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Mohammad Abunayyan, Chairman of ACWA Power
Mohammad Abunayyan, Chairman of ACWA Power Co., said the NEOM Green Hydrogen project has reached 85% completion.
The facilities will be tested and commissioned next year. Exports will start to Germany and Europe — a step deemed significant in its carbon-free drive, Abunayyan added in a panel discussion during the World Economic Forum.
The utility currently has 22 gigawatts (GW) in green power generation capacity under development or construction, and signs contracts every year for an additional 20 GW.
He pointed out that renewable energy capacity in Saudi Arabia is expected to reach 130 GW by 2030. This makes the Kingdom a key exporter of green energy to Europe and neighboring countries, whether in the form of electricity or green hydrogen.
NEOM Green Hydrogen Co. is a joint venture between ACWA Power, US group Air Products and NEOM, the developer of Saudi Arabia's mega futuristic city, with ACWA Power holding a 33.3% stake, data compiled by Argaam indicated.
In July 2020, NEOM signed a $5 billion partnership with Air Products and ACWA Power to build a fully-fledged green hydrogen facility in the under-construction Saudi city.
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