ACME Group has announced it has secured a Rs4000 crores loan from one of India's largest green infrastructure financial institutions, REC Ltd. The loan will be utilised 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 tpy of green ammonia and will be expanded to 1.2 million tpy with about 3.5 GW of electrolyser capacity, which will be powered by 5.5 GWp of the solar photovoltaic (PV) plant.
ACME Group has also announced the signing of a significant Memorandum of Understanding (MoU) with REC Ltd, amounting to over Rs21 000 crores of loans, for further renewable power projects. The MoU was formalised during the 14th Clean Energy Ministerial and 8th Mission Innovation meeting (CEM14/MI-8) held in Goa, India.
Shashi Shekhar, Vice-Chairman of ACME Group, said: "The securing of debt for the green hydrogen and ammonia project in Oman is an important milestone. As a company deeply committed to offering comprehensive green energy solutions, ACME Group is thrilled to receive support from one of the largest funding agencies in the renewable sector. 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."
Vivek Kumar Dewangan, Chairman and Managing Director, REC, said: "REC expresses its eagerness to collaborate with ACME Group across the entire renewable energy value chain. These projects are poised to play a pivotal role in facilitating the energy transition journey and contributing significantly to achieving India's green energy targets. The partnership between REC and ACME Group marks a significant step towards a sustainable and greener future for the nation.”