ACME Group, a renewable energy company, has achieved the financial closure of ₹40 billion (~$488 million) loan from REC Limited, which will be used to kick-start the first phase of the company’s green hydrogen and green ammonia project to be developed in the Special Economic Zone (SEZ) of Duqm, Oman.

The project’s first phase is expected to produce 100,000 tons of green ammonia annually. The facility’s capacity is projected to expand to 1.2 million tons annually, with approximately 3.5 GW of electrolyzer capacity.

The undertaking will be powered by a 5.5 GW solar photovoltaic project, ensuring a sustainable and eco-friendly energy supply.

The company said the decision to establish the project in Oman comes as the country positions itself as a hub for clean energy initiatives. The nation’s commitment to sustainability and its strategic location makes it an ideal setting for such a venture.

Furthermore, the company signed a memorandum of understanding (MoU) with REC Limited during the 14th Clean Energy Ministerial and 8th Mission Innovation meeting in Goa, outlining loans amounting to over ₹210 billion (~$2.5 billion) for multiple green energy projects.

Under the MoU, ACME will receive funding for three prominent projects. The first project involves setting up 380 MW of round-the-clock renewable power capacity, ensuring a continuous and reliable energy supply.

The second and third projects entail the establishment of Phase 1 of Green Ammonia projects in Odisha and Tamil Nadu, respectively. Additionally, the agreement includes support for a 600 MWh pumped hydro project.

Shashi Shekhar, the vice-chairman of ACME Group and a retired IAS officer, emphasized that the secured debt for the green hydrogen and green ammonia project in Oman represents a significant milestone for the company. Shekhar said that with construction activities set to commence soon, ACME Group aims to create a state-of-the-art facility that harnesses cutting-edge technologies in the renewable energy domain.

ACME Group’s green energy solutions encompass solar, wind, hydro pump storage, green hydrogen, and ammonia.

Last July, the government of Karnataka signed a memorandum of understanding with ACME Cleantech Solutions for an investment of ₹520 billion (~$6.6 billion) to set up hydrogen and ammonia units and an allied solar power project in Mangaluru.

In July 2022, ACME Group announced an investment of ₹524.74 billion (~$6.61 billion) to build green hydrogen and ammonia projects in Tamil Nadu. This project would comprise a 5 GW solar photovoltaic power project, 1.5 GW electrolyzers, and 1.1 million tons of ammonia synthesis loop.