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ACME Group on Friday said that it has signed a Memorandum of Understanding (MoU) with State-run REC amounting to over ₹21,000 crore of loans for setting up various power- green ammonia and pumped hydro projects.
The group signed the MoU with REC amounting to more than ₹21,000 crore of loans for setting up a 380 MW round the clock renewable power project, phase one of Odisha and phase one of Tamil Nadu green ammonia projects and 600 MWh of pumped hydro projects, the company said.
The MoU was formalised during the 14th Clean Energy Ministerial and 8th Mission Innovation meeting (CEM14/MI-8) held in Goa.
Oman project
The company also secured a ₹4,000 crore loan from REC for its green hydrogen and green ammonia project in Oman.
The loan will be utilised to commence the first phase of the pioneering green hydrogen and green ammonia project, to be established at the Special Economic Zone (SEZ) in Duqm, Oman, the company said.
The first phase of the facility is expected to produce 1,00,000 tonnes of green ammonia annually and will be expanded to 1.2 million tonnes per annum (MTPA) with about 3.5 gigawatts (GW) of electrolyser capacity, which will be powered by 5.5 GWp of the solar PV plant, it added.
ACME Group Vice-Chairman Shashi Shekhar said, “We will start the construction activities soon and build one of the most advanced technologies and create a state-of-the-art facility. Going forward, we are actively exploring the establishment of round-the-clock (RTC) energy solutions, encompassing solar, wind, hydro pump storage, green hydrogen, and ammonia.”
REC CMD Vivek Kumar Dewangan said, “These projects are poised to play a pivotal role in facilitating the energy transition journey and contributing significantly to achieving India’s green energy targets. REC has consistently been at the forefront of supporting cutting-edge technologies that not only address the challenges posed by climate change and environmental degradation but also foster a conducive investment environment.”
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