India's ACME Group Gets $490 Million in Funding for Oman Project

(Reuters) — Indian renewable energy company ACME Group said on Friday it raised 40 billion rupees ($487.98 million) in fresh funding from infrastructure finance firm REC, to start its green hydrogen and ammonia project in Oman.

The money will be used for the first phase of the project, which will be established at the special economic zone in Duqm, Oman, the group said in a statement.

The facility is expected to produce 100,000 tons of green ammonia annually in its starting phase. It will then be expanded to 1.2 metric million tons per annum with about 3.5-gigawatts of electrolyzer capacity.

ACME also said it signed preliminary agreements with REC for over 210 billion rupees of loans.

($1 = 81.9714 Indian rupees)

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