We’re delighted to announce that IQ-EQ has been appointed to service AM Green, a new green energy platform based in India. The venture is set to attract major investment from Malaysia’s state-owned energy company, Petronas, and Singapore’s sovereign wealth fund, GIC, signifying the largest foreign direct investment into this sector in India to date.
The AM Green platform is being established specifically for green molecules, including green hydrogen, green ammonia and other chemicals. Its aim is to set up 5 MPTA (million tonnes per annum) of green ammonia facilities and to be among the lowest-cost producers in this space.
IQ-EQ’s Luxembourg and Netherlands teams, led respectively by client relationship directors Ajit Singh Rai and Anand Bhugra, have been appointed to provide full corporate administration and SPV services to AM Green, including four entities in Luxembourg and another four in the Netherlands.
This news also notably follows the recent announcement that King Willem-Alexander of the Netherlands has officially opened the first phase of the national hydrogen network in Rotterdam, which is to become operational in 2025. Once complete, the extensive network will bring together large-scale hydrogen production facilities, import terminals in sea ports, and a wide range of domestic and international businesses committed to sustainable hydrogen usage. With Dutch SPVs serviced by IQ-EQ Netherlands, it is likely that AM Green will leverage this network.
Commenting on IQ-EQ’s appointment, a spokesperson from AM Green said:
“Following a competitive bid process, the team at AM Green is very pleased to award this important service mandate to IQ-EQ as we look to get our significant new venture off the ground. With US$2 billion of investment already committed to the AM Green platform, this is a hugely exciting time for us and for the renewables sector in India as a whole, as we help corporates and governments improve their carbon footprint. We are happy to have IQ-EQ’s support as we move forward.”
Diana Senanayake, IQ-EQ’s Regional CEO for Continental Europe, added:
“We’re delighted to have AM Green on board as a client of our Luxembourg and Netherlands offices and look forward to working closely with the team. The platform’s focus on green energy fits well with our Group-wide sustainability focus and we’re very proud to be supporting such a positive and game-changing venture in the Indian market.”
