Debt raising process started for $2.5bn Oman green hydrogen project
The debt raising process has started for a planned $2.5bn project to produce green hydrogen and ammonia in Oman
The debt raising process has started for a planned $2.5bn project to produce green hydrogen and ammonia in Oman.
According to sources close to the scheme, a target of reaching financial close for the debt raising process has been set for the end of 2021. The project is being developed by India’s Acme Solar Holdings.
Energy & Utilities reported in April that Acme Solar Holdings had appointed Synergy Consulting as the financial and transaction adviser for the planned $2.5bn project.
The ammonia and hydrogen facility is due to be developed in the Duqm industrial zone, with the aim of supplying green ammonia to Europe, America and Asia.
Acme signed a memorandum of understanding (Mou) with the Oman Company for the Development of the Special Economic Zone at Duqm (Tatweer) in March to develop a facility with the capacity to produce up to 2,200 metric tonnes of green ammonia per day.
Acme is currently developing a pilot green hydrogen and ammonia plant in Rajasthan, India, which is due to start operation in 2021.
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