Indian renewables developer ACME Group has secured a loan of $488 million from state-backed infrastructure bank REC to initiate the first phase of a green hydrogen and ammonia plant in Oman. The project, co-developed with Norwegian firm Scatec, will be located in the Special Economic Zone of the port of Duqm. It will utilize 300 MW of electrolysis, powered by 500MW of solar, and will produce enough hydrogen for 100,000 tons of green ammonia annually. ACME plans to begin construction soon and intends to expand the project in subsequent phases, aiming for a total electrolyzer capacity of 3.5 GW powered by 5.5 GW of solar, which will produce 1.2 MTPA (million tons per annum) of green ammonia. The company has…