NEOM Green Hydrogen Company (NGHC) has achieved a significant milestone by securing financial close for the world’s largest green hydrogen production facility. The company finalized financial deals with 23 local, regional, and international banks and investment firms, resulting in a total investment value of $8.4 billion. The facility, located in Oxagon, NEOM, Saudi Arabia, is currently under construction.
NGHC has also concluded an engineering, procurement, and construction (EPC) agreement with Air Products, which will serve as the nominated contractor and system integrator for the entire facility. The project’s non-recourse financing structure has been certified by S&P Global, affirming its adherence to green loan principles. This financing arrangement represents one of the largest project financing deals under the green loan framework.
NGHC, a joint venture between ACWA Power, Air Products, and NEOM
Air Products has already awarded significant contracts to various technology and construction partners. Furthermore, NEOM Green Hydrogen Company has secured a 30-year off-take agreement with Air Products for all the green ammonia produced at the facility. This agreement will unlock the economic potential of renewable energy across the entire value chain.
NGHC, a joint venture between ACWA Power, Air Products, and NEOM, aims to integrate up to 4 GW of solar and wind energy into the plant’s operations. By the end of 2026, the facility will have the capacity to produce up to 600 tonnes per day of carbon-free hydrogen in the form of green ammonia. Carbon-free hydrogen is a cost-effective solution for the transportation and industrial sectors on a global scale.
Nadhmi Al-Nasr, Chairman of NEOM Green Hydrogen Company and CEO of NEOM, expressed the significance of the financial backing received, highlighting the unmatched potential of NGHC’s green hydrogen project. He emphasized that the project’s completion would contribute to NEOM’s vision of accelerating renewable solutions and playing a leading role in the hydrogen revolution. Leveraging NEOM’s abundant natural resources, the project will pave the way for the widespread adoption of green hydrogen while driving Saudi Vision 2030’s sustainable development goals.
