Hyderabad: The Asian Development Bank (ADB) and the govt of Japan have signed financing agreements with Hyderabad-based AM Green Ammonia (India) Private Ltd, which has been set up by the founders of Greenko Group, to support construction of one of the world’s largest renewable-powered ammonia plants in Kakinada in Andhra Pradesh, the bank said.The financing includes a $100 million loan from the Leading Asia’s Private Infrastructure Fund 2, which is financed by the Japan International Cooperation Agency (JICA) and administered by ADB. It marks the first investment under the Action for Creating Energy Security for Long-term Resilience (ACCEL) initiative launched by ADB and Japan in May 2026 to help countries and businesses in Asia and the Pacific respond to energy price pressures and build more resilient energy systems.The project will convert a former ammonia and urea facility from natural gas-based production to renewable-powered green ammonia production. The plant is expected to produce about 1.1 million tonnes of green ammonia annually, supporting cleaner fertiliser and industrial supply chains and helping develop a new export industry in India.“Ammonia is used every day to produce the fertilizer that helps feed the world,” ADB president Masato Kanda said. “This project changes how we make it. By using renewable energy instead of fossil fuels, India can produce it with far lower emissions and at a scale that can help reshape this industry.”Kanda said the project demonstrates how ADB and Japan can turn energy security goals into investments that create new markets and jobs.Japan’s finance minister Satsuki Katayama said strengthening Asia’s energy supply chains is essential and described the project as the first joint investment under ACCEL.“Working closely with ADB, Japan will continue to support the diversification of energy sources, which will strengthen economic resilience across Asia,” Katayama said.
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