For its massive green hydrogen project under the NEOM gigaproject, NEOM Green Hydrogen Company (NGHC) has inked credit facility agreements with local, regional, and international banks.
According to a news release, the business also executed a commitment letter with the Saudi Industrial Development Fund (SIDF).
The National Infrastructure Fund and SIDF are both heavily involved in the financing.
The agreements’ financial specifics were kept confidential.
Joint venture NGHC is owned equally by NEOM, ACWA Power, and Air Products. To manufacture up to 1.2 million tonnes of green ammonia, the hydrogen plant will incorporate up to 4 GW of solar and wind energy.
In the proposed future city for the kingdom, Saudi Arabia is constructing the largest green hydrogen-based ammonia production facility in the world. Neom’s green hydrogen program will generate 600 tonnes of hydrogen daily using 4 gigawatts of renewable energy from solar, wind, and storage.
Once the facility is operational by 2026, the entire output of ammonia will be exported globally through an exclusive long-term contract with Air Products.