Today, Monday, NEOM Green Hydrogen Company announced the completion of the financial closure phase of the project to establish the largest green hydrogen production plant in the world, with an investment of $8.4 billion.
This came after signing financial documents with 23 local, regional and international banks and investment companies, and the factory is being built in the city of “Oxagon” within “NEOM”.
The company also entered into an engineering, procurement and construction (EPC) agreement with Air Products, as the contracting company responsible for carrying out these works and ensuring system integration at the plant level in general.
It also announced the adoption of “S&P Global” for credit ratings, as an independent second party that provides an objective opinion, for the financing structure without the right of recourse, confirming the commitment of this project to the terms of green loans, noting that this financing is the largest of its kind within the framework of green financing.
Air Products, in turn, has awarded major contracts to a number of technology and construction partners. In addition, it has entered into an exclusive 30-year agreement with Air Products, which will purchase all of the green ammonia produced by the plant, in a move aimed at seizing economic opportunities. associated with renewable energy within the various stages of the value chain.
The huge hydrogen plant of the NEOM Green Hydrogen Company, which is an equal partnership to implement a joint venture between ACWA Power, Air Products and NEOM, will produce up to 4 gigawatts of solar and wind energy, which in turn will be used to produce It will reach 600 metric tons per day of carbon-free hydrogen by the end of 2026, in the form of green ammonia, as a cost-effective solution for the transportation and industrial sectors at the global level.
This article was originally published by RT.
