NEOM Green Hydrogen Company signs facility agreements with banks

NEOM Green Hydrogen Company (NGHC), an equal joint venture (JV) created by ACWA Power, Air Products and NEOM, building the world’s largest plant to produce green hydrogen at scale, has signed facility agreements with local, regional and international banks along-with execution of a commitment letter with Saudi Industrial Development Fund (SIDF).

The financing for the world’s largest green hydrogen production facility located in NEOM is structured with significant participation from SIDF and the National Infrastructure Fund (NIF).

“NGHC has a clear mission, to leverage the expertise and vision of its partners to accelerate the global green hydrogen economy. This is fully in line with Vision 2030 and the goals of the Saudi Green Initiative. The recent convening of the investment community in Riyadh is an important step towards the milestone of achieving financial close in early 2023, to deliver the world’s largest facility to produce green hydrogen at scale. We are grateful for the significant support from our shareholders and the investment community to making that happen.”

NGHC’s mega-plant will integrate up to 4GW of solar and wind energy to produce up to 1.2 million tons of green ammonia translating to up to 600 tons per day of carbon-free hydrogen. Once the plant at NEOM is operational by 2026, 100 percent of the green hydrogen produced will be available for global export, in the form of ammonia, through an exclusive long-term agreement with Air Products.

Earlier this year, Neom subsidiary ENOWA partnered with the off-road racing series Extreme E, to introduce green hydrogen power to their global sustainable racing series.

Since its launch, NEOM has been on the frontline of green and sustainable practices. NEOM, the mega futuristic city of Saudi Arabia is committed to reducing carbon emissions by 2030.

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