NEOM Green Hydrogen Company (NGHC) on May 22 announced that it has now achieved financial close on the world’s largest green hydrogen production facility at a total investment value of US$8.4 billion.
The project is being financed with $6.1 billion in non-recourse financing from 23 local, regional, and international banks, and investment firms. The plant is currently being built at Oxagon, in Saudi Arabia’s region of NEOM.
NGHC has also concluded the engineering, procurement, and construction (EPC) agreement at a value of $6.7 billion, with Air Products as the nominated contractor and system integrator for the entire facility. Air Products has already awarded major contracts to various technology and construction partners. NGHC has also secured an exclusive 30-year offtake agreement with Air Products for all the green ammonia produced at the facility.
NGHC is an equal joint venture between ACWA Power, Air Products, and NEOM (GM July 10, 2020). The mega-plant will integrate up to 4GW of solar and wind energy to produce up to 600 mt/d of carbon-free hydrogen by the end of 2026, in the form of green ammonia.