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ACME Group and Govt of Karnataka sign MoU to invest USD 6.7 billion for Green Hydrogen project

6/7/2022

ACME Group - Press Release

BengaluruGurgaon-based leading renewable energy Company ACME Group and the Government of Karnataka signed a Memorandum of Understanding (MOU) to invest about USD 6.7 billion (Rs 52,000 crore) in the State to set up a Green Hydrogen & Green Ammonia project.

The MoU was signed by Mr Sandeep Kashyap, Chief Operating Officer, ACME Group and Dr E V Ramana Reddy, Additional Chief Secretary to Government, Commerce & Industries Department in presence of Hon’ble Chief Minister of Karnataka Shri Basavaraj Bommai, Sh. Shashi Shekhar, Vice Chairman ACME Group and Smt Gunjan Krishna- Commissioner Industries, Govt of Karnataka.

ACME Group will set up a 1.2 mtpa Green Hydrogen & Green Ammonia plant associated with captive solar power unit. The project would generate over 2,000 employment opportunities after completion of the plant. The project is planned between 2022 and 2027.

Shri Basavaraj Bommai, Hon’ble Chief Minister of Karnataka said, “It has been proved again that Karnataka is the most ideal destination for investments. Karnataka has been successful in drawing highest Foreign Direct Investments among the States in the country. The FDI inflow during the last three quarters is testimony to this achievement.”

Shri Manoj Kr Upadhyay, Founder & Chairman ACME Group said “We are delighted to partner with the State of Karnataka in developing one of the largest and earliest green ammonia projects in the world. We will be a formidable player in accelerating the adoption of the green fuel globally. We are grateful to the Government of Karnataka for their vision in building the State as a Green Hydrogen hub and extending their full support to this project.”

The Government of Karnataka would facilitate ACME Group in obtaining necessary registrations, approvals, clearances, and provide incentives, among others.

ACME Group has set up the world’s first integrated semi-commercial scale project for Green Hydrogen & Green Ammonia plant at Bikaner in Rajasthan.

ACME Group has also partnered with Norway-based Scatec ASA to build and operate a large scale green ammonia facility in the Duqm Special Economic Zone of Oman. The first phase of the facility is to produce 100,000 tonnes of green ammonia annually which is to be expanded to 1.2 million tonnes per annum with about 3.5 GW of electrolyser capacity powered by 5.5 GWp of the solar power plant