ACME Group will acquire 343 acres of land in Gopalpur Industrial Park, developed by the Tata Steel Special Economic Zone in the state, to install a unit to produce green hydrogen and its derivatives, a jointly released statement said.

The Gurugram-based energy company also plans to set up a green ammonia production facility powered by renewable energy at the park, which will produce the gas from green hydrogen. The plant will have an output of nearly 1.3 million tonnes per annum.

The project, which will see investment in phases, will be the largest single-location green hydrogen-and-its-derivatives manufacturing facility in the country, the statement said.

Last month, ACME Group raised $490 million to start its green hydrogen and ammonia project in Oman.

The money will be used for the first phase of the project, which will be established at the special economic zone in Duqm, Oman, the group said in a statement.

The facility is expected to produce 100,000 tons of green ammonia annually in its starting phase. It will then be expanded to 1.2 metric million tons per annum with about 3.5-gigawatts of electrolyser capacity.

ACME also said it signed preliminary agreements with REC for over 210 billion rupees of loans.