Saudi Arabia’s NEOM green hydrogen project is formally under construction and is expected to be completed by 2026-end, ACWA Power said in a statement to the Saudi stock exchange on Thursday.
The company’s affiliate NEOM Green Hydrogen Company (NGHC) issued a full award notice for the engineering, procurement and construction (EPC) contractor, which has been approved, it added.
Moreover, ACWA Power’s 1.125 billion Saudi riyals ($300 million) contribution in the limited notice to proceed (LNTP) agreement will convert into its equity in the project.
The statement said all project agreements have been signed, adding partners have agreed to manage certain execution risks related to the EPC contract.
The Neom project, jointly developed by ACWA Power, Air Products and NEOM, is slated to become the world’s largest green hydrogen production facility once operational.
Read more: India’s L&T awards solar tracker contract for NEOM green hydrogen project
(Writing by D Madhura; Editing by Anoop Menon)
SOURCE: ZAWYA
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