AM Green and SJVN Green Energy Limited (SGEL), a wholly owned subsidiary of SJVN, have signed a Memorandum of Understanding (MoU) for a long-term agreement to supply and source renewable energy.
Under this agreement, SGEL will supply approximately 4,500 MW of carbon-free energy to AM Green’s upcoming green ammonia facilities. SGEL plans to generate this capacity using solar and wind power, while AM Green will incorporate pumped hydro storage to ensure a steady supply of green energy.
The MoU was signed in New Delhi in the presence of key officials, including Sh. Akhileshwar Singh, Director of Finance, SJVN Ltd, Sh. Ajay Kumar Singh, CEO, SGEL, Sh. A M Jha, CFO, 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 this project in three phases, with the first phase delivering 1,500 MW within two years. This initiative marks a significant milestone in SJVN’s renewable energy expansion, supporting its goals of reaching 25,000 MW by 2030 and 50,000 MW by 2040.
AM Green, promoted by the founders of Greenko, aims 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 National Green Hydrogen Mission and 10 percent of Europe’s target for green hydrogen imports by 2030.
Mahesh Kolli, Founder of Greenko Group & AM Green, expressed his enthusiasm, stating, “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 in the global clean energy transition while contributing to India’s ambition to become a leading exporter of reliable, sustainable, and cost-effective green molecules and derivatives, accelerating global industrial decarbonization.”
Ajay Singh, CEO of SJVN Green, added, “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. This project also marks SJVN’s entry 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 advance this arrangement with AM Green.”
In October 2023, Gentari Sdn Bhd, through its subsidiary Gentari International Renewables Pte Ltd, signed an agreement with AM Green to 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 secured a strong pipeline of power offtake agreements, including with NTPC Renewables and Gentari, to support its green hydrogen ambitions. These agreements position AM Green on a fast track for a final investment decision (FID) for its first 2 MTPA green ammonia project early this year, ahead of other companies aiming for green ammonia capacity in India and globally.
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