Saudi Arabia’s Acwa Power announced on 1 March that the Neom Green Hydrogen Project (NGHP) partners have finalized financing agreements worth $6.3bn for the project. The project is slated to produce 237,000 t/y of green hydrogen, which will in turn be converted into 1.2mn t/y of green ammonia for onwards shipment. It is being developed by Acwa Power alongside US firm Air Products and the kingdom’s PIF sovereign wealth fund’s Neom subsidiary. Originally afforded a $7bn price tag (MEES, 10 July 2020), Acwa this week put the overall cost at $8.5bn.
Acwa says financial close was completed in late February and that “Back in December, NGHC signed the financing documents with multiple banks and investment firms, which in turn had enabled NGHC to also conclude the EPC agreements and issue full notice to proceed with Air Products as the sole off-taker of the project.” (CONTINUED - 145 WORDS)