The Asian Development Bank (ADB) and the Government of Japan have signed financing agreements with AM Green Ammonia (India) Private Limited to finance one of the world’s largest renewable-powered ammonia production facilities.
The transaction marks the inaugural investment under the Action for Creating Energy Security for Long-term Resilience (ACCEL) initiative, established jointly by ADB and Japan in May 2026.
The project involves converting a former natural gas-fueled ammonia and urea plant into a green ammonia facility powered entirely by renewable energy. Once operational, the plant will produce approximately 1.1 million tonnes of green ammonia annually.
Financial and structural highlights of the agreement include:
- Debt financing structure: Includes a $100 million loan provided by the Leading Asia’s Private Infrastructure Fund 2 (LEAP 2), financed by the Japan International Cooperation Agency (JICA) and administered by ADB.
- Industrial decarbonisation: Replaces fossil fuel feedstocks with renewable energy to produce low-emission inputs for agricultural fertilizer and industrial applications.
- Export market expansion: Establishes commercial-scale green ammonia export capacity in India to serve international clean energy and agriculture supply chains.
- ACCEL framework execution: Demonstrates the second operational pillar of ACCEL, which focuses on medium- to long-term energy supply diversification alongside short-term corporate liquidity support.
ADB President Masato Kanda stated that shifting ammonia production from fossil fuels to renewable energy at scale creates new industrial markets while significantly reducing sector emissions.
Japan’s Finance Minister Satsuki Katayama added that the inaugural ACCEL project reinforces energy supply chain resilience across Asia through targeted multilateral development finance. The initiative supports broader efforts by India to position itself as a global hub for green hydrogen and derivative fuels production.
