Oslo, 7 March 2022:
Scatec ASA has today signed an agreement with ACME Group from India to establish a 50/50 joint venture to design, develop, build, own and operate a large-scale green ammonia facility in Oman.
The first phase of the facility is expected to produce 100,000 tonnes of green ammonia annually with about 300 MW of electrolyzer capacity and powered by 500 MW of solar. The facility will be located in the Duqm Special Economic Zone of Oman. Once fully developed the facility is expected to produce up to 1.2 million tonnes of green ammonia annually.
“Oman has excellent solar resources and a strategic location for production of green ammonia. 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. As part of JV, we look forward to working with the Government of Oman and support them in their endeavour to make Oman a hub of Green Hydrogen and Ammonia,” says CEO Raymond Carlsen.
There is a growing need to accelerate decarbonisation of hard-to-abate industries through Power-to-X solutions such as production of hydrogen, ammonia and other critical feedstocks powered by renewable energy. Industry analysts forecast global annual demand for green ammonia to reach up to 200 million tonnes by 2050.
ACME Group is a pioneer in cleantech sectors such as solar, green hydrogen and ammonia development. The Company has developed the Oman project over the last 18 months and has already set up the world’s first single-location integrated solar power to green ammonia facility at Bikaner Rajasthan.
The partners are in advanced discussions with reputable off-takers for 20–25-year contracts which will lay the foundation for financing of the project. The partners expect to fund the facility through equity and project finance debt.
“We are delighted to partner with Scatec in developing one of the largest and earliest green ammonia projects in the world. This facility will have 1.2 million tonnes per annum capacity of green ammonia production and can potentially be further expanded in the future at the same location. Given the strategic location of the project, technical insights & cost-effective solutions that Acme has developed for the project of this kind, along with internationally proven project development capabilities of Scatec, I believe jointly we will be a formidable player in accelerating adoption of this green fuel globally” says Manoj Upadhyay, Founder & Chairman of Acme Group.
The overall schedule for the project is under development, but the partners share the ambition for this facility to be one of the first commercial large-scale green ammonia facilities in operation globally.
For further information, please contact:
For analysts and investors: Andreas Austrell, VP IR, tel: +47 974 38 686, andreas.austrell@scatec.com
For media: Stian Tvede Karlsen, Communications Manager, tel: +47 920 67 460, stian.karlsen@scatec.com
About Scatec ASA
Scatec is a leading renewable power producer, delivering affordable and clean energy worldwide. As a long- term player, Scatec develops, builds, owns and operates solar, wind and hydro power plants and storage solutions. Scatec has more than 3.5 GW in operation and under construction on four continents and more than 600 employees. The company is targeting 15 GW capacity in operation or under construction by the end of 2025. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit www.scatec.com or connect with us on Linkedin.
About ACME Group
ACME Group (www.acme.in), set up in 2003, is a pioneer in cleantech sectors such as solar, green hydrogen & ammonia and sustainable green protein development. The Company is one of the leading Solar Power Developers in India with project under development & operational portfolio of 8.5 GW. The company is presently constructing 1.8 GW generation capacity which will be one of the largest single location solar generation facility in the world. In the field of Green Hydrogen & Ammonia besides under development project in Oman, the Company has already set up the world’s first single-location integrated solar power to green ammonia facility at Bikaner Rajasthan. The company employs more than 1000 people in India and abroad.
