NEOM Green Hydrogen Company (NGHC) on Sunday announced the signing of facility agreements with local, regional and international banks as well as the execution of a commitment letter with Saudi Industrial Development Fund (SIDF).
The financing for the green hydrogen production facility also includes 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 per cent 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, CEO, 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.”
NGHC is an equal joint venture created by ACWA Power, Air Products and NEOM.