India's ACME to launch renewable hydrogen projects

India's ACME Solar Holding Private Ltd, a 5.5 GW renewable energy company, will launch its first renewable hydrogen and ammonia "semi-commercial" plant in Rajasthan state by July-August, the company's CEO said in an interview with S&P global.

He said that the Rajasthan facility could generate energy at below the price levels currently discussed. He explained that the plant would have an onsite solar farm of 4-5 MW with the capacity to produce 5 mt/day of renewable hydrogen and/or ammonia. He explained that although the solar panels and the electrolysis plant are imported, the company would still manage to keep costs and prices down with "typically frugal engineering that India is good at," CEO Rajat Seksaria said.

ACME said it is also building a larger plant of around 2,400 mt/day capacity of renewable ammonia in Oman that will be ready in December, the first phase is “likely” to be commissioned by the end of 2022 or early 2023. The company said that the Oman plant will be a place to export renewable ammonia from Duqm port.

"We are in discussion with various global players who want to take strategic position along with us or they want to make pure financial investment but it majority [stake] will be held by ACME," Seksaria told S&P. He added that the expected capital expenditure would be $3 billion.

The Oman government has given land in a special zone in Duqm that has high wind and solar resources, they will be facilitating the project but will not invest in it.