Brookfield to invest up to $600m in ACME's green molecules business
NEW DELHI: Global investment firm Brookfield will invest up to $600 million in ACME Cleantech Ventures to support the development and construction of green molecule projects in India and West Asia, the companies said on Thursday.
ACME Cleantech Ventures is a UK-based privately held entity within the ACME Group involved in green molecule projects.
Govt is promoting green hydrogen and its derivatives, including green ammonia and green methanol, through the National Green Hydrogen Mission, which aims to make India a global hub for their production, use and export.
Ministry of New and Renewable Energy in Feb this year notified standards for green ammonia and green methanol to define eligibility and emission thresholds.
ACME is developing green ammonia and green methanol facilities in India and Oman. It has secured offtake partnerships with international and domestic companies, including Norway’s Yara International, Japan’s IHI Corporation, Mitsubishi Gas Chemicals, Solar Energy Corporation of India and fertiliser companies IFFCO, Paradeep Phosphates, Coromandel International and Indorama India.
Brookfield will make the investment through its Brookfield Global Transition Fund strategy. The investment will support the development of green molecule projects for industrial decarbonisation across Asia and Europe.
Brookfield has investments in India’s renewable energy sector, with its portfolio comprising nearly 50 GW of wind and solar assets in operation and in the pipeline.
Nawal Saini, managing partner and head of energy, South Asia and the Middle East, Brookfield, said demand for green molecules was growing as govts and companies sought solutions to reduce emissions while strengthening energy security .
“This investment marks Brookfield’s entry into the green molecules sector in the region and combines our global scale and institutional capital with ACME’s operating capabilities,” Saini said.
ACME Group chairman Manoj Upadhyay said green molecules were creating new supply chains for fuel and feedstock while strengthening the long-term energy security of nations.
“As we develop our world-class green ammonia and other green molecules projects, we aim to accelerate cost-competitive decarbonisation and build a global platform serving customers in Asia, Europe and beyond,” Upadhyay said.
ACME Cleantech Ventures is a UK-based privately held entity within the ACME Group involved in green molecule projects.
Govt is promoting green hydrogen and its derivatives, including green ammonia and green methanol, through the National Green Hydrogen Mission, which aims to make India a global hub for their production, use and export.
Ministry of New and Renewable Energy in Feb this year notified standards for green ammonia and green methanol to define eligibility and emission thresholds.
ACME is developing green ammonia and green methanol facilities in India and Oman. It has secured offtake partnerships with international and domestic companies, including Norway’s Yara International, Japan’s IHI Corporation, Mitsubishi Gas Chemicals, Solar Energy Corporation of India and fertiliser companies IFFCO, Paradeep Phosphates, Coromandel International and Indorama India.
Brookfield will make the investment through its Brookfield Global Transition Fund strategy. The investment will support the development of green molecule projects for industrial decarbonisation across Asia and Europe.
Brookfield has investments in India’s renewable energy sector, with its portfolio comprising nearly 50 GW of wind and solar assets in operation and in the pipeline.
Nawal Saini, managing partner and head of energy, South Asia and the Middle East, Brookfield, said demand for green molecules was growing as govts and companies sought solutions to reduce emissions while strengthening energy security .
“This investment marks Brookfield’s entry into the green molecules sector in the region and combines our global scale and institutional capital with ACME’s operating capabilities,” Saini said.
ACME Group chairman Manoj Upadhyay said green molecules were creating new supply chains for fuel and feedstock while strengthening the long-term energy security of nations.
“As we develop our world-class green ammonia and other green molecules projects, we aim to accelerate cost-competitive decarbonisation and build a global platform serving customers in Asia, Europe and beyond,” Upadhyay said.
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