- ACWA Power, Air Products and NEOM are developing the green hydrogen project
NEOM Green Hydrogen Company (NGHC) has signed credit facility agreements with local, regional and international banks for its mega green hydrogen project in NEOM gigaproject.
The company also inked an execution of a commitment letter with Saudi Industrial Development Fund (SIDF), it said in a press statement.
The financing is structured with significant participation from SIDF and National Infrastructure Fund.
The financial details of the agreements were not revealed.
NGHC is a joint venture equally owned by ACWA Power, Air Products and NEOM. The hydrogen plant will integrate up to 4 gigawatts (GW) of solar and wind energy to produce up to 1.2 million tonnes of green ammonia.
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Total ammonia production will be exported worldwide through an exclusive long-term agreement with Air Products once the plant is operational by 2026.