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02-03-23
NEOM Green Hydrogen Co. Secures USD8.5B to Fund Clean Energy Facility
(MENAFN) NEOM Green Hydrogen Co., based in Saudi Arabia, has secured finance agreements with several financial institutions totaling USD 8.5 billion to fund its clean energy facility, according to a filing with the stock exchange. The project includes the development, financing, design, engineering, procurement, manufacturing, and factory testing of a world-scale green hydrogen and green ammonia plant. Additionally, under a 30-year green ammonia offtake agreement with Air Products, the project will also encompass transportation, construction, erection, installation, completion, testing, commissioning, insurance, ownership, operation, and maintenance of the facility.
NGHC is a joint venture between Public Investment Fund-backed power generation, renewable energy, and water desalination firm Air Products, NEOM Co, and ACWA Power, which holds a 33.3 percent equity stake. The total investment cost will be funded by a combination of long-term debt and equity. It will be divided into USD 5.85 billion senior debt and USD 475 million mezzanine debt facilities, both of which will be arranged on a non-recourse project finance basis.
The financing arrangement includes USD 1.5 billion from the National Development Fund on behalf of the National Infrastructure Fund, as well as USD 1.25 billion in Saudi riyal-denominated financing from the Saudi Industrial Development Fund. The balance comes from a consortium of financiers that includes First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Mitsubishi UFJ Financial Group, BNP Paribas, and Abu Dhabi Commercial Bank, among others.
NEOM's CEO, Nadhmi Al-Nasr, announced last year during the Future Minerals Forum in Riyadh that the first phase of the company's green hydrogen facilities is set to come online in 2025. The company is also creating universities specializing in technical research and innovation in new industries, particularly mining, to attract the world's best students to research and innovate for the future of mining.
The NEOM Green Hydrogen Project is a significant step toward advancing clean energy and reducing carbon emissions in the region. With the financing secured, the project will move forward, providing opportunities for the development of new industries and technologies while contributing to the growth of the global renewable energy sector.
MENAFN02032023000045014228ID1105689972
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