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 in a statement.

 

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 metric 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 MoU was formalised during the 14th Clean Energy Ministerial and 8th Mission Innovation meeting (CEM14/MI-8) held in the eastern Indian state of Goa.

 

"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, a retired Indian bureaucrat, 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.

 

"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," he stated. 

 

"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. This endorsement not only strengthens our resolve but also stands as a testament to the group’s unwavering dedication and proven track record in establishing top-quality assets," he added.

 

ACME Group also announced the signing of a significant deal with REC for a loan of over Rs21 billion 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.

 

Dewangan, expressing delight at the collaboration with ACME Group,said it will be a boost to 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," he stated.

 

"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," he added.-TradeArabia News Service