ACME Group said it has tied up a Rs 4,000-crore loan from state-owned REC for its green hydrogen and ammonia project in Oman. The amount will be used to commence the first phase of the project, to be established at the Special Economic Zone (SEZ) in Duqm, Oman.

Once the first phase is ready, about 100,000 tonnes of green ammonia is expected to be produced per annum initially, which will subsequently go up to 1.2 million tonnes a year. The project will be powered by a 5.5-GWp solar PV plant and have the capacity to generate 3.5 GW electrolyser, the statement said.

"Diversified renewable energy company ACME Group announced securing Rs 4,000 crore loan from REC Ltd for its green hydrogen and green ammonia project in Oman," it stated.

The ACME Group also announced the signing of a Memorandum of Understanding (MoU) with REC Ltd for a Rs 21,000-crore loan to set up four major renewable projects in the country.

The MoU was signed during the ongoing 14th Clean Energy Ministerial and 8th Mission Innovation meeting in Goa.