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India's ACME Group gets $490 million in funding for Oman project

The facility is expected to produce 100,000 tons of green ammonia annually in its starting phase

Solar Energy, Renewable Energy, Green Energy

Reuters NEW DELHI

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NEW DELHI (Reuters) - Indian renewable energy company ACME Group said on Friday it raised 40 billion rupees ($487.98 million) in fresh funding from infrastructure finance firm REC, to start its green hydrogen and ammonia project in Oman. The money will be used for the first phase of the project, which will be established at the special economic zone in Duqm, Oman, the group said in a statement. The facility is expected to produce 100,000 tons of green ammonia annually in its starting phase. It will then be expanded to 1.2 metric million tons per annum with about 3.5-gigawatts of electrolyser capacity. ACME also said it signed preliminary agreements with REC for over 210 billion rupees of loans.

 

($1 = 81.9714 Indian rupees)

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(Reporting by Sarita Chaganti Singh in New Delhi; Editing by Nivedita Bhattacharjee)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jul 22 2023 | 8:01 PM IST

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