US$488mn loan for 300 MW green hydrogen and ammonia plant in Oman

ACME Group has secured a US$488 million loan financing from REC Ltd. for the development and construction of a Green Hydrogen and Green Ammonia project located in Oman.

The financial package will be used for the first phase of the green hydrogen facility that will be constructed at the Special Economic Zone (SEZ) in Duqm. The first phase will generate up to 100,000 tonnes of Green Ammonia annually and will be powered by solar photovoltaic farms. 

The project will be eventually expanded to generate about 1.2 million tonnes per annum with about 3.5 GW of electrolyzer capacity, which will be powered by 5.5 GWp of the solar PV plant.