World’s largest Carbon-free green hydrogen plant.
May 24 2023
NEOM Green Hydrogen Company (NGHC) has achieved the financial close on the world's largest green hydrogen production facility in NEOM, Saudi Arabia. The project secured a total investment value of USD 8.4 billion after signing financial documents with 23 local, regional, and international banks and investment firms. The facility, being built at Oxagon, has also finalized the engineering, procurement, and construction (EPC) agreement with Air Products.
The project's non-recourse financing has been certified by S&P Global as adhering to green loan principles and is one of the largest project financings under the green loan framework. Air Products has awarded major contracts to various technology and construction partners.
NGHC has secured a 30-year off-take agreement with Air Products for all the green ammonia produced at the facility, unlocking the economic potential of renewable energy across the entire value chain.
The mega-plant, a joint venture between ACWA Power, Air Products, and NEOM, will integrate up to 4GW of solar and wind energy to produce 600 tonnes per day of carbon-free hydrogen by the end of 2026. The green ammonia produced will provide a cost-effective solution for the transportation and industrial sectors globally.
Nadhmi Al-Nasr, Chairman of NEOM Green Hydrogen Company and CEO of NEOM, expressed enthusiasm about the financial close, stating that it aligns with NEOM's vision to accelerate renewable solutions.
David R. Edmondson, CEO of NGHC, announced the achievement as a significant milestone and expressed excitement about the project's impact on the world's energy demands and sustainable development goals.
Seifi Ghasemi, Chairman, President, and CEO of Air Products, highlighted the company's commitment to providing clean hydrogen in a sustainable way. Air Products will be the exclusive off taker of the green hydrogen produced at the NGHC facility.
Mohammad Abunayyan, ACWA Power Chairman, emphasized their support for the green hydrogen project, which aligns with Saudi Arabia's Vision 2030 and showcases their commitment to delivering clean and sustainable power.
The financial agreements of NGHC were secured through a diverse mix of local, regional, and international banks and financial institutions. NGHC obtained its first industrial operating license from Saudi Arabia's Ministry of Industry and Mineral Resources in January 2023.
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