Indian renewable energy company ACME Group has successfully raised Rs40 billion ($488 million) in fresh funding from REC, one of the largest green infrastructure financial institutions.
The funding will be used for ACME’s transformative green hydrogen and green ammonia project, set to be established at the Special Economic Zone (SEZ) in Duqm, Oman.
In its initial phase, the facility is projected to produce 100,000 tonnes of green ammonia annually.
The project will then expand to 1.2 metric million tonnes per annum with approximately 3.5 GW of electrolyser capacity, which will be powered by 5.5 GWp of the solar PV plant.
The Memorandum of Understanding (MoU) formalising the deal was signed during the 14th Clean Energy Ministerial and 8th Mission Innovation meeting (CEM14/MI-8) held in Goa, India.
ACME Group Vice Chairman, Shashi Shekhar, said that the funding is a crucial milestone for the green hydrogen and ammonia project in Oman.
“Construction activities will commence soon, and the facility will house cutting-edge technologies, solidifying ACME Group’s position as a leader in the renewable energy sector,” he said.
ACME Group also revealed a significant collaboration with REC, securing a loan of over Rs21 billion for various projects, including the setup of 380 MW (round the clock renewable power) RTC, phase 1 of Odisha and phase 1 of Tamil Nadu Green Ammonia projects, along with 600 MWhr of Pumped Hydro Project.
REC Chairman and Managing Director, Vivek Kumar Dewangan, believes these projects will play a pivotal role in the energy transition journey and contribute significantly to achieving India’s green energy targets.