ACME Group has secured $140 million as the first installment of a $540 million financing package for its green hydrogen and ammonia project in Duqm’s Special Economic Zone (Sezad), Oman.
The project — one of the region’s most advanced renewable hydrogen developments — represents a total investment of approximately $750 million, with secured debt covering 75% of the capital requirement.
A critical factor in achieving financial closure for large-scale hydrogen projects is securing binding offtake agreements, and ACME accomplished this last year by signing a long-term supply contract with Norwegian fertilizer major Yara. The agreement covers 100,000 tonnes of green ammonia annually from Duqm’s initial production phase, which is set to start operations in the first quarter of 2027.
This offtake deal is strategically significant, providing revenue certainty to support debt servicing and long-term viability while also strengthening Yara’s push to decarbonize its global ammonia portfolio. For Oman, it marks a pivotal step in operationalizing the national hydrogen strategy and in establishing Duqm as a competitive export point for green molecules targeting international markets.
The project’s first-phase production capacity is set at 100,000 tonnes of green ammonia per year, powered by integrated renewable electricity generation. Future expansions could raise total capacity to 1.1 million tonnes annually, positioning the facility among the largest planned green ammonia plants in the Middle East. Work on infrastructure development, procurement contracts, and equipment deliveries is already underway, with ACME confirming that pilot hydrogen production remains on schedule for early 2027.
The project’s rapid progress aligns with Oman’s broader decarbonization strategy, targeting carbon neutrality by 2050.
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