ACME Group secured an approximately $490-MM loan from one of the India’s largest green infrastructure financial institutions, REC Limited, for its green H₂ and ammonia project in Oman. The loan will be utilized to commence the first phase of the pioneering green H₂ and ammonia project, to be established at the Special Economic Zone (SEZ) in Duqm, Oman.

The first phase of the facility is expected to produce 100,000 tpy of green ammonia and will be expanded to 1.2 MMtpy with about 3.5 GW of electrolyzer capacity, which will be powered by a 5.5 GW of the solar PV plant. ACME Group also announced the signing of a significant Memorandum of Understanding (MoU) with REC Limited amounting to set up 380 MW (round the clock renewable power) RTC, phase 1 of Odisha and phase 1 of Tamil Nadu green ammonia projects and 600 MWhr of pumped hydro project.

The MoU was formalized during the 14th Clean Energy Ministerial and 8th Mission Innovation meeting (CEM14/MI-8) held in Goa.

Shashi Shekhar, (Retd IAS) and Vice-Chairman of ACME Group, said, "The securing of debt for the green H₂ 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. As a company deeply committed to offering comprehensive green energy solutions, ACME Group is thrilled to receive support from one of the largest funding agencies in the renewable sector. This endorsement not only strengthens our resolve but also stands as a testament to ACME Group's unwavering dedication and proven track record in establishing top-quality assets. Going forward, we are actively exploring the establishment of round-the-clock (RTC) energy solutions, encompassing solar, wind, hydro pump storage, green H₂, and ammonia."

Vivek Kumar Dewangan, Chairman and Managing Director, REC, said, "REC expresses its eagerness to collaborate with ACME Group across the entire renewable energy value chain. 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. The partnership between REC and ACME Group marks a significant step towards a sustainable and greener future for the nation.”