ACME secures loan from REC for Oman green hydrogen project

ACME Group said it has tied a Rs 4,000-crore loan from state-owned REC for its green hydrogen and ammonia project in Oman. The amount will be used to start the first phase of the project, to be established in the Special Economic Zone (SEZ) in Duqm, Oman.

Once the first phase is completed, it is expected that around 100,000 tonnes of green ammonia per year will initially be produced, which will then rise to 1.2 million tonnes per year. The project will be powered by a 5.5-GWp solar PV plant and has the capacity to generate 3.5 GW of electrolyser, the statement said.

"The diversified renewable energy company ACME Group has announced that it has secured 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 at the ongoing 14th Ministerial Meeting on Clean Energy and the 8th Mission Innovation in Goa.