ACME Group secures ₹4,000-cr loan from REC for Oman green hydrogen project

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₹4,000-crore loan from state-owned REC Ltd for its green hydrogen and ammonia project in Oman. The amount will be used to commence the first phase of the project, to be established at the Special Economic Zone (SEZ) in Duqm, Oman, the company said in a statement. Once the first phase is ready, about 100,000 tonne of green ammonia is expected to be produced per annum initially, which will subsequently go up to 1.2 million tonne a year.

The project will be powered by a 5.5-GWp solar PV plant and have the capacity to generate 3.5 GW electrolyser, it added. The ACME Group also announced the signing of a significant Memorandum of Understanding (MoU) with REC Limited amounting to over ₹21,000 crore of loans 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. The MoU was signed during the ongoing 14th Clean Energy Ministerial and 8th Mission Innovation meeting in Goa.

“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," ACME Group Vice-Chairman Shashi Shekhar said. “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," he added.