NEOM has announced $8.4 billion in financing for its carbon-free green hydrogen plant. Hydrogen Industry Leaders explores how NEOM is working to unlock economic potential for hydrogen across the entire value chain.
The company has announced that following signing financial documents with 23 local, regional, and international banks, and investment firms, it has now achieved financial close on the green hydrogen production facility. This plant is currently being built at Oxagon, in Saudi Arabia’s region of NEOM.
Also, NEOM Green Hydrogen Company has concluded the engineering, procurement, and construction (EPC) agreement with Air Products as the nominated contractor and system integrator for the entire facility.
Additionally, the company also secured an exclusive 30-year off-take agreement with Air Products for all the green ammonia produced at the facility. It is said that this will help to unlock the economic potential of renewable energy across the entire value chain.
Nadhmi Al-Nasr, Chairman, NEOM Green Hydrogen Company, and Chief Executive Officer, NEOM explained that the project will help Saudi Arabia transition to become more sustainable.
He said: “At scale, this project is the first-of-its-kind internationally, leading the world in the hydrogen revolution. Harnessing the energy of NEOM’s abundant natural resources, NGHC’s project will pave the way for the large-scale adoption of green hydrogen, while driving Saudi Vision 2030’s sustainable development goals.”