ACME Group bags major green hydrogen project

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.

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.