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 the world’s largest green H2 production facility at a total investment value of $8.4 B. The plant is currently being built at Oxagon, in Saudi Arabia’s region of NEOM. 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.
Additionally, NGHC also announced that the non-recourse financing structured for the project has been certified by S&P Global (as the second party opinion provider) as adhering to green loan principles and is one of the largest project financings put in place under the green loan framework. Air Products has already awarded major contracts to various technology and construction partners.
NEOM Green Hydrogen Company also secured an exclusive 30 yr offtake 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.
An equal joint venture between ACWA Power, Air Products and NEOM, NGHC’s mega-plant will integrate up to 4 GW of solar and wind energy to produce up to 600 tpd of carbon-free H2 by the end of 2026, in the form of green-ammonia as a cost-effective solution for the transportation and industrial sectors globally.