(Information sent by the signatory company)
-Keppel partners with AM Green to explore sustainable biogenic carbon-based fuel opportunities in Asia and the Middle East
SINGAPORE and DUBAI, UAE, Dec. 11, 2023 /PRNewswire/ -- Keppel Corporation Limited (Keppel), through its Infrastructure Division, and AM Green, which is wholly owned and controlled by the founders of Greenko Group, with headquartered in Hyderabad, have signed a Memorandum of Understanding (MOU) to jointly explore opportunities to produce sustainable biogenic carbon-based fuels such as bio and green methanol, second generation (2G) ethanol and sustainable aviation fuel (SAF).
The memorandum of understanding was signed within the framework of COP 28 in Dubai. The two parties will jointly identify, evaluate and develop projects in Southeast Asia and the Middle East, which can harness and add at least one million tons of biogenic carbon dioxide (CO) per year for use in the production of sustainable fuels in plants by AM Green. These sustainable fuels can serve as an environmentally sustainable alternative to fossil fuels to support the decarbonization of heavy industrial operations and the aviation sector.
Additionally, Keppel and Greenko will also identify areas of collaboration in the value chain of a biomethanol project in India. The project aims to produce 500,000 tons of biomethanol per year.
Biofuels, which are derived from organic material such as plant and animal biomass, constitute the largest source of renewable energy used globally, accounting for 55% of renewable energy and more than 6% of the world's energy supply[1]. The production and combustion of sustainable fuels significantly reduces greenhouse gas emissions, making them cleaner and more efficient sources of energy.
Keppel currently operates a 273,750 tonne per year anaerobic digestion and composting plant in Qatar, which was designed and built by Keppel in 2012. It is the largest composting plant in the world and has the capacity to generate nearly 110,000 m3 of biogas. daily, which is converted into green electricity for operational use, as well as for export to the grid. Keppel is also involved in industrial carbon capture feasibility studies for waste-to-energy facilities in Singapore and the United Kingdom.
Cindy Lim, CEO of Keppel's infrastructure division, said, "Biofuels play an important role in the decarbonization of industrial operations and the aviation sector. Keppel's experience in the management and treatment of household waste and materials organic feedstocks as well as our knowledge in the effective carbon cycle will benefit this collaboration with AM Green. This partnership aims to stimulate the development of next generation biofuels and sustainable aviation fuel in the region, which can serve as fuel substitutes fossils".
Mahesh Kolli, President, AM Green, said: "We are excited to partner with Keppel for this pioneering collaboration, which will drive India's transformation into an exporter of renewable energy-derived products such as green methanol and SAF. AM Green will use Greenko's Intelligent Renewable Energy Storage Platform (IRESP), which will enable the fulfillment of Honorable Prime Minister Shri Modi Ji's vision for India's leadership in global efforts to combat climate change, and establish us as a trusted source and sustainable development of low-cost green molecules to catalyze the decarbonization of India and the world.
This partnership is an extension of the collaboration between Keppel and Greenko that was signed in October 2022 to explore the feasibility of jointly developing a green ammonia production facility of at least 250,000 tonnes per year in India. The facility is expected to power a portfolio of up to 1.3 GW of solar and wind projects, supported by pumped hydro storage.
This MOU also aligns with the launch of LeadIT 2.0 announced by Indian Prime Minister Narendra Modi at COP 28 in Dubai. LeadIT 2.0 focuses on the co-development and transfer of low-carbon technology and financial assistance to emerging economies.
The aforementioned collaboration is not expected to have any material impact on Keppel Corporation's earnings per share and net tangible assets per share for the Company's current financial year.
[1] https://www.iea.org/energy-system/renewables/bioenergy
About Keppel Corporation
Keppel Corporation is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewable energy, clean energy, decarbonization, sustainable urban renewal and digital connectivity.
Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and commercial trusts, and has a total portfolio with more than $65 billion in assets under administration.
About AM Green Chemicals India
AM Green Chemicals is promoted by certain shareholders of Greenko Group, which is among India's leading renewable energy conglomerates. The Greenko group has experience in building, owning and operating renewable assets and is in the process of building mega closed-loop pumped storage assets that will enable 24-hour supply of energy at a very competitive price.
AM Green Chemicals is, among other things, exploring the option of producing carbon-based biogenic green molecules produced by a process that is 100% renewable (hereinafter referred to as "Green Molecules").
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