NEOM green hydrogen project is formally under execution: ACWA Power. Saudi Arabia’s sustainability journey is expected to accelerate as the world’s largest green hydrogen project in the $500 billion giga-project NEOM has formally entered the construction stage.

In May, NGHC signed financial documents with 23 local, regional and international banks and investment firms to construct a green hydrogen facility at a total investment value of $8.4 billion.  NGHC is a joint venture of ACWA Power, Air Products and NEOM. Upon completion in 2026, it is expected to produce 600 tons of carbon-free hydrogen daily.

A statement added that all project agreements have been signed, and partners have agreed to manage certain execution risks related to the EPC contract.

Apart from limiting carbon emissions and promoting sustainable development in the Kingdom, this project is also expected to expand the country’s diversification efforts.

In June, NEOM’s green hydrogen project also received the Kingdom’s first sustainable guarantee from the British bank Standard Chartered, which agreed to extend funding support for one of its contractors, Larsen & Toubro, to build the necessary renewable energy infrastructure.

Read the full story at Hydrogen Central