ACWA Power signed financing agreements worth $8.5 billion by NGHC for the NEOM Green Hydrogen Project.
The financing agreements combine long-term debt and equity. $1.25 million is in the form of SAR-denominated financing from the Saudi Industrial Development Fund (SIDF), and $1.5 million from the National Development Fund (NDF) on behalf of the National Infrastructure Fund (NIF), under the foundation. The total financing also consists of $5.85 million in senior debt and $475 million in mezzanine debt facilities according to a Tadawul disclosure.
NGHC is a joint venture between ACWA Power, Air Products, and NEOM Company. ACWA Power holds a 33.3% equity stake.
NGHP comprises the development, financing, design, engineering, procurement, manufacturing, factory testing, transportation, construction, erection, installation, completion, testing, commissioning, insurance, ownership, operation, and maintenance of the green hydrogen and green ammonia facility in the NEOM region of Saudi Arabia, under a 30-year green ammonia offtake contract with Air Products.
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