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Acme’s Omani green hydrogen project gets a kickstart: Indian renewable energy company Acme Group has secured a INR 40 bn (c. USD 487.8 mn) loan from Indian infrastructure financial institution REC Limited for its the green hydrogen and ammonia project it is building with Norway’s Scatec in Oman, according to a statement released on Friday. The funds will be used to break ground on the first phase of the project in Oman’s Special Economic Zone (SEZ) in Duqm.
About the project: The first phase of the project is expected to produce 100k tons of green ammonia annually. It would then be expanded at later stages to 1.2 mn tons per annum with about 3.5 GW of electrolyzer capacity powered by 5.5 GW from a solar PV plant.
REFRESHER- The project is being executed by the Green Hydrogen and Chemicals Company (GHC), a joint venture between Acme’s UK entity and Norway’s renewables giant Scatec. Last year, Oman’s Public Authority for Special Economic Zones and Free Zones (OPAZ) signed the land usufruct agreement with GHC to develop the first phase of the green hydrogen and ammonia facility.
Acme has other regional projects picking up steam: A group consisting of Egypt’s Suez Canal Economic Zone (SCZone), Orascom, and Elsewedy Electric met with India’s Acme Group in New Delhi last month where they agreed to begin construction soon on a USD 12 bn green hydrogen plant in the SCZone. The plant — announced back in August 2022 — will span 4.5 mn sqm and have an expected initial annual production capacity of 100k tons during the first phase. The plant’s generational capacity will increase to 2.1 mn tons of green hydrogen when fully operational.
It’s been a busy month for Oman: Oman’s state-owned hydrogen company Hydrom signed earlier this month an agreement with the the Hyport Duqm Consortium — a JV between DEME Concessions and OQ Alternative Energy — to build a green hydrogen production facility to produce some 1 mn tons of green ammonia. The signing came days after Hydrom awarded last month two green hydrogen blocks that are expected to rake in investments exceeding USD 10 bn.
