Korea's LTech UVC and India's ACME Group sign $3 billion green energy joint venture
The plant will produce around 200,000 tons of green ammonia per year
Dubai: LTech UVC South Korean Company, a global producer of green energy resources based on green hydrogen ammonia, is entering India with the support of the South Korean government.
LTech UVC signed a business agreement in Dubai, with Indian energy conglomerate ACME Group to jointly pursue a $3 billion green energy business. The joint project coincides with the green hydrogen forum' CONNECTING GREEN HYDROGEN MENA' in Dubai, UAE.
read more
- UAE's ADNOC to pay out $1.195b to ADNOC Distribution bondholders in June
- Aramco in talks to acquire 10% stake in Chinese company Hengli Petrochemical
- DEWA aims to reach 1,000 green fast and ultra-fast charging stations for electric vehicles by 2025
- Tesla cuts prices around the world: What you need to know
Under the joint venture, LTech UVC and ACME Group will participate in constructing a green hydrogen ammonia plant in India.
In addition to the green hydrogen co-produced with the ACME Group in India, LTech UVC also plans to import green hydrogen produced by ACME into South Korea. The amount of green ammonia that will be produced is 200,000 tons annually.
"As this is the first green hydrogen project with a Korean company, we will strive to achieve tangible results," said Ashwani Dudeja, President, Green Energy, ACME Group. "We look forward to expanding our business with LTechUVC in the future."
ACME Group is a leading renewable energy company in India. In addition to the joint project, the firm is also developing green ammonia production projects in Odisha, India, with a total capacity of 1,200 kt (kilotons) per year, and in Duqm Port, Oman, with a total capacity of 800 kt per year. These projects have the capacity to power 2.5 million homes in India.
ACME Group will invest $3 billion in large-scale green energy projects, with long-term contracted revenues of approximately $360 million per year over 10 years.
Since February, South Korea's LTech UVC and India's ACME Group have been exploring concrete ways to enter the Indian market through the 'Seminar to Promote Green Hydrogen in South Korea-India' and business discussions at the Embassy of India, and last month, they met in Dubai, UAE to further solidify the business plan.
"We are pleased to be working with a large Indian company that has the capability to lead the global green energy market," said Ji-young Lee, CEO of LTech UVC. "We will continue to pursue green energy projects with more countries and companies to be at the centre of the global green energy market."