ACME Group, a renewable energy company, has signed a land agreement with Tata Steel Special Economic Zone (TSSEZL) to establish a pioneering green hydrogen and green ammonia project at the Gopalpur Industrial Park in Odisha.
The facility is expected to produce nearly 1.3 MTPA (million tons per annum) of green ammonia and be powered by renewable energy sources.
The company said its project marks an advancement in the renewable energy landscape of Odisha, positioning it as the state’s first-ever green hydrogen initiative.
The innovative aspect of this venture lies in the utilization of green hydrogen to produce green ammonia.
The facility’s production output of Green Ammonia will be exported to both West and East markets through the existing Gopalpur port facilities, boosting the region’s economic prospects.
The company said the park’s plug-and-play infrastructure, well-connected logistics, and environmental clearances have garnered substantial interest from investors, furthering the state’s industrial progress.
Manoj K Upadhyay, Founder and Chairman of ACME Group, said, “This project will help us to offer to Make In India Green Hydrogen and Green Ammonia to domestic and international markets at competitive prices.”
Upadhyay also pointed towards the partnership with Japan’s IHI Corporation, which is a critical aspect of ACME Group’s strategy for this project. The recent Invest Odisha Summit in Tokyo, led by the Chief Minister of Odisha, yielded a significant outcome as IHI Corporation expressed its intent to invest in the state’s green energy initiatives.
Last month, ACME Group achieved the financial closure of ₹40 billion (~$488 million) loan from REC Limited, which will be used to kick-start the first phase of the company’s green hydrogen and green ammonia project to be developed in the Special Economic Zone (SEZ) of Duqm, Oman.
Last July, the government of Karnataka signed a memorandum of understanding with ACME Cleantech Solutions for an investment of ₹520 billion (~$6.6 billion) to set up hydrogen and ammonia units and an allied solar power project in Mangaluru.
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