ACME Group, Japan's IHI Corporation form JV to take forward green ammonia project in Odisha

New Delhi, Sep 10 (PTI) Renewable energy firm ACME Group and Japan-based IHI Corporation have formed a joint venture to set up a 0.4 million tonnes green ammonia project at Gopalpur in Odisha, a statement said on Wednesday.

The land for this project has been secured, and the Front-End Engineering Design (FEED) has been completed, the two parties said in a joint statement.

ACME Group and IHI Corporation had signed an initial Memorandum of Understanding (MoU) in 2023.

IHI Corporation holds a 30 per cent stake in the joint venture - ACME Clean Energy Private Limited, while ACME Group retains the remaining 70 per cent.

The facility is planned to produce approximately 0.4 million tonnes (MnT) of green ammonia annually upon completion.

It is one of the single-largest foreign collaborations in India's green hydrogen and ammonia sector, the statement said without sharing financial details.

It will be funded through a combination of external debt, sourced from Japanese ECA, International Financial Institutions and equity from joint venture partners.

"Odisha offers strategic advantages for energy and export opportunities. Together with IHI, we will build a future-ready ecosystem that strengthens energy security, generates employment, and contributes to the global fight against climate change," Manoj Kumar Upadhyay, Chairman of ACME Group, said.

The production of green ammonia will be delivered mainly to Japanese end users in the power and chemical sectors, enabling the long-term decarbonisation goals of Japan, the statement said. PTI ABI ABI SHW