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FinancialNews
24-05-23
NEOM Green Hydrogen Company Secures USD8.4 Billion Investment
(MENAFN) Saudi Arabia's NEOM Green Hydrogen Company (NGHC) has successfully signed financial agreements with 23 local, regional, and international banks and investment firms, marking a significant milestone in the development of a green hydrogen production facility. The total investment value for the project amounts to USD8.4 billion and is set to be constructed in Oxagon, within Saudi Arabia's NEOM region.
The financing for the world's largest green hydrogen project will be facilitated through the National Development Fund (NDF), which includes key entities such as the Saudi Industrial Development Fund (SIDF) and the National Infrastructure Fund (NIF), in addition to the participation of local and international banks. The NDF aims to support Saudi Arabia's transition to Vision 2030 and Net Zero by 2060, aligning the country's development with a cleaner and greener future.
As part of the ambitious Vision 2030 plan, the NDF will play a pivotal role in driving the transformation of Saudi Arabia's economy. With an injection of more than SAR570 billion (USD152 billion), the NDF aims to bolster the private sector, increase its contribution to GDP from 40 percent to 65 percent, and triple the share of non-oil exports in non-oil GDP from 16 percent to 50 percent.
NGHC, a joint venture comprising ACWA Power, Air Products, and NEOM, will oversee the production of 600 tons per day of carbon-free hydrogen by the end of 2026. This will be accomplished using 4 GW of solar energy, highlighting the project's commitment to sustainable and renewable energy sources. Furthermore, NGHC has also reached a significant USD6.7 billion agreement with Air Products for the engineering, procurement, and construction (EPC) of the plant. Additionally, NGHC secured an exclusive 30-year off-take agreement with Air Products for all the green ammonia produced by the facility.
This monumental investment in the green hydrogen production facility reinforces Saudi Arabia's commitment to advancing its clean energy sector and positioning itself as a leader in the global transition to sustainable energy sources. The project will not only contribute to reducing carbon emissions but also drive economic growth, create job opportunities, and support the realization of Saudi Arabia's long-term sustainability goals.
MENAFN24052023000045014228ID1106303647
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