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Neom's Hydrogen Plant Secures $8.4bn | |
| Sumita Pawar |
Saudi Arabia's Neom Green Hydrogen Company has secured $8.4 billion in financing from 23 local, regional, and international banks and investment companies for its green hydrogen production facility at Oxagon in the $500 billion futuristic city of Neom.
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The facility, which is being developed by Acwa Power, Air Products, and Neom, aims to produce up to 600 metric tonnes per day of carbon-free hydrogen by the end of 2026 in the form of green ammonia.
"This substantial financial backing from the investment community shows the unmatched potential of NGHC’s green hydrogen project," said Nadhmi Al-Nasr, chairman of NGHC and chief executive of Neom.
"With the financial close announced today, we are taking a massive leap towards opening the plant, in line with Neom's vision to accelerate renewable solutions.
"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."
The project will integrate up to 4 GW of solar and wind energy and is being billed as the world’s largest green hydrogen production facility.
The financing has been certified by S&P Global as "adhering to green loan principles" and is one of the largest project financings put in place under the green loan framework.