India-based ACME Group is progressing with its $4.2 billion green hydrogen and green ammonia project in the Duqm Special Economic Zone, with commercial operations of the second and third phases expected to commence in 2030 and 2033, respectively. Upon completion, the project is expected to achieve a total annual production capacity of 800,000 metric tonnes of green ammonia and 142,000 metric tonnes of green hydrogen.
The investment comes after Acme Group, Hydrogen Oman (Hydrom) and the Public Authority for Special Economic Zones and Free Zones (OPAZ) signed project development and land usufruct agreement in May 2025, thereby integrating the project into Oman’s national green hydrogen programme. Reportedly, the first phase, which will produce 100,000 tonnes of green ammonia per year, is scheduled to be commissioned by the end of 2026. The phase is backed by a long term offtake agreement with Yara International.
In December 2025, ACME Solar Holdings bagged a debt tie-up of Rs 47.2 billion from Indian financial institutions. Out of the total financing, Rs 27.1 billion has been secured from Power Finance Corporation for ACME’s 300 MW firm and dispatchable energy (FDRE) project. Furthermore, Rs 8 billion was secured from the National Bank for Financing Infrastructure Development. The remaining amount of Rs 12.09 billion was secured from Yes Bank.
