Macquarie, ACME help finance renewable ammonia projects
By on August 09, 2023
Atlas Agro: Washington state
Atlas Agro’s planned Pacific Green Fertilizer Plant will produce 700,000 tonnes of zero-carbon nitrate fertiliser per year, targeting the domestic market in the northwest USA. Located near Richland on the Columbia River, the plant will utilise renewable electricity, electrolytic hydrogen and limestone/dolomite as feedstocks. Técnicas Reunidas is completing FEED work, and Atlas Agro aims to reach FID on the project early next year (delivering to farmers by 2027).
The $1 billion project (as well as Atlas Agro’s future portfolio) will be supported by a $325 million investment from Macquarie Asset Management, announced this July. Macquarie is already supporting the Australian Renewable Energy Hub as a project partner and shareholder.
MAM, with their experience in projects and infrastructure, ability to initiate support investments with a wide range of expertise and their commitment to accelerate decarbonization of hard-to-abate-industries, is an ideal partner for us as we approach construction of our first plants in the United States.
Petter Østbø, CEO of Atlas Agro in his organisation’s official press release, 31 July 2023
ACME secures $500 million loan to finance Oman project
ACME Group has secured a near $500 million loan from REC Limited, one of India’s largest green infrastructure financial firms. The loan will fully finance the first phase of the ACME’s Duqm renewable ammonia project. Producing 100,000 tonnes of renewable ammonia each year, subsequent phases will expand capacity to 1.2 million tonnes per year, based on 3.5 GW of electrolyser capacity & 5.5 GW of solar photovoltaics.
The securing of debt for the green hydrogen and ammonia project in Oman is an important milestone. We will start the construction activities soon and build one of the most advanced technologies and create a state-of-the-art facility. As a company deeply committed to offering comprehensive green energy solutions, ACME Group is thrilled to receive support from one of the largest funding agencies in the renewable sector.
Shashi Shekhar, Vice-Chairman of ACME Group in his organisation’s official press release, 21 July 2023
In the same announcement, ACME has revealed that REC Limited will provide a more than $2.5 billion loan to establish the first phases of its “round the clock” renewable power projects. Among these new “RTC” initiatives, two pumped hydro projects in Odisha and Tamil Nadu will provide power for hydrogen & ammonia production in both Indian states, adding more million tonne projects to ACME’s domestic portfolio.
*this article was corrected to reflect to accurate loan amounts ACME has secured