Renewable energy company ACME Group has received a $490m loan for a 1.2 million tonnes per annum green hydrogen project in the Special Economic Zone in Duqm, Oman.
Received from one of India’s largest green infrastructure financial institutions, REC Limited, the capital marks a big milestone for Oman as it strives to achieve Net Zero emissions by 2050.
The first phase of the proposed project, lead by ACME Group, will produce 100,000 tonnes of green ammonia annually. This will later be expanded to 1.2 million tonnes per annum, with around 3.5GW of electrolyser capacity, powered by 5.5GW of solar.
Shashi Shekhar, Vice-Chairman of ACME Group, said construction on the site will begin soon.
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