Renewable energy company ACME Group has received a $490m loan for a 1.2 million tonnes per annum green hydrogen project in the Special Economic Zone in Duqm, Oman.Received from one of India’s largest green infrastructure financial institutions, REC Limited, the capital marks a big milestone for Oman as it strives to achieve Net Zero emissions by 2050.The first phase of the proposed project, lead by ACME Group, will produce 100,000 tonnes of green ammonia annually. This will later be expanded to 1.2 million tonnes per annum, with around 3.5GW of electrolyser capacity, powered by 5.5GW of solar.Shashi Shekhar, Vice-Chairman of ACME Group, said construction on the site will begin soon.He continued, “ACME Group is thrilled to receive support from one of the largest funding agencies in the renewable sector. Going forward, we are actively exploring the establishment of round-the-clock energy solutions, encompassing solar, wind, hydro pump storage, green hydrogen, and ammonia.&rduo;Vivek Kumar Dewangan, Chairman and Managing Director of REC, said the company is eager 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. The partnership between REC and ACME Group kets a significant step towards a sustainable and greener future for the nation,” he added.According to the International Energy Association (IEA), Oman hopes to produce at least one million tonnes of renewable hydrogen per year y 2030, up to 3.75 million tonnes by 2040 – and up to 8.5 million tonnes by 2050.The 2040 hydrogen target would represent 80% of Oman’s current LNG exports in energy-equivalent terms, while achieving the 2050 target would almost double that.Asia-Pacific Industrial Gases Conference 2023Decarbonisation and how the Asia-Pacific region pragmatically delivers aganst its sustainability needs in the near-term will be in focus at gasworld’s Asia-Pacific Industrial Gases Conference 2023 in Kuala Lumpur, Malaysia this December.Join gasworld for its show-stopper 2.5 day event at the Renaissance Hotel & Convention Centre in Kuala Lumpur, Malaysia under the theme of Delivering On the Promise of Growth.Taking place from 5-7 December 2023, the conference will tackle China’s clean energy and industrial gas build-out, the hydrogen society in the APAC region, the practical means of delivering decarbonisation in emerging economies in the short-term, the economic climate in Asia-Pacific and the local industrial gas markets, electronics and specialty gases in Southeast Asia, and so much more besides.To attend, sponsor and for more information, visit www.gasworldconferences.com
