ACME Group achieves financial closure of Rs 40 billion debt for the first phase of green hydrogen and ammonia project in Oman from REC

ACME Group has secured Rs 40 billion loan from REC Limited for its green hydrogen and green ammonia project in Oman.

The loan will be utilised to commence the first phase of the 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 electrolyser capacity, which will be powered by 5.5 GWp of the solar photovoltaic plant. Additionally, ACME Group has announced the signing of a memorandum of understanding (MoU) with REC Limited amounting to over Rs 210 billion of loans for setting up 380 MW (round the clock renewable power), phase 1 of Odisha and phase 1 of Tamil Nadu green ammonia projects and 600 MWh of pumped hydro project.