As lead developer and operator of the project, Sembcorp will use renewable energy to produce an initial 200,000 metric tonnes per annum of green ammonia in India. According to a June 6 announcement, land in India has been secured for the development of the facilities, following the completion of feasibility and preliminary front-end engineering design studies.
The consortium is now working towards a front-end engineering design award for the project.
The HOT was presented at the second and final day of the Indo-Pacific Economic Framework (IPEF) Clean Economy Investor Forum in Singapore. The signing was witnessed by Ken Saito, Japan’s Minister of Economy, Trade and Industry; Tan See Leng, Singapore’s Second Minister for Trade and Industry; and Shri Sunil Barthwal, India’s Commerce Secretary, Ministry of Commerce and Industry.
The project brings together three IPEF members — Japan, Singapore and India — in a cross-border collaboration aimed at accelerating the development of a low-carbon supply chain and advancing the region’s transition to a clean economy.
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Sembcorp has a gross renewables portfolio of 4.7 gigawatts in India.
This signing is not expected to have a material impact on the earnings per share and net tangible assets per share of Sembcorp for the financial year ending Dec 31, 2024.
As at 1.46pm, shares in Sembcorp are trading flat at $5.09.
At the IPEF forum, a total of 69 sustainable infrastructure projects amounting to over US$23 billion ($30.98 billion) of investment opportunities were identified. Of these, 20 investment-ready projects worth about US$6 billion were presented to investors at business matching sessions.
All IPEF partners were invited to nominate sustainable infrastructure projects through a process facilitated by PwC Singapore. The 20 investment-ready projects are in diverse areas including industrial parks, special economic zones, energy, agriculture and aquaculture, waste management, water and transport sectors. They were nominated by Brunei, Fiji, India, Indonesia, South Korea, Malaysia, New Zealand, Philippines, Singapore and Thailand.
In addition, 49 climate technology startups sought to raise up to US$2 billion in new investments at the forum. These were identified by global research firm HolonIQ from its shortlist of “Indo-Pacific Climate Tech 100” of top climate technology start-ups based in the Indo-Pacific region. HolonIQ shortlisted 100 startups after reviewing over 10,000 companies.
Australia, Japan, South Korea and the US also announced the operational launch of an IPEF Catalytic Capital Fund, which is pooling resources to expand the pipeline of bankable clean economy infrastructure projects. A total of US$33 million of initial funding is in progress and will be set aside to catalyse up to US$3.3 billion of private investments in Official Development Assistance-eligible countries.
