MUSCAT– Indian renewable energy firm ACME Group has confirmed that it is setting up its green hydrogen and green ammonia project in Oman after it secured a $488 million (INR 4,000 crore) loan from state-owned infrastructure finance firm REC Ltd.

The amount will be used to commence the first phase of the project, to be established at the Special Economic Zone (SEZ) in Duqm.

In a statement issued, ACME a company that envisions to become a leading green energy provider in the world by 2030, said once the first phase of the plant is ready, about 100,000 tonne of green ammonia is expected to be produced per annum initially, which will subsequently go up to 1.2 million tonne a year.

“The securing of debt for the green hydrogen and ammonia project in Oman is an important milestone. We will start the construction activities soon and build one of the most advanced technologies and create a state-of-the-art facility,” ACME Group Vice-Chairman Shashi Shekhar said.