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Saudi NEOM Green Hydrogen Co closes deals on $8.4 bln green hydrogen plant

World

23-05-2023 | 03:19

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Saudi NEOM Green Hydrogen Co closes deals on $8.4 bln green hydrogen plant

Saudi Arabia's NEOM Green Hydrogen Company (NGHC) has signed financial documents with 23 local, regional and international banks and investment firms on a green hydrogen production facility at a total investment value of $8.4 billion.

The company also said it concluded a $6.7 billion agreement with Air Products (APD.N) for the plant's engineering, procurement and construction (EPC).

NGHC, a joint venture between ACWA Power, Air Products and NEOM, will produce 600 tonnes a day of carbon-free hydrogen by the end of 2026 using 4 GW of solar energy, the statement said.

The company secured an exclusive 30-year off-take agreement with Air Products for all the green ammonia it will produce.

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