedia. View
the full release here:
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L to R - A M Jha, CFO, SGEL, Ajay Kumar
Singh, CEO, SGEL, Akhileshwar Singh, Director of Finance, SJVN Ltd,
B C Tripathi, Senior Advisor, AM Green, Jitendra Yadhav, HOD
(F&A), SJVN Ltd, Dharampal Reddy, AVP, AM Green (Photo:
Business Wire)
Under the agreement signed on 26th June 2024 in New Delhi, SJVN
Green Energy Limited (SGEL) will supply ~4,500 MW of carbon-free
energy to AM Green’s upcoming green ammonia facilities. SGEL will
set up this capacity through solar and wind power, while AM Green
will integrate it with pumped hydro storage to ensure a steady
supply of green energy to AM Green facilities.
The agreement was signed in the presence of Sh. Akhileshwar
Singh, Director of Finance, SJVN Lt, Sh. Ajay Kumar Singh, CEO, Sh.
A M Jha, CFO, SGEL, SGEL, Sh. Jitendra Yadhav, HOD (F&A), SJVN
Ltd, Sh. B C Tripathi, Senior Advisor, AM Green, and Dharampal
Reddy, AVP, AM Green.
SJVN plans to execute the project in three phases, with the
first phase delivering 1,500 MW within two years. This initiative
is a major milestone for SJVN's renewable energy expansion in
India, supporting its goal of reaching 25,000 MW by 2030 and 50,000
MW by 2040.
AM Green, promoted by the founders of Greenko, targets to
produce 5 million tons per annum (MTPA) of green ammonia by 2030,
equivalent to about 1 MTPA of green hydrogen. This represents a
fifth of India’s target for green hydrogen production under the
country’s National Green Hydrogen Mission and 10 per cent of
Europe’s target for green hydrogen imports by 2030.
Mahesh Kolli, Founder, Greenko Group & AM Green,
said: “We are delighted to partner with SJVN on one of the
world’s largest carbon-free, renewable energy supply contracts.
This partnership demonstrates AM Green’s emerging leadership
position as a global clean energy transition solutions platform
while contributing to India’s ambition of emerging as an exporter
of reliable, sustainable and lowest-cost green molecules and its
derivatives accelerating industrial decarbonisation globally.”
Ajay Singh, CEO, SJVN Green, said: “We are elated to
embark on this collaboration with AM Green, as it holds tremendous
potential for accelerating the development of renewable assets in
India. The project also marks SJVN’s foray into supplying power to
private sector entities. With our ambitious capacity addition
targets, SJVN is actively pursuing opportunities across the
spectrum and is keen to take forward this arrangement with AM
Green.”
In October 2023, Gentari Sdn Bhd, through its wholly-owned
subsidiary Gentari International Renewables Pte Ltd, signed an
agreement with AM Green to jointly invest in phases in AM Green
Ammonia Holdings BV (AMG Ammonia). Singapore's sovereign wealth
fund, GIC, is also an investor in AMG Ammonia.
AM Green has a strong pipeline of power offtake agreements,
including NTPC Renewables and Gentari, to support its green
hydrogen ambitions. With these agreements, AM Green is on a fast
track for a final investment decision (FID) for its first 2 MTPA
green ammonia project early this year, positioning itself ahead of
other companies aiming for green ammonia capacity in India and
globally.
About AM Green
AM Green, incorporated by the founders of Hyderabad-based
Greenko Group, Anil Chalamalasetty and Mahesh Kolli, is one of
India’s leading energy transition solutions providers. AM Green is
leveraging a track record of entrepreneurship in pioneering new
technologies and pathways to shape the future of energy. We aim to
become one of the most cost-competitive producers of green
hydrogen, green ammonia, and other green molecules in the world. In
India, AM Green is developing production capabilities for green
molecules (green hydrogen, green ammonia, biofuels, e-methanol,
sustainable aviation fuels and various downstream high-value
chemicals) for decarbonisation in hard-to-abate industries. The
venture will also set up an international renewables and storage
business and a JV for making electrolysers with John Cockerill of
Belgium.
About SJVN Green
SJVN Green Energy Limited is a wholly owned subsidiary of SJVN
Limited. SJVN Limited, a Miniratna and a Schedule ‘A’ central
public sector undertaking (CPSU) under the Ministry of Power (MoP),
Government of India (GoI), is a JV between GoI and the Government
of Himachal Pradesh. SJVN Green has been established as a renewable
energy arm for the SJVN group and holds high strategic importance
for the group. SJVN Green has set a target of 25,000 MW of
installed capacity by 2030 and 50,000 MW by 2040.
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version on businesswire.com: https://www.businesswire.com/news/home/20240701786472/en/
Media Relations for AM Green: Mr. Suheil Imtiaz Sr
Manager, Public Affairs & Strategic Communications Email:
suheil.m@amgreen.com Mobile: + 91 94401 59289