Saudi Press

Saudi Arabia and the world
Tuesday, Jun 18, 2024

Saudi Arabia’s NEOM Green Hydrogen Company closes deals on $8.4bn green hydrogen plant

Saudi Arabia’s NEOM Green Hydrogen Company closes deals on $8.4bn green hydrogen plant

Saudi Arabia’s NEOM Green Hydrogen Company (NGHC) signed financial documents with 23 local, regional and international banks and investment firms on a green hydrogen production facility at a total investment value of $8.4 billion on Monday.
The plant is currently being built at Oxagon, in Saudi Arabia’s region of NEOM.

The National Development Fund (NDF) will contribute to financing the world's largest green hydrogen project, through its supervised entities: The Saudi Industrial Development Fund (SIDF) and the National Infrastructure Fund (NIF), along with local and international banks.

NDF aims to align Saudi Arabia’s development with Saudi Arabia’s transition to Vision 2030 and Net Zero by 2060, part of the Kingdom’s vision for a cleaner and greener future.

In assisting with the transformation of Saudi Arabia under Vision 2030, the NDF will inject more than SAR570 billion ($152 billion) to push the private sector and increase its contribution to GDP from 40 percent to 65 percent, and triple the contribution of non-oil exports to non-oil GDP from 16 percent to 50 percent.

NGHC, a joint venture between ACWA Power, Air Products and NEOM, will produce 600 tons a day of carbon-free hydrogen by the end of 2026 using 4 GW of solar energy, the statement said.

The company also said it concluded a $6.7 billion agreement with Air Products for the plant’s engineering, procurement and construction (EPC), securing an exclusive 30-year off-take agreement with Air Products for all the green ammonia it will produce.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Good day, everyone! We've got a lively mix of stories today, from financial recoveries and international sanctions to...
Giorgia Meloni Comments on Israel's Conflict and EU's Stand on Ukraine Loan
Israel Plans Tactical Pause For Aid Deliveries in South Gaza
Giorgia Meloni Comments on Israel's Conflict and EU's Stand on Ukraine Loan
Over 1.5 Million Pilgrims Arrive in Mina for Hajj
Japan Considers Sanctions on UAE-Based Entities for Aiding Russia
Global Headlines: Pope’s Plea on AI, Tensions in Ukraine, and Japan’s Sanction Strategy
Houthi Missile Attack Severely Injures Sailor on Cargo Ship
Iran Expands Nuclear Capabilities: IAEA Report
Saudi Hospitality Sector to Grow by 7.5% Annually Until 2028
Ceer and Hyundai Transys Sign $2 Billion Deal for EV Drive Systems
Israel Rescues Four Hostages from Gaza
Turkish Student Arrested for Using AI to Cheat in University Exam
Saudi Arabia Dominates Global Construction with $1.5 Trillion Pipeline
Fortis Expands Fintech Solutions to Saudi Arabia's SME Sector
Saudi Arabia's Industry 4.0 Initiative and Vision 2030
Saudi Arabia's Booming Automotive Market
"Saudi Stock Market Recap: Tadawul Dips While Nomu Surges"
"Saudi Arabia's Economic Growth Soars: Gross Fixed Capital Formation Surges by 7.9%"
"Saudi Arabia Tops Global Mining Investment Rankings: A New Era of Mineral Prosperity"
"Saudi Arabia's Record-Breaking Year in Travel & Tourism: A Global Tourism Hotspot in the Making"
Saudi Foreign Minister Attends BRICS Ministerial Meeting in Russia
"Saudi Arabia's New Workplace Safety Measures: A Summer of Shade for Private Sector Workers"
"King Salman Welcomes Over 2,300 Pilgrims for Hajj, Including 1,000 Palestinians"
"A Miraculous Birth at the Heart of the Hajj: A Nigerian Pilgrim Gives Birth in Makkah"
"Camel Culture: A Comparative Study Across Three Countries"
"Oil Prices on the Rise: Goldman Sachs Predicts a Third-Quarter Surge"
"Saudi Arabia's Finance Sector Thrives: A 13% Asset Surge in 2023"
Egypt's Inflation Rate Drops Surprisingly in May
"Saudi Aramco Remains Top Company in Forbes Middle East's Top 100 List for 2024"
"Saudi Arabia's Maritime Sector Soars: A 8.09% Increase in Cargo Handling"
"Qatar's Export Growth Soars in Q1 2024: A 6% Increase in Private Sector Exports"
"Saudi Arabia Achieves Tourism Milestones: A Giant Leap Towards Global Leadership"
"Saudi Arabia's Mining Sector Soars: A New Industrial Pillar"
"Saudi Arabia's Industrial Growth: A Boost in Manufacturing and Mining Sectors"
"Indonesia Launches TB Vaccine Trials to Combat Soaring Cases and Boost Economic Growth"
Tragic Attack in Indian-Controlled Kashmir: Nine Killed, Thirty-Three Injured
"India's Record-Breaking Heatwave: A Warning from the Weather Experts"
"Urgent Update: Devastating Floods and Landslides in Northern Vietnam"
"IOC President Assures Unwavering Support for Paris 2024 Amidst French Political Upheaval"
"Breaking News: Paris Chanel Store Ram-Raid and Fire"
"Ukraine's Reconstruction Chief Resigns: A Decade of Service and Frustration"
Tragic Attack in Yargoje, Nigeria: Over 50 Lives Lost and Many Kidnapped
"Violent Clash in Central Somalia: 55 Dead and 155 Injured"
Urgent Appeal for Peaceful Dialogue: Australia's Prime Minister Addresses Israel-Palestine Tensions
"Revival in Mosul's Old City: A Journey from Daesh's Stronghold to Cultural Renaissance"
"U.S. Secretary of State Blinken Pursues Ceasefire in Gaza"
"UAE Cracks Down on Unwanted Cold Calls: New Regulations Announced"
Turkish Foreign Minister Hakan Fidan Meets Hamas Leader Ismail Haniyeh at GCC High-Level Strategic Dialogue in Doha
Exclusive Interview with Daesh Widow: Allegations of Torture against Former Leader Abu Bakr Al-Baghdadi
×