ACME's green ammonia in Duqm

Oman's first commercial green ammonia project, ACME's plant in Duqm, was visited by the state audit body. The first phase, worth about US$750 million, targets 100,000 tonnes of ammonia per year, around 450 MWac of solar and 800 MWh of batteries, with operations expected in the coming months, according to Hydrom, quoted by the Oman Observer.

Financing was closed much earlier. In July 2023, Mercom reported financial close of a 40 billion rupee loan, about US$488 million, from REC Limited, an Indian state-owned financier, for the first phase. All planned output is committed to Yara under a binding long-term offtake agreement.

Debt from a public lender in the developer's home country and a buyer secured before operation: that structure moved phase 1 off paper. Three years separate financial close from expected operation, and capital had to carry them.

The next phases call for another scale: 400,000 tonnes of ammonia per year by 2030 and a similar phase 3 in 2033, estimated at US$4.2 billion. Phase 1 showed one financing route. The expansion will test whether it can be repeated.