Renewable energy firm ACME Group and Japan-based IHI Corporation have formed a joint venture to establish a 0.4 million tonnes (MnT) green ammonia project at Gopalpur in Odisha, a statement said on Wednesday.

The land for the project has been secured, and the Front-End Engineering Design (FEED) has been completed, the two companies said in a joint statement.

ACME Group and IHI Corporation had signed an initial Memorandum of Understanding (MoU) in 2023.

IHI Corporation holds a 30 per cent stake in the joint venture—ACME Clean Energy Private Limited—while ACME Group retains the remaining 70 per cent. The facility is expected to produce approximately 0.4 MnT of green ammonia annually upon completion.

This is one of the single-largest foreign collaborations in India’s green hydrogen and ammonia sector, the statement added, without disclosing financial details.

The project will be financed through a combination of external debt, sourced from Japanese Export Credit Agencies, International Financial Institutions, and equity from the joint venture partners.

“Odisha offers strategic advantages for energy and export opportunities. Together with IHI, we will build a future-ready ecosystem that strengthens energy security, generates employment, and contributes to the global fight against climate change,” said Manoj Kumar Upadhyay, Chairman of ACME Group.

The green ammonia produced will be primarily supplied to Japanese end users in the power and chemical sectors, supporting Japan’s long-term decarbonisation goals, the statement said.