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

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NEW DELHI (Reuters) – India’s renewable energy group Acme said on Friday it had raised 40 billion rupees ($487.98 million) in fresh financing from infrastructure finance company REC to start up its green hydrogen and ammonia project in Oman. The group said in a statement that the funds will be used in the first phase of the project, which will be established in the Special Economic Zone of Duqm in the Sultanate of Oman. The plant is expected to produce 100,000 tons of green ammonia annually in its first phase. It will then be expanded to 1.2 million metric tons per annum with about 3.5 gigawatts of electrolyser capacity. ACME also said it has signed preliminary agreements with REC for more than 210 billion rupees in loans.

($1 = 81.9714 Indian rupees)

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

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First published: July 22, 2023 | 8:01 PM ist