Diversified renewable energy business ACME Group received a Rs 4,000 crore ($40 billion) loan from Rural Electrification Corporation (REC) Limited, one of India’s leading green infrastructure financing institutions, for its Oman green hydrogen and ammonia project.
The loan will fund the first phase of a green hydrogen and ammonia project in Duqm, Oman’s Special Economic Zone (SEZ). The first phase will create 100,000 tonnes of green ammonia. The factory will be expanded to generate 1.2 million tonnes annually with 3.5 GW of electrolyzer capacity, driven by a gigantic 5.5 GWp solar PV plant. These initiatives will help accelerate the energy transition and meet India’s green energy goals.
In addition to the loan for the Oman project, ACME Group signed a Memorandum of Understanding (MoU) with REC Limited for over Rs 21,000 crore of loans to build 380 MW (round-the-clock renewable power) RTC, phase 1 of Odisha and Tamil Nadu Green Ammonia projects, and 600 MWh of pumped hydro.
The MOU was formalized at the Goa-based 14th Clean Energy Ministerial and 8th Mission Innovation meeting.