Ocior Energy, a developer of Green Ammonia projects, has entered into a Memorandum of Understanding (MoU) with REC Limited to secure funding of up to INR 10,000 crore (around USD 1.2 billion) for its flagship Green Hydrogen and Green Ammonia project in Odisha, India. The Odisha project, which has a production capacity of 200,000 tons per year of Green Ammonia, is in advanced stages of development. KBR, Inc. has been selected as the technology licensor for ammonia production, with the pre-FEED phase completed and the FEED contract awarded to Aker Solutions.
Additionally, Ocior has signed a pre-offtake agreement for 100,000 tons per year of Green Ammonia with Ameropa, a Swiss trading company, and has received all necessary approvals from the Odisha government. With land secured in the TATA Special Economic Zone (SEZ) near Gopalpur port, the project is well-positioned for both export and domestic supply of Green Ammonia.
REC Limited is a leading lender in India’s energy sector, boasting a loan portfolio of over INR 500,000 crore, and is the only financial institution in the country to have funded Green Hydrogen and Green Ammonia projects. The Government of Odisha has played a crucial role in facilitating the project’s advancement, while the Ministry of New and Renewable Energy (MNRE) has also been a strong supporter, actively promoting the Green Hydrogen and Green Ammonia sectors nationwide.
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