ACME Group successfully raises $490 million to undertake a significant project focused on green hydrogen and ammonia

A leading company in the renewable energy sector, ACME Group has received has raised a staggering sum of USD 490 million for their green hydrogen project. These 1.2 million tonnes per annum green hydrogen production unit will be located at Special Economic Zone in Duqm, Oman. The loan has been granted by REC Limited, which is one of India's largest financial institutions that specializes in financing green infrastructure projects.

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This investment significantly boosts Oman's ambition of achieving Net Zero emissions by 2050. The initial phase of the project will have a production capacity of 100000 tonnes per annum. However, this capacity is expected to increase to 1.2 million tonnes per annum in the future, with 3.5 GW of electrolyser capacity that will be powered by 5.5 GW of solar energy.

As per the statement by Shashi Shekhar, the Vice-Chairman of ACME Group, the construction work of the site will commence soon. He also expressed his excitement and gratitude for the support from a leading funding agency in the renewable energy sector. ACME Group is committed to exploring various options for providing round-the-clock energy solutions, including renewable sources such as solar, wind, hydro pump storage, green hydrogen, and ammonia.

Vivek Kumar Dewangan, the Chairman and Managing Director of REC, believes that this collaboration will play a paramount in facilitating the energy transition and contributing to India's green energy target. The company is also enthusiastic about the partnership between REC and ACME.

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As per International Energy Association (IEA), Oman is expecting to generate a significant amount of renewable hydrogen by 2030. Specifically, the country aims to produce at least one million tonnes of renewable hydrogen annually by that year. By 2040, Oman is aiming to produce up to 3.75 million tonnes and 8.5 million tonnes by 2050.

According to Procurement Resource, REC, one of the leading funding companies in the renewable energy sector, has funded the ACME group for their green hydrogen project. The construction work for this unit is expected to commence soon. The first phase of this project will produce approximately 100,000 tonnes of green hydrogen per annum, increasing to 1.2 million tonnes in the future.