Green ammonia Kakinada plant secures $100M ADB and Japan loan in first ACCEL deal

The Asian Development Bank and the Government of Japan signed financing agreements on October 15 with AM Green Ammonia (India) for its green ammonia Kakinada plant in Andhra Pradesh, including a $100M loan from the Leading Asia’s Private Infrastructure Fund 2. The fund is financed by the Japan International Cooperation Agency (JICA) and administered by ADB.

The project converts a former natural gas-based ammonia and urea plant to renewable-powered production with capacity of about 1.1 million tonnes a year, according to ADB. It is the first investment under ACCEL, an energy security initiative ADB and Japan launched in May 2026 to help Asia-Pacific economies cope with high energy prices.

“Ammonia is used every day to produce the fertilizer that helps feed the world,” ADB President Masato Kanda said, adding that renewable power lets India produce it with far lower emissions.

The Kakinada site already has a long-term offtake with Uniper for up to 500,000 tonnes a year of green ammonia from 2028, signed in January 2026. AM Green also won a 10-year H2Global contract to supply Germany earlier this month. Multilateral debt adds a credibility signal as several Indian green ammonia projects struggle to close offtake economics, with INOX dropping a $3B Maharashtra plan.