Standard Chartered has provided the first-ever green guarantee for Larsen and Toubro’s (L&T) work on the NEOM Green Hydrogen Co (NGHC) megaproject in Saudi Arabia. The guarantee covers L&T Saudi Arabia’s involvement in designing, supplying locally, constructing, and commissioning renewable and grid packages. International supplies will be handled by L&T’s subsidiary, LTIFZE.
The sustainable guarantee from Standard Chartered will provide L&T with the necessary financial support for developing wind and solar farms to facilitate green hydrogen generation while adhering to the bank’s environmental, social, and governance (ESG) standards.
The awarded contracts to L&T have a total value of $2.779 billion and include the construction of a 2.2 GW photovoltaic solar plant, a 1.65 GW wind generation plant, and a 400 MWh battery energy storage system.
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