Neom Green Hydrogen Company completes financial close on hydrogen plant in Saudi Arabia
In Saudi Arabia, NEOM Green Hydrogen Company (NGHC) announced that following signing financial documents with 23 local, regional, and international banks, and investment firms, it has now achieved financial close on what it claims to be the world’s largest green hydrogen production facility at a total investment value of $8.4 billion.
The plant is currently being built at Oxagon, in Saudi Arabia. NGHC has also concluded the engineering, procurement, and construction (EPC) agreement with Air Products as the nominated contractor and system integrator for the entire facility. Air Products has already awarded major contracts to various technology and construction partners.
NEOM Green Hydrogen Company also secured an exclusive 30-year off-take agreement with Air Products for all the green ammonia produced at the facility, which will unlock the economic potential of renewable energy across the entire value chain.
NGHC’s plant will integrate up to 4GW of solar and wind energy to produce up to 600 tons per day of carbon-free hydrogen by the end of 2026.
Nadhmi Al-Nasr, Chairman of NEOM Green Hydrogen Company and CEO of NEOM, said: “This substantial financial backing from the investment community shows the unmatched potential of NGHC’s green hydrogen project. With the financial close, we are taking a massive leap towards opening the plant, in line with NEOM’s vision to accelerate renewable solutions.”
Category: Hydrogen
