Mumbai, Sept. 21 -- Brookfield will invest up to $600 mn in ACME Cleantech Ventures, a UK-based privately held entity within the ACME Group, to support the construction of green molecule projects in India and West Asia. The investment will be made through Brookfield Global Transition Fund, which focuses on net-zero carbon opportunities.
Brookfield said the transaction marked its entry into the region's green molecules sector and would combine its institutional capital and global scale with ACME's operating capabilities. The funding is intended to support clean-fuel projects that can help industrial customers reduce emissions across Asia and Europe.
Green molecules, including green hydrogen, ammonia and methanol, are produced using zero-carbon energy. Brookfield has more than $1 tn in assets under management and an energy portfolio that includes approximately 50 GW of wind and solar assets operating or under development in India.
ACME's portfolio includes an operational green ammonia facility in Bikaner, Rajasthan, and a green ammonia project under development in Duqm, Oman. The company is also establishing facilities in Odisha under a Green Ammonia Purchase Agreement with the Solar Energy Corporation of India, alongside a joint venture with IHI and an offtake contract with Mitsubishi Gas Chemicals.
The structured equity funding will be deployed across four projects: Oman Phase 2, two green ammonia projects and a green methanol project in Odisha. ACME has secured offtake partnerships with Yara International, IFFCO, Paradeep Phosphates, Coromandel International and Indorama India. The equity valuation is expected to be decided by the end of 2026, while ACME will retain a significant majority in its projects and business entities.
Oman Phase 1 is fully funded and is expected to begin operations by March 2027. The Paradeep green ammonia project and the Odisha green methanol project are scheduled for 2028, while the ACME-IHI joint venture's green ammonia project is expected to become operational in 2029.
Published by HT Digital Content Services with permission from Construction World.