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ACME Group secures USD 500 Million loan for Green Hydrogen Project in Oman

Diversified renewable energy company ACME Group announced securing OMR 40 Billion (USD 500 Million approx) loan from one of the India’s largest green infrastructure financial institutions REC Limited for its Green Hydrogen and Green Ammonia project in Oman.

The loan will be utilised to begin the first phase of the pioneering Green Hydrogen and Green Ammonia project, to be established at the Special Economic Zone (SEZ) in Duqm, ACME stated. The first phase of the facility is expected to produce 100,000 tonnes of green ammonia annually and will be expanded to 1.2mn tonnes per annum with about 3.5GW of electrolyser capacity, which will be powered by 5.5GWp of the solar PV plant.

ACME Group also signed a memorandum of understanding (MoU) with REC Limited amounting to over R210bn of loans for setting up of a 380MW (round the clock renewable power) RTC; phase 1 of the two independent green ammonia projects in the Indian states of Odisha and Tamil Nadu; and a 600MWhr of Pumped Hydro Project. This is a ‘significant’ development, the company stated. The MoU was formalised during the 14th Clean Energy Ministerial and 8th Mission Innovation meeting (CEM14/MI-8) held in Goa, the eastern Indian state globally famous for tourism.

“The securing of debt for the green hydrogen and ammonia project in Oman is an important milestone,” said ACME Group vice chairman Shashi Shekhar. Shekhar, a retired Indian bureaucrat, said that his company would start the construction activities soon and build one of the most advanced technologies and create a state-of-the-art facility in Oman.

“As a company deeply committed to offering comprehensive green energy solutions, ACME Group is thrilled to receive support from one of the largest funding agencies in the renewable sector. This endorsement not only strengthens our resolve but also stands as a testament to ACME Group’s unwavering dedication and proven track record in establishing top-quality assets.”

Going forward, Shekhar said, “we are actively exploring the establishment of round-the-clock (RTC) energy solutions, encompassing solar, wind, hydro pump storage, green hydrogen, and ammonia”. REC chairman and managing director Vivek Kumar Dewangan said that the company is eager 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.” REC has consistently been at the forefront of supporting cutting-edge technologies that not only address the challenges posed by climate change and environmental degradation but also foster a conducive investment environment.

“The partnership between REC and ACME Group marks a significant step towards a sustainable and greener future for the nation,” Dewangan added.

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