India’s ACME Group, a renewable energy company, has obtained a substantial Rs 4,000 crore ($500 million) loan from Rural Electrification (REC) Limited, one of India’s major green infrastructure financial institutions.

This financing will support ACME’s ambitious Green Hydrogen and Green Ammonia project, which is set to take place in the Sultanate of Oman, ACME said in a statement. The loan will be primarily utilized to kickstart the initial phase of this innovative project, which aims to establish a significant presence at the Special Economic Zone (SEZ) located in Duqm, Oman.

Advancing RE Solutions

The Green Hydrogen and Green Ammonia project represents ACME Group’s commitment to advancing renewable energy solutions and contributing to sustainable practices in the region.The first phase of the facility is expected to produce 100,000 tonnes of Green Ammonia annually and will be expanded to 1.2 million tonnes per annum with about 3.5 GW of electrolyzer capacity, which will be powered by 5.5 GWp of the solar PV plant. Shashi Shekhar, Vice-Chairman of ACME Group, said,

“The securing of debt for the green hydrogen and ammonia project in Oman is an important milestone. We will start the construction activities soon and build one of the most advanced technologies and create a state-of-the-art facility. As a company deeply committed to offering comprehensive green energy solutions, ACME Group is thrilled to receive support from two 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, we are actively exploring the establishment of round-the-clock (RTC) energy solutions, encompassing solar, wind, hydro pump storage, green hydrogen, and ammonia.”

ACME Group also announce the signing of a significant Memorandum of Understanding (MoU) with REC Limited amounting to over Rs 21,000 crore of loans for setting up 380 MW ( round the clock renewable power ) RTC, phase 1 of Odisha and phase 1 of Tamil Nadu Green Ammonia projects and 600 MWhr of Pumped Hydro Project. The MoU was formalized during the 14th Clean Energy Ministerial and 8th Mission Innovation meeting (CEM14/MI-8) held in Goa.

Vivek Kumar Dewangan, Chairman and Managing Director, REC, said, “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. 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.”