Greenko in talks with REC to raise up to Rs 2,400 crore

The project has an offtake agreement with Norway's Yara and received pre-certification for ammonia. An offtake agreement is a contract to buy or sell goods in advance of production, which will facilitate financing for the project. Greenko has signed a term sheet with Yara Clean Ammonia in May this year, the trader and distributor of ammonia, for the supply of renewable ammonia from Phase 1 of AM Green's ammonia production facility in Kakinada, Andhra Pradesh.