NEOM Green Hydrogen Company (NGHC) signed facility agreements with local, regional, and international banks along with a commitment letter from the Saudi Industrial Development Fund (SIDF).
The financing facility agreements will be for “the world’s largest green hydrogen production facility located in NEOM is structured with significant participation from SIDF and the National Infrastructure Fund,” according to the statement.
NGHC’s hydrogen plant will integrate up to 4GW of solar and wind energy to produce up to 1.2 million tonnes of green ammonia which amounts to up to 600 tonnes per day of carbon-free hydrogen.
The NEOM plant is set to be operational by 2026 and 100% of the green hydrogen produced will be available for global export, in the form of ammonia, through an exclusive long-term agreement with Air Products.
“NGHC has a clear mission; to leverage the expertise and vision of its partners to accelerate the global green hydrogen economy. This is fully in line with Vision 2030 and the goals of the Saudi Green Initiative. The recent convening of the investment community in Riyadh is an important step towards the milestone of achieving financial close in early 2023, to deliver the world’s largest facility to produce green hydrogen at scale. We are grateful for the significant support from our shareholders and the investment community to making that happen,” David R. Edmondson, Chief Executive Officer of NGHC, said.
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