Acme wins loan for Oman plant
01 August 2023
Leading Indian renewable energy company Acme Group said it had raised Rs40 billion ($488 million) in fresh funding from REC, one of the largest green infrastructure financial institutions, for its upcoming green hydrogen and ammonia project at the Special Economic Zone (SEZ) in Duqm in Oman.
The loan amount will be utilised to kickstart the first phase of the pioneering green hydrogen and green ammonia project, the group said.
The facility is expected to produce 100,000 tonnes of green ammonia annually in its starting phase. It will then be expanded to 1.2 million tonnes per annum with about 3.5 GW of electrolyser capacity, which will be powered by 5.5 GWp of the solar PV plant.
“The securing of debt for the green hydrogen and ammonia project in Oman is an important milestone,” said Acme Group Vice Chairman Shashi Shekhar after signing the deal with Vivek Kumar Dewangan, Chairman and Managing Director, REC.
Shekhar said that his company would start the construction activities soon and build one of the most advanced technologies and create a state-of-the-art facility in Oman.
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