Shardul Amarchand Mangaldas & Co. advised Acme Group in securing a debt funding of approx. USD 540 million for setting up a green ammonia project in Oman

April 28, 2025

Shardul Amarchand Mangaldas & Co. advised ACME GLOBAL GREEN HYDROGEN PRIVATE LIMITED (“Acme Global” or “Indian SPV”) and other Acme group entities in connection with the financing of a green ammonia project located in Duqm, Special Economic Zone, Sultanate of Oman.

The transaction involves obtaining a debt facility of approx. USD 540 million which will support the development of a 300 MT/day green ammonia project in Oman based on renewable energy (solar, wind, and battery energy storage systems).

It’s one of the world’s first arm’s length long term green ammonia offtake agreements. The funding has been obtained by an Indian Company to fund a completely offshore green hydrogen Project in Oman. The primary comfort for repayment was drawn from the offshore cashflows.  The cross-border security structure spans across India, Oman, and the UK. The prospective facility will be constructed in Duqm, Oman, at the Special Economic Zone (SEZ) for the country’s rapidly expanding collection of hydrogen and ammonia projects. This SEZ will eventually host the world’s largest prospective green hydrogen facility.

The SAM & Co. team was led by Anurag Dwivedi, Partner; Prince Singh, Principal Associate; and Shashwat Bhaskar, Senior Associate, with valuable inputs from Partner, Yogesh Chande; Senior Consultant, Prashant Saran; and Consultant, Gopalkrishna Hegde.