The Greenko Group, based in Mumbai, is currently engaged in negotiations with REC, a state-run power financier, to secure funds amounting to ₹2,200-2,400 crore for their ambitious 600 MW green hydrogen and green ammonia project. This project, headed by Greenko founders Anil Chalamalasetty and Mahesh Kolli under the entity AM Green, aims to establish India's pioneering green hydrogen and green ammonia venture. The funding from REC will enable Greenko to establish firm agreements with the lender upon reaching financial closure. Notably, the project has already inked offtake agreements with Yara, a renowned company from Norway, and has obtained pre-certification for ammonia production. These agreements are crucial as they aid in project financing by providing a contract for the sale or purchase of goods in advance of production. The collaboration with Yara Clean Ammonia includes a term sheet signed in May for the supply of renewable ammonia from the initial phase of AM Green's ammonia production plant situated in Kakinada, Andhra Pradesh. This partnership is geared towards securing up to half of the renewable ammonia produced by the facility. The involvement of REC in such green initiatives is not new, as the institution had previously allocated ₹4,000 crore to the ACME Group for a similar green hydrogen and green ammonia project in Oman. The move towards green hydrogen and ammonia production signifies a significant step towards sustainability and renewable energy in India, with key players like Greenko and REC spearheading this transformation.