New Delhi

Indiawill convert an existing natural gas fuelled ammonia and urea plant to run on renewable power, creating one of the world’s largest green ammonia plants with an annual output target of about 1.1 million tonnes, a new report has said.

The report from Singapore-based Asian Power (AP) said the project will be developed by AM Green Ammonia (India) Private Limited and is backed by financing from the Asian Development Bank (ADB) and Japan.

It marks their first joint investment under the Action for Creating Energy Security for Long-term Resilience (ACCEL).

ACCEL was launched by the Asian Development Bank (ADB) and the Government of Japan in May 2026 as a joint initiative that helps Asia-Pacific nations and businesses handle high energy costs, fuel swings, and supply limits.

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

“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,” the publication cited ADB President Masato Kanda.

“The initiative has two tracks: short-term support for corporate liquidity, particularly for small and medium-sized enterprises, and longer-term support for more diversified and sustainable energy systems,” the report said.

ACCEL brings together financial support and investment to help countries manage immediate shocks and build stronger energy systems for the future, a statement from ADB said.

India has crossed 300 GW of installed non-fossil fuel-based electricity generation capacity as of July 2026, with around 55.29 GW of non-fossil fuel capacity during FY26.