$8.4 billion! World's Largest Green Hydrogen Project Financed

is building the world's largest green hydrogen plant in Saudi Arabia, announced recently that it has signed contracts with 23 local, regional, international banks and investment companies to provide $6.1 billion in non-recourse financing from 23 institutions. To build a large green hydrogen plant in NEOM New Town. The total investment value of this

green hydrogen project is 8.4 billion US dollars , and it will also become the largest green hydrogen production plant in the world. Solar and wind energy of up to 4G W will be integrated, and up to 600 tons of green hydrogen per day can be produced by the end of 2026.

NEOM Green Hydrogen (NGHC) is an equal joint venture between ACWA Power, Air Products and NEOM. The company plans to build the world's largest green hydrogen plant in 2026 to produce green ammonia on a large scale.

NEOM Green Hydrogen also has an engineering, procurement and construction (EPC) agreement with Air Products as the designated contractor and system integrator for the entire facility, valued at $6.7 billion.

The new city, named NEOM, comes from Saudi Arabia's "Vision 2030" plan proposed in 2016, with a cost of $500 billion. The linear structure of the city, 170 kilometers long, 200 meters wide and 500 meters high, can accommodate up to 9 million people living in it, and 100% use clean energy .

In this city, there are no traditional roads and means of transportation, and travel depends on high-speed rail and flying cars running through both ends of the city at speeds of up to 500 kilometers per hour. This is a new city full of science fiction, many people used to think that it was a castle in the air that could not fall to the ground, but Saudi Arabia, which is "inhuman", began to draw the city from the drawings to the desert in 2022, and has begun to start construction. China has participated in the construction of infrastructure and some clean energy projects.

But the most critical project was apparently taken by Air Products. NEOM Green Hydrogen is a joint venture between ACWA Power, Air Products and NEOM. The initial investment is expected to be $5 billion, but in terms of contract volume, $5 billion is far from enough.

The plant is currently under construction at Oksagun in the NEOM region of Saudi Arabia. In January, Saudi Arabia's Ministry of Industry and Mineral Resources awarded NEOM Green Hydrogen its first industrial operating license, paving the way for the kingdom to become the world's leading hydrogen producer while maintaining its position as a key player in the energy sector. When

this green hydrogen is completed, it will become the largest hydrogen plant in the world. Relying on abundant solar and wind energy resources in Saudi Arabia, the electricity consumed by hydrogen electrolysis will come entirely from photovoltaic and wind power plants, with a cost as low as 3 cents per kilowatt hour, an annual hydrogen production of 6 million tons, and an annual output value of $30 billion.

"Substantial financial support from the investment community shows the unparalleled potential of the NGHC Green Hydrogen Project.". With the closing of the financing announced today, we are taking a major step towards the opening of the plant, in line with NEOM's vision to accelerate renewable energy solutions. In terms of scale, this project is the first of its kind in the world, leading the world in the hydrogen revolution. Taking advantage of NEOM's abundant natural resources, NGHC's project will pave the way for the large-scale adoption of green hydrogen, while advancing the sustainable development goals of Saudi Arabia's Vision 2030, said Nadhmi Al-Nasr, chairman

of NEOM Green Hydrogen Company (NGHC) and CEO of NEOM.

NEOM Green Hydrogen also announced that the non-recourse financing structure for the project has been certified by S & P Global (as a second party opinion provider) in line with the Green Lending Principles and is one of the largest project financings under the Green Lending Framework.

Air Products expects the green hydrogen plant to be operational by the end of 2026.