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Oman: ACME Group has secured a significant R40 billion loan (approximately US$500 million) from REC Limited, one of India’s major green infrastructure financial institutions. This loan will fuel ACME’s groundbreaking Green Hydrogen and Green Ammonia project in Oman.

The first phase of this innovative project will be established at the Special Economic Zone (SEZ) in Duqm, where it aims to produce 100,000 tonnes of green ammonia annually. Plans are underway to expand production to a staggering 1.2 million tonnes per year, with a 3.5GW of electrolyzer capacity, powered by a 5.5GWp solar PV plant.

Moreover, ACME Group has signed a noteworthy MoU with REC Limited, amounting to over R210 billion in loans. This agreement encompasses a 380MW round-the-clock renewable power facility, the first phase of two independent green ammonia projects in Indian states Odisha and Tamil Nadu, and a 600MWhr Pumped Hydro Project.

In light of these achievements, ACME Group’s Vice Chairman, Shashi Shekhar, emphasized that securing the debt for the green hydrogen and ammonia project in Oman marks a significant milestone. The company is eager to commence construction activities soon and establish a state-of-the-art facility in Oman, showcasing cutting-edge technologies.

ACME Group expressed gratitude for the support received from one of the renewable sector’s largest funding agencies. Furthermore, they commented, “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.”

Additionally, REC Limited’s Chairman and Managing Director, Vivek Kumar Dewangan, also praised the partnership, expressing enthusiasm for collaborating with ACME Group throughout the renewable energy value chain.

This remarkable collaboration between ACME Group and REC Limited paves the way for a greener and more sustainable future for India, highlighting the importance of investing in cutting-edge technologies to combat climate change and environmental degradation.