Greenko in discussions with REC for Rs 24 billion funding


Greenko Group is reportedly in discussions with REC, a state-run power financier, to secure funding for its green hydrogen and green ammonia project with a capacity of 600 MW, according to sources familiar with the matter. It is understood that Greenko aims to raise between Rs 22-24 billion from REC. One source indicated that once financial closure is achieved, the company intends to finalise firm and definitive agreements with the lender.

The project has already secured an offtake agreement with Yara of Norway and has received pre-certification for ammonia production. The offtake agreement, which involves a commitment to purchase or sell goods ahead of production, is expected to facilitate project financing. In May of this year, Greenko signed a term sheet with Yara Clean Ammonia, a trader and distributor of ammonia, for the supply of renewable ammonia from Phase 1 of AM Green's ammonia production facility in Kakinada, Andhra Pradesh.

Related Stories

RIL to lead Rs 1 tn investment in Kandla's green units

DPA allocated the plots to the four companies.

India to receive largest green ammonia plant from Greenko Group

Under this, 28 units of 5 MW electrolyser will be installed at the Una site

Greenko Group to establish pumped storage facility worth 100 billion

To be built in Neemuch, MP with daily storage capacity of 11 GWh