Companies Acme Group FollowREC Limited FollowNEW DELHI, July 21 (Reuters) - Indian renewable energy company ACME Group said on Friday it raised 40 billion rupees ($487.98 million) in fresh funding from infrastructure finance firm REC (RECM.NS), to start its green hydrogen and ammonia project in Oman.
The money will be used for the first phase of the project, which will be established at the special economic zone in Duqm, Oman, the group said in a statement.
The facility is expected to produce 100,000 tons of green ammonia annually in its starting phase.
It will then be expanded to 1.2 metric million tons per annum with about 3.5-gigawatts of electrolyser capacity.
($1 = 81.9714 Indian rupees)Reporting by Sarita Chaganti Singh in New Delhi; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.
Persons:
Sarita Chaganti Singh, Nivedita
Organizations:
Acme, ACME Group, REC, ACME, Thomson
Locations:
DELHI, Oman, Duqm, New Delhi