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					</table><p>Saudi Arabia’s NEOM Green Hydrogen Company (<a href="https://www.nghc.com/" target="_blank" rel="noopener">NGHC</a>) has announced the financial close of its green hydrogen production facility with an estimated value of $8.4 billion.</p>
<p>NGHC is a joint venture of <u><a href="https://acwapower.com/" target="_blank" rel="noopener">ACWA Power</a></u>, <a href="https://www.neom.com/en-us" target="_blank" rel="noopener">NEOM,</a> and a U.S.-based international seller of gases and chemicals <u><a href="https://www.airproducts.com/" target="_blank" rel="noopener">Air Products</a></u>.</p>
<p>The mega plant will integrate up to 4GW of solar and wind energy to produce up to 600 tons of carbon-free hydrogen per day by the end of 2026 in the form of green ammonia as a cost-effective solution for the transportation and industrial sectors globally.</p>
<p>The plant is being built at Oxagon, in Saudi Arabia’s region of Neom.</p>
<p>Air Products will serve as the system integrator for the facility and carry out the engineering, procurement, and construction work.</p>
<p>The company announced the closure after signing financial documents with 23 local, regional, and international banks and investment firms.</p>
<p>NHGC also secured an exclusive 30-year off-take agreement with Air Products for all the green ammonia produced at the facility.</p>
<p>Chairman of NEOM Green Hydrogen Company Nadhmi Al-Nasr said, “At scale, this project is the first-of-its-kind internationally, leading the world in the hydrogen revolution. Harnessing the energy of NEOM’s abundant natural resources, NGHC’s project will pave the way for the large-scale adoption of green hydrogen while driving Saudi Vision 2030’s sustainable development goals.”</p>
<p>In December 2022, Sweden-based Alfa Laval said it would <a href="https://www.mercomindia.com/daily-news-wrap-up-waaree-epc-52-5-mw-solar-project" target="_blank" rel="noopener">deliver</a> compact heat exchangers to NEOM’s green hydrogen plant in Saudi Arabia.</p>
<p>NGHC also announced that the non-recourse financing structure for the project has been certified by S&amp;P Global as adhering to green loan principles and is one of the largest project financings under the green loan framework.</p>
<p>Chairman of ACWA Power Mohammad Abunayyan commented, “With the combined experience of our global utility-scale renewable projects and innovative partners, we are making rapid strides towards the development of NGHC&#8217;s giga scale-plant, integrating up to 4GW of renewable power from solar and wind energy to supply green hydrogen to global markets at scale.”</p>
<p>CEO of Air Products Seifi Ghasemi said, “Producing and exporting green ammonia supports the decarbonization of these heavy-duty transportation and industrial sectors and will save the world about five million tons of carbon dioxide per year. Land preparation is also complete, construction is well underway, and the joint venture team is in place and actively executing to bring green energy to the world by the end of 2026.”</p>
<p>In October last year, ACWA Power and Korea Electric Power Corporation <a href="https://www.mercomindia.com/daily-news-wrap-up-cleantech-alliance-transform-carbon-market" target="_blank" rel="noopener">signed</a> a memorandum of understanding to develop green hydrogen and green ammonia projects in the Middle East and other geographies.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Saudi’s NEOM Reaches Financial Close of $8.4 Billion Green Hydrogen Facility

<p><a href="http://www.airproducts.com/" target="_blank" rel="noopener noreferrer">Air Products</a>, in collaboration with <a href="https://www.acwapower.com/en/" target="_blank" rel="noopener noreferrer">ACWA Power</a> and <a href="https://www.neom.com/en-us/" target="_blank" rel="noopener noreferrer">NEOM</a>, announced the signing of an agreement to develop a $5 billion (~₹372.7 billion) green hydrogen-based ammonia production facility powered by renewable energy.</p>
<p>According to the release, the worlds&#8217; largest green hydrogen project will supply 650 tons of carbon-free hydrogen for transportation globally and will save the world three million tons of carbon dioxide annually.</p>
<p>The project will be equally owned by all the three members and will be located at NEOM in the northwest corner of Saudi Arabia. The project aims to produce green ammonia for export to global markets by 2025.</p>
<p>Speaking on the collaboration, Seifi Ghasemi, President and CEO of Air Products, said, &#8220;We are honored and proud to partner with ACWA Power and NEOM and use proven technologies to make the world&#8217;s dream of 100% green energy a reality. Harnessing the unique profile of NEOM&#8217;s sun and wind to convert water to hydrogen, this project will yield a totally clean source of energy on a massive scale and will save the world over three million tons of CO2 emissions annually and eliminate smog-forming emissions and other pollutants from the equivalent of over 700,000 cars.&#8221;</p>
<p>The press statement further said that the joint venture project would help in NEOM&#8217;s strategy to become a global player in the global hydrogen market. The project would include the integration of 4 GW of renewable power from solar, wind, and storage and will produce nearly 650 tons of hydrogen per day by electrolysis using Thyssenkrupp technology. The project will also produce nitrogen by air separation method using Air Products technology, and it will produce 1.2 million tons of green ammonia using Haldor Topsoe technology.</p>
<p>As per the release, Air Products will be the main purchaser of green ammonia, and it plans to export it to the world to be turned into green hydrogen for the transportation market.</p>
<p>Air Products is an industrial gas company and says it is the largest supplier of hydrogen worldwide. NEOM is a region located in the northwest part of Saudi Arabia. According to its website, NEOM would include towns and cities, ports and enterprise zones, research centers, sports and entertainment venues, and tourist destinations. It will be the home and workplace for more than a million citizens from around the world. ACWA Power is a developer, investor, and operator of power generation and desalinated water production plants.</p>
<p>Previously, ACWA Power <a href="https://mercomindia.com/acwa-power-signs-ppa-egypt-200-mw-solar-project/" target="_blank" rel="noopener noreferrer">signed</a> a power purchase agreement with the government of Egypt to finance, develop, construct, and operate the 200 MW Kom Ombo solar power project. ACWA Power had secured this project through a tender issued in August 2018. The solar power is likely to be operational by the first quarter of 2021.</p>
<p>Last year, ACWA Power <a href="https://mercomindia.com/silk-road-fund-stake-acwa-power/" target="_blank" rel="noopener noreferrer">signed</a> an agreement with <a href="http://www.silkroadfund.com.cn/enwap/27363/index.html" target="_blank" rel="noopener noreferrer">Silk Road Fund</a> for a 49% stake in the company. With this agreement, the Silk Road Fund became the official partner and shareholder in ACWA Power Renewable Energy Holding Ltd.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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Green Hydrogen Production Facility Worth $5 Billion to Come Up in Saudi Arabia’s NEOM

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