NEOM Green Hydrogen Company (NGHC) declares that it has completed financing for a mega green hydrogen production facility in Saudi Arabia with a total investment of $8.4 billion. Specifically, this facility is currently under construction in Oxagon in the NEOM region of Saudi Arabia. NGHC also entered into an engineering, procurement, and construction (EPC) contract with Air Products as the designated contractor and systems integrator for the entire facility. 

Additionally, NGHC has been certified by S&P Global (as a second opinion provider) that the non-recourse financing structured for the project is compliant with the Green Lending Principles, making it the largest project financing under the Green Principles Credit Facility.

Announcement

Announced that it is one of the Air Products that already has major contracts in place with various technology and construction partners. As previously discussed, NEOM Green Hydrogen Company has entered into an exclusive 30-year off-take agreement with Air Products for all green Ammonia produced at its facility, increasing the economic viability of renewable energy throughout the value chain.

The NGHC mega power plant, a joint venture of equals between ACWA Power, Air Products, and NEOM,  will integrate up to 4 GW of solar and wind energy, producing up to 600 tons of carbon-free hydrogen per day as green energy by the end of 2026. It plans to produce ammonia and use it as a cost-effective solution for transportation and industrial sectors around the world.”