- Press Releases
March 7 (Renewables Now) - Norwegian renewable power producer Scatec ASA (OSL:SCATC) has agreed with India’s Acme Group to jointly build and operate a large-scale green hydrogen and ammonia production facility in Oman, with 300 MW of electrolysers powered by 500 MW of solar.
The two companies have entered into an agreement to set up a 50/50 joint venture to design, develop, build and operate a facility in the Duqm Special Economic Zone that will be able to produce 100,000 tonnes of green ammonia annually in its first phase and reach an annual production of 1.2 million tonnes once fully developed. Manoj Upadhyay, founder and chairman of Acme Group, also hinted at potentially further expanding the site in the future.
The two partners are still preparing the overall schedule for the project and are holding advanced discussions with “reputable off-takers” for contracts with a term of 20-25 years. They intend to fund the scheme with equity and project finance debt.
“Acme Group has been in the forefront of green ammonia production with this project, and in Scatec we can capitalise on our expertise in renewables, project structuring and financing, execution and operation to accelerate the decarbonisation of the world,” commented Scatec’s CEO Raymond Carlsen.