Acme secures $488 million REC loan for green hydrogen, ammonia project in Oman 

Diversified renewable energy company Acme Group announced today it has secured INR 4,000 crore ($488 million) loan from REC Ltd (formerly Rural Electrification Corp.) to fund its green hydrogen and green ammonia project in Oman. 

Acme will use the loan amount to commence the first phase of the green hydrogen and green ammonia project, to be established at the Special Economic Zone (SEZ) in Duqm, Oman.

The first phase of this 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, powered by a 5.5 GWp solar PV plant.

Acme Group also announced the signing of a Memorandum of Understanding (MoU) with REC Limited for over INR 21,000 crore of loans to set up a 380 MW round-the-clock renewable power plant, first phase of Odisha and Tamil Nadu green ammonia projects and 600 MWh of pumped hydro project. The MoU was formalized during the 14th Clean Energy Ministerial and 8th Mission Innovation meeting held in Goa.

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… 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.”

Vivek Kumar Dewangan, Chairman and Managing Director of 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.”