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Avaada Group: $2 billion secured for new Odisha project

REC Limited has committed nearly $5 billion total to three new energy projects in Odisha state, including renewable ammonia projects to be developed by Avaada and ACME Group. Avaada also announced that its facility will include a “cutting-edge” ammonia storage facility, to be developed at Gopalpur Port. The new funds follow a $1 billion investment in Avaada from infrastructure giant Brookfield earlier this year.

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India: new state-level hydrogen & ammonia policy, national hydrogen standard

The state government of Andhra Pradesh launched its new hydrogen and ammonia policy in June, including a production target of up to 2 million tonnes per year of renewable ammonia, plus a raft of incentives to attract project developers to the Indian state. The news comes as India’s Ministry of New and Renewable Energy sets the standard for “green” hydrogen produced in the country.

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Macquarie, ACME help finance renewable ammonia projects

A $325 million investment from Macquarie Asset Management will support Atlas Agro’s new Pacific Green Fertilizer Plant in Washington state, USA. FID on the plant is due early next year, which will produce 700,000 tonnes of zero-carbon nitrate fertiliser each year.

In India, ACME Group has secured two loans from REC Limited: $500 million to fully finance the first phase of the ACME’s Duqm renewable ammonia project, and $2.5 billion to support the first phases of ACME’s “round the clock” renewable power projects in Odisha and Tail Nadu.

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India’s Oil & Natural Gas Corporation moves towards ammonia production

India’s state-owned oil and gas company ONGC will invest $13 billion to deploy 10 GW of renewable energy generation by 2030. At least 5 GW of this will be in Rajasthan, where ONGC and Greenko have an agreement to develop a million-tonne-per-year ammonia production facility. ONGC is considering a similar-sized ammonia facility in Karnataka, potentially powered with offshore wind.