ACME Group gets Rs 4,000-cr loan from REC for Oman green hydrogen project

Renewable energy firm ACME Group on Friday said it has tied up a Rs 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, a company statement said.

Once the first phase is ready, about 100,000 tonnes of green ammonia is expected to be produced per annum initially, which will subsequently go up to 1.2 million tonnes 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, the statement said.

"Diversified renewable energy company ACME Group announced securing Rs 4,000 crore loan from REC Ltd for its green hydrogen and green ammonia project in Oman," it stated.

The ACME Group also announced the signing of a Memorandum of Understanding (MoU) with REC Ltd for a Rs 21,000-crore loan to set up four major renewable projects in the country.

The MoU was signed during the ongoing 14th Clean Energy Ministerial and 8th Mission Innovation meeting in Goa.

"Securing of debt for the green hydrogen and ammonia project in Oman is an important milestone. We will start construction soon and build one of the most advanced technologies and create a state-of-the-art facility," ACME Group Vice-Chairman Shashi Shekhar said in the statement.

Going forward, we are exploring the establishment of round-the-clock energy solutions, encompassing solar, wind, hydro pump storage, green hydrogen, and ammonia, Shekhar said.

REC Chairman and Managing Director Vivek Kumar Dewangan said in the statement, "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.