ACME Group achieved financial closure of $488m for the first phase of Green Hydrogen Project in Oman

ACME Group achieved financial closure of $488m for the first phase of Green Hydrogen Project in Oman

Diversified renewable energy company ACME Group, India announced securing Rs 4,000 crore loan (USD 488 million) from one of the India’s largest green infrastructure financial institutions REC Limited for its Green Hydrogen and Green Ammonia project in 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 tonnes of Green Ammonia annually and will be expanded to 1.2 million tonnes per annum with about 3.5 GW of electrolyzer capacity, which will be powered by 5.5 GWp of the solar PV plant.

ACME Group also announces the signing of a significant Memorandum of Understanding (MoU) with REC Limited amounting to over Rs 21,000 crore of loans for setting up 380 MW ( round the clock renewable power ) RTC, phase 1 of Odisha and phase 1 of Tamil Nadu Green Ammonia projects and 600 MWhr of Pumped Hydro Project.

The MoU was formalized during the 14th Clean Energy Ministerial and 8th Mission Innovation meeting (CEM14/MI-8) held in Goa.

Speaking about the development, Mr. Shashi Shekhar, (Retd IAS) and Vice-Chairman of ACME Group, said,