In India, Zawya reported that renewable energy company ACME Group secured a $500 million loan from one of the India’s largest green infrastructure financial institutions REC Limited for its green hydrogen and green ammonia project in Oman.
The loan will be used to begin the first phase of the project, to be established at the Special Economic Zone (SEZ) in Duqm, according to the report.
The first phase of the facility is expected to produce 100,000 tons of green ammonia annually and will be expanded to 1.2mn tons per annum with about 3.5GW of electrolyzer capacity, which will be powered by 5.5GWp of the solar PV plant.
“The securing of debt for the green hydrogen and ammonia project in Oman is an important milestone,” said ACME Group vice chairman Shashi Shekhar.
“We are actively exploring the establishment of round-the-clock (RTC) energy solutions, encompassing solar, wind, hydro pump storage, green hydrogen, and ammonia,” Shekhar added.
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