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New Energy World
New Energy World embraces the whole energy industry as it connects and converges to address the decarbonisation challenge. It covers progress being made across the industry, from the dynamics under way to reduce emissions in oil and gas, through improvements to the efficiency of energy conversion and use, to cutting-edge initiatives in renewable and low carbon technologies.
World’s largest green hydrogen plant reaches financial close
7/6/2023
Saudia Arabia’s NEOM Green Hydrogen Company (NGHC) has achieved financial close for its hydrogen plant at a total investment value of $8.4bn.
Currently being built at Oxagon, in Saudia Arabia’s region of NEOM, it is thought the project will be the world’s largest green hydrogen production facility to date.
The company announced that following the signing of financial documents with 23 local, regional, and international banks and investment firms, it has now achieved financial close at a total investment value of $8.4bn.
The plant plans to integrate up to 4 GW of solar and wind energy to produce up to 600 t/d of green hydrogen by the end of 2026, in the form of green ammonia.
NGHC is a joint company between ACWA Power, Air Products and NEOM. Air Products will act as the nominated contractor and system integrator and has already begun awarding major contracts to various technology and construction partners.
NGHC has also secured an exclusive 30-year off-take agreement with Air Products for all the green ammonia produced at the facility.
