ACME to invest ₹52K crore in K’taka hydrogen project
Reuters
NEW DELHI: Renewable energy firm ACME Group will invest ₹52,000 crore ($6.70 billion) in Karnataka over five years to set up a green hydrogen and ammonia plant, the state government said on Monday.
As per the Memorandum of Understanding (MOU), the company has agreed to establish a Hydrogen and Ammonia Plant with associated Solar Power unit in Mangaluru, Karnataka. The agreement was signed in the presence of Karnataka chief minister Basavaraj Bommai. The MOU was signed by EV Ramana Reddy, additional chief secretary in the commerce and industries department of Karnataka and Sandeep Kashyap, chief operating officer of ACME Cleantech Solutions, according to a statement released by the firm. The investment comes as India aims to manufacture five million tonnes of green hydrogen annually by 2030 to meet its climate targets and become a production and export centre for the fuel.
The green hydrogen and ammonia plant, which will create about 2,000 jobs, will have the capacity to produce 1.2 million tonnes per annum. It will also have a solar power unit attached. Green hydrogen, produced using renewable energy, has some of the best environmental credentials among cleaner-burning fuels.
The zero-carbon fuel is made using renewable power from wind or solar sources to split water into hydrogen and oxygen.
While green hydrogen is not currently made in India on a commercial scale, Indian businessmen Mukesh Ambani and Gautam Adani have announced plans to produce it.
Earlier in May, Karnataka signed a $6.4 billion agreement with Us-listed Renew Power over a seven-year period on energy projects in the state.