Greenko Group is in discussions with REC, a state-run power finance company, to raise ₹2,200-2,400 crore for its 600 MW green hydrogen and green ammonia project. Once the financing is secured, Greenko will finalize agreements with REC.
The project has an offtake agreement with Norway’s Yara, meaning Yara will buy the produced ammonia, helping secure financing. In May, Greenko signed a deal with Yara Clean Ammonia for renewable ammonia from the first phase of its facility in Kakinada, Andhra Pradesh.
The funding will support Greenko’s AM Green project, India’s first green hydrogen and green ammonia initiative, founded by Anil Chalamalasetty and Mahesh Kolli. The agreement with Yara covers up to half of the ammonia production from the first phase of AM Green’s 1 million tonne per year facility. Previously, REC lent ₹4,000 crore to ACME Group for a similar project in Oman.
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