India: ACME Signs US 2.5 Billion Investment Deal in Oman with Tatweer to set up Green Hydrogen, Ammonia Plant

By March 25, 2021 3   min read  (601 words)

March 25, 2021 |

fuelcellsworks, Maire Tecnimont Group and Adani Enterprises Ltd Team Up to Develop Green Hydrogen Projects in India

New Delhi: Solar power producer ACME on Tuesday said it has inked a pact with an Omani firm Tatweer to set up a large scale facility to produce green hydrogen and Ammonia at Duqm in Oman, which entails USD 2.5 billion investment.

“The Oman Company for the Development of the Special Economic Zone at Duqm (Tatweer) and ACME Group (ACME) signed a memorandum of understanding (MoU) on March 8, 2021 to set up a large scale facility to produce Green Hydrogen and Green Ammonia at Duqm, OMAN,” an ACME statement said.

Tatweer chairman Rashid Al Balushi and ACME chairman Manoj K Upadhyay signed the MoU.

The MoU aims to create a better world by producing Green Hydrogen and Green Ammonia from renewable energy to make energy transition as an enabler for the integration of higher shares of renewable energy in transportation and manufacturing sectors along with power sector, the statement said.

Green hydrogen is produced through electrolysis from renewable energy which becomes the raw material to make green ammonia.

ACME’s green initiatives in green hydrogen and ammonia sector begins with its pilot project in Rajasthan, India which is currently under construction and will be operational by April 2021, it said.

ACME has opted for Oman for its first large scale green ammonia commercial project considering the strategic location of the Oman, the support received from the government bodies and high solar irradiation in the country, the statement said.

Tatweer and ACME have identified the land parcel in the Duqm region to set up a large scale facility of producing 2200 MT (metric tonnes) of green ammonia per day with an investment of USD 2.5 billion, it added.

Upadhyay, founder and chairman of ACME group, said in the statement,” This is an exciting beginning of global alliances for producing green hydrogen and ammonia – the most important future source of energy that will help decarbonising the world.”

This large scale plant is strategically planned to cater to international markets for supply of green ammonia across Europe, America and Asia region, he added.

ACME is geared to take up such large scale partnerships, bring indigenous and cutting edge technology to make green hydrogen and ammonia accessible affordably.

“We believe we can offfer viable solution to existing gas based power plants to reduce their carbon footprint and lower levelised cost of energy (LCOE) using green ammonia as fuel than current battery based storage solutions,” Upadhyay said.

ACME is one of the largest solar IPP (independent power producer) in India with 2.9 GWp of commissioned projects and 2.6 GWp in pipeline spread across 13 states.

The company has an asset base of USD two billion and employs more than 1,000 associates across various sites. The company”s vision is to be in the top 10 cleantech companies in the world and an integrated solar player with an operating capacity of 10 GWp by 2025.

Salim Al Sulaimani, CEO of Tatweer, said in the statement, “I am pleased to announce that ACME and Tatweer have decided to join hands in development of next generation green hydrogen production plant, a leapfrog step towards a carbon-neutral world. This association is aimed towards achieving Oman vision 2040 in alternative energy and has indeed boosted our bilateral ties with India to a new level.”

Tatweer is Oman Company for the Development of Special Economic Zone at Al-Duqm SAOC (Tatweer), was incorporated in 2014 as 100 per cent fully owned subsidiary of Oman”s Public Authority for Special Economic Zones and Free Zones (OPAZ).

Tatweer was established to support OPAZ for development of Duqm Special Economic Zone, ensure infrastructure is constructed.

Source: PTI

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