In a significant move towards bolstering India's renewable energy sector, leading renewable energy company ACME Group announced on Tuesday a strategic partnership with the Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL). The collaboration aims to establish a state-of-the-art green methanol manufacturing facility in Odisha, with a production capacity of 200 kilotonnes per annum (KTPA).
Project Details and Implementation
The green methanol plant will be developed under a special project vehicle named ACME Akshya Energy Pvt Ltd, which is part of ACME's expanding green hydrogen business portfolio. According to an official statement released by the company, the facility is slated to be located in Kendrapada district, a region poised to benefit from this industrial investment.
The project is expected to generate more than 1,100 jobs, providing a substantial boost to local employment and economic development in Odisha. This initiative aligns with the Odisha government's determined efforts to attract new industries across the state, leveraging its competitive advantages in infrastructure and resources.
Strategic Importance for India's Green Energy Goals
ACME Group emphasized that this project will play a crucial role in advancing India's ambition to become a global hub for green hydrogen and its derivatives. Green methanol, as a derivative, is gaining traction as a sustainable fuel alternative, and this facility positions India at the forefront of this emerging market.
To ensure swift execution, ACME Group and IPICOL have committed to identifying a nodal officer who will oversee the early implementation phases of the green methanol project. This step underscores the urgency and importance both entities place on accelerating India's transition to clean energy.
Expert Insights and Ecosystem Advantages
Anil Taparia, Chief Operating Officer at ACME Green Hydrogen and Ammonia Business Unit, commented on the development, highlighting Odisha's conducive environment for green energy projects. "We are setting up multiple green hydrogen and ammonia projects around Paradip and Gopalpur for both domestic and export purposes," Taparia stated.
He further elaborated on the factors making Odisha an ideal location: "Abundant availability of biogenic feedstock, coupled with supportive industrial policies and low-cost green power supply, has created an excellent ecosystem in Odisha for producing green methanol at globally competitive costs."
This partnership not only reinforces ACME Group's commitment to renewable energy but also showcases Odisha's growing prominence as a hub for green manufacturing. As India strides towards its net-zero targets, such collaborations are pivotal in driving innovation, job creation, and sustainable industrial growth.
