Logo of NEOM Green Hydrogen Company
ACWA Power Co.’s affiliate, NEOM Green Hydrogen Co., issued a full notice to proceed for the engineering, procurement and construction (EPC) contractor of NEOM Green Hydrogen Project.
The notice was accepted, ACWA Power said in a statement to Tadawul today, July 6.
The Saudi-listed firm pointed out that its SAR 1.125 billion ($300 million) contribution in the limited notice to proceed (LNTP) will become part of ACWA Power’s equity contribution in the project.
All agreements related to the project implementation were signed, and all partners agreed to manage and bear specific risks related to EPC.
Accordingly, the project is now under execution, and is expected to complete by the end of 2026, the statement added.
In April 2022, ACWA Power signed a LNTP agreement for the EPC contract for the NEOM Green Hydrogen Project, at a total value of $900 million, Argaam earlier reported.
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