Indian Company Secures $490 Million Funding for Project in Oman

The Indian renewable energy company ACME Group announced today that it has raised 40 billion rupees (approximately $487.98 million) from the infrastructure financing firm REC to begin its green hydrogen and green ammonia project in Oman. ACME Group stated in a press release that the funds will be used for the first phase of the project located in the Special Economic Zone in Duqm, Oman. It also mentioned that it has signed preliminary agreements with REC for loans exceeding 210 billion rupees. The factory is expected to produce 100,000 tons of green ammonia annually in its first phase, with plans to expand to produce 1.2 million metric tons per year, equipped with electrolysis capacities of about 3.5 gigawatts.