India-based renewable energy company ACME Group has secured a $500 million loan from one of India’s largest green infrastructure financial institutions Rural Electrification (REC) Limited for its Green Hydrogen and Green Ammonia project in the Sultanate of Oman.
The loan will be utilized to commence the first phase of the pioneering Green Hydrogen and Green Ammonia project, to be established at the Special Economic Zone (SEZ) in Duqm, Oman.
The first phase of the facility is expected to produce 100,000 tons of Green Ammonia annually and will be expanded to 1.2 million tons per annum with about 3.5 GW of electrolyzer capacity, which will be powered by 5.5 GWp of the solar PV plant.
Speaking about the development, Mr. Shashi Shekhar, Vice-Chairman of ACME Group, said that, “The securing of debt for the green hydrogen and ammonia project in Oman is an important milestone. We will start the construction activities soon and build one of the most advanced technologies and create a state-of-the-art facility.”
“As a company deeply committed to offering comprehensive green energy solutions, ACME Group is thrilled to receive support from two of the largest funding agencies in the renewable sector. This endorsement not only strengthens our resolve but also stands as a testament to ACME Group’s unwavering dedication and proven track record in establishing top-quality assets. Going forward, we are actively exploring the establishment of round-the-clock (RTC) energy solutions, encompassing solar, wind, hydro pump storage, green hydrogen, and ammonia,” Mr. Shekhar further added.
Mr. Vivek Kumar Dewangan, Chairman and Managing Director of REC commented that, “REC has consistently been at the forefront of supporting cutting-edge technologies that not only address the challenges posed by climate change and environmental degradation but also foster a conducive investment environment. The partnership between REC and ACME Group marks a significant step towards a sustainable and greener future for the nation.”