The Asian Development Bank (ADB) and the government of Japan have signed financing agreements with AM Green Ammonia to build one of the world’s largest renewable energy-powered ammonia plant in India. This is the first investment under the Action for Creating Energy Security for Long-term Resilience (ACCEL) initiative.

ADB President Masato Kanda said that the project would help reduce emissions from ammonia production by replacing fossil fuels with renewable energy to bolster  India’s energy security and create new markets and jobs.

The project will convert an existing ammonia and urea plant from natural gas-based production to renewable energy-powered green ammonia production, with an annual capacity of about 1.1 million tonnes. It is expected to support the development of a new export industry in India while enabling cleaner production of a key ingredient used in fertilisers and other industrial applications.

The investment includes a $100 million loan from the Leading Asia’s Private Infrastructure Fund 2, financed by the Japan International Cooperation Agency (JICA) and administered by ADB.

The ACCEL initiative launched in May 2026 helps countries and businesses in Asia and the Pacific manage rising energy prices and build more resilient energy systems.