Source: https://www.rechargenews.com/energy-transition/saudi-arabias-8-4bn-neom-green-energy-mega-project-hits-financial-close/2-1-1454308One of the world’s largest ever renewable power projects and a global pioneer in green hydrogen mega-production – Saudi Arabia’s Neom – announced financial close on a project that will cost of $8.4bn.
Neom Green Hydrogen Company (NGHC) – a joint venture between ACWA Power, Air Products and the vast Saudi Neom future city project – plan to deploy 4GW of wind, solar and batteries to produce up to 600 tonnes a day of green ammonia using more than 2GW of hydrogen electrolysis.
The JV said today (Monday) that it had reached financial close on the project after signing agreements with “23 local, regional, and international banks, and investment firms” covering $6.1bn of non-recourse finance, becoming the world’s first giga-scale H2 initiative to reach FID.