ACME Group has secured the financial closure of debt for the first phase of its green hydrogen and ammonia project in Oman, amounting to $487.9m.
The loan from Indian green infrastructure financial institution, REC Limited, will be used to commence the first phase of its Oman project within the Special Economic Zone (SEZ) in Duqm.
Planned to produce 100,000 tonnes of green ammonia per year in the first phase, ACME intends to expand the project to 1.2 million tonnes per annum with around 3.5GW of electrolysis capacity, powered by 5.5GW of solar.
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