Carlyle Group Inc., New York City, and Singapore’s sovereign wealth fund GIC Pte. made a “strategic investment” in Eneus Energy Ltd. to support the company’s push to develop green ammonia projects.
The backing allows Eneus Energy, which has registered offices in Edinburgh, Scotland, and Newcastle, Del., to continue to develop global projects involving ammonia made using renewable energy, starting with the U.S. and U.K., the companies said in a statement that did not disclose the initial amount invested.
The deal gives Carlyle and GIC the ability to invest more than $3 billion in Eneus Energy’s projects in the next five years, according to Pooja Goyal, Chief Investment Officer of Carlyle’s Infrastructure Group.
“We’ve taken a very focused view on energy transition in the last few years,” Goyal said in an interview. “When we think about economically viable options to reduce carbon molecules, we think ammonia is the most viable option today.”