NEOM completes USD $8.4 bn financial close for world’s largest green H2 plant

23 May 2023

Neom Green Hydrogen Company (NGHC) has announced that, following signing financial documents with 23 local, regional, and international banks and investment firms for US$ 6.7 bn, 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. NGHC is a 50-50 joint venture of ACWA Power, Air Products and Neom. The plant is being created to produce green ammonia at scale in 2026.

The plant is currently being built at Oxagon, in Saudi Arabia’s Neom region. Neom is a planned ‘smart city’ in Tabuk Province in northwestern Saudi Arabia. NGHC has also concluded the US$ 6.7 bn engineering, procurement, and construction agreement with Air Products as the nominated contractor and system integrator for the entire facility.

An exclusive 30-year off-take agreement of all the produced green ammonia has been secured.

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