ACME Group Bags INR 4,000 Crore Loan from REC to Fund its Green Hydrogen and Green Ammonia Project in Oman
The first phase of this amenity is anticipated to generate 100,000 tonnes of green ammonia annually and will be augmented to 1.2 million tonnes yearly with around 3.5 GW of electrolyzer capacity, powered by a 5.5 GWp solar PV plant.
July 24, 2023. By EI News Network
The firm will utilise the loan amount to commission the first phase of the green hydrogen and green ammonia project, to be installed at the Special Economic Zone (SEZ) in Duqm, Oman.
The first phase of this amenity is anticipated to generate 100,000 tonnes of green ammonia annually and will be augmented to 1.2 million tonnes yearly with around 3.5 GW of electrolyzer capacity, powered by a 5.5 GWp solar PV plant.
ACME Group also declared the inking of a MoU with REC Limited for over INR 21,000 crore of loans to establish a 380 MW RTC renewable power plant, the first phase of Odisha and Tamil Nadu green ammonia projects and 600 MWh of pumped hydro project.
The MoU was formalised during the 14th Clean Energy Ministerial and 8th Mission Innovation meeting organised in Goa.
Shashi Shekhar, Vice-Chairman of ACME Group, stated, “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… Going forward, we are actively exploring the establishment of round-the-clock (RTC) energy solutions, encompassing solar, wind, hydro pump storage, green hydrogen, and ammonia.”
Vivek Kumar Dewangan, Chairman and Managing Director of REC, added, “REC expresses its eagerness to collaborate with Acme Group across 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.”
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