ACME Group, a diversified renewable energy company, recently secured a loan of R40 billion (approximately US$500 million) from REC Limited, one of India’s largest green infrastructure financial institutions. The loan will be used to initiate the first phase of their pioneering Green Hydrogen and Green Ammonia project in Oman, located at the Special Economic Zone (SEZ) in Duqm.
The first stage of the plant’s development targets an annual production of 100,000 tonnes of green ammonia and has plans for future expansion to 1.2 million tonnes per year. This expansion will involve the incorporation of a 3.5GW electrolyser capacity, which will be powered by a 5.5GWp solar photovoltaic (PV) plant.
Additionally, ACME Group signed a memorandum of understanding (MoU) with REC Limited, amounting to over R210 billion of loans for various projects, including a round-the-clock renewable power (RTC) of 380MW, phase 1 of two independent green ammonia projects in Indian states, and a 600MWhr Pumped Hydro Project.
The Memorandum of Understanding (MoU) was officially established at the 14th Clean Energy Ministerial and 8th Mission Innovation meeting held in Goa, India. ACME Group’s vice chairman, Shashi Shekhar, expressed excitement for the funding support and emphasized the company’s commitment to providing comprehensive green energy solutions. The company plans to start construction soon and create a state-of-the-art facility in Oman, employing advanced technologies.
Vivek Kumar Dewangan, the Chairman and Managing Director of REC, showed enthusiasm for partnering with ACME Group throughout the renewable energy value chain. The partnership between the two companies signifies a significant step towards a sustainable and greener future for India, contributing to the nation’s green energy targets and facilitating the energy transition journey.
