NEOM Green Hydrogen Company signs facility agreements
- NEOM Green Hydrogen Company is building the world’s largest green hydrogen plant to produce green ammonia at scale by 2026
- Local, regional and international banks and financial institutions, including Saudi Industrial Development Fund (SIDF) and National Infrastructure Fund (NIF) have supported investing in the project that will deliver the world’s largest hydrogen plant
Riyadh, Saudi Arabia – 18 December 2022: NEOM Green Hydrogen Company (NGHC) today announced the signing of 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’s mega-plant will integrate up to 4GW of solar and wind energy to produce up to 1.2 million tonnes of green-ammonia translating to up to 600 tonnes per day of carbon-free hydrogen. Once the plant at NEOM is operational by 2026, 100% 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.
David R. Edmondson, Chief Executive Officer NEOM Green Hydrogen Company (NGHC), said: “NGHC have 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.”
About NEOM Green Hydrogen Company (NGHC)
NEOM Green Hydrogen Company (NGHC) is an equal joint-venture created by ACWA Power, Air Products and NEOM, building the world’s largest plant to produce green hydrogen at scale. Located in NEOM and supporting Saudi Arabia’s Vision 2030, this mega-plant will produce up to 600 tonnes per day of carbon-free hydrogen in the form of green-ammonia as a cost-effective solution for transportation globally. Integrating up to 4GW of solar and wind energy and powered by the combined expertise of its three shareholders, NGHC will harness the infinite power of nature to accelerate the energy transition, ushering in a new era of sustainable clean energy.