The Asian Development Bank and the government of Japan signed financing agreements with AM Green Ammonia (India) to support one of the world's largest renewable energy-powered ammonia plants. It is the first investment under the ACCEL initiative launched in May 2026.
The project will convert an existing natural gas-based ammonia and urea plant at Kakinada on India's southeast coast to renewable energy-powered green ammonia production, with annual capacity of about 1.1 million tonnes.
The investment includes a $100 million loan from Leading Asia's Private Infrastructure Fund 2, financed by JICA and administered by ADB.
ADB President Masato Kanda said the project changes how ammonia is made and would help India produce it with far lower emissions. Japan's Finance Minister Satsuki Katayama said the project supports diversification of energy sources and resilience across Asia.
AM Green is developing renewable ammonia plants at Kakinada, Tuticorin and Kandla with a targeted total capacity of 4 million t/y. The company recently won the Asia lot of renewable ammonia in H2Global's latest auction round, with a long-term purchase agreement worth at least EUR 585 million over 10 years.
