NEOM Green Hydrogen signs financing documents for NEOM plant

The signing ceremony

NEOM Green Hydrogen Co. signed today, Dec. 18, financing documents with local, regional and international banks, in addition to implementing a letter of commitment with the Saudi Industrial Development Fund (SIDF).

Financing was set to build the world's largest green hydrogen production plant in NEOM, with the main participation of SIDF and the National Infrastructure Fund (NIF), said the company.

It further indicated that, upon the plant operation in NEOM by 2026, 100% of the green hydrogen produced will be available for export, through an exclusive long-term agreement with Air Products.

David Edmondson, CEO of NEOM Green Hydrogen, said: “The recent meeting of senior investment stakeholders in Riyadh is a major step towards achieving financial closure in early 2023, in order to complete the world's largest plant for the production of green hydrogen on a large scale.”

NEOM, ACWA Power and US-based Air Products signed an agreement in July, 2020 for a $5 billion world-scale green hydrogen-based ammonia production facility powered by renewable energy, according to Argaam's data.

The project will produce green ammonia for export to global markets. It involves the integration of over 4 gigawatts (GW) of renewable power from solar, wind and storage; production of 650 tons per day of hydrogen by electrolysis using ThyssenKrupp technology; production of nitrogen by air separation using Air Products technology, as well as the production of 1.2 million tons per year of green ammonia using Haldor Topsoe technology.