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Home » Saudi-Based ACWA Power Signs $8.5 Bn Deal for NEOM Green Hydrogen Project
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Saudi-Based ACWA Power Signs $8.5 Bn Deal for NEOM Green Hydrogen Project

By Saur News Bureau Fri, Mar 3rd, 2023
ACWA Power
ACWA & Dutch Firms Set Sights on Developing Green Hydrogen Corridor
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ACWA Power, a Saudi-based developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, has signed financing deals for a total investment of $8.5 billion for the NEOM Green Hydrogen Project (NGHP).

As per the official statement, the investment funded by a  combination of long-term debt and equity was agreed upon with NEOM Green Hydrogen Company (NGHC). NGHC is  a joint venture between ACWA Power, Air Products and NEOM Company, with ACWA Power holding a 33.3% equity stake.

The total financing is estimated at $5.852 billion as a senior debt and $475 million of mezzanine debt facilities, both arranged on a non-recourse project finance basis, as– $1.50 billion from National Development Fund (NDF) on behalf of National Infrastructure Fund (NIF) and $1.25 Billion is in the form of Saudi riyal denominated financing from Saudi Industrial Development Fund (SIDF).

It is further informed that the balance is from an association of financiers such as–First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Mitsubishi UFJ Financial Group, BNP Paribas, Abu Dhabi Commercial Bank, Natixis, Saudi British Bank, Sumitomo Mitsui Banking Corporation, Saudi National Bank, KFW, Riyad Bank, Norinchukin Bank, Mizuho Bank, Banque Saudi Fransi, Alinma Bank, APICORP, JP Morgan, DZ Bank, Korea Development Bank and Credit Agricole.

Earlier, Air Products, in conjunction with ACWA Power and NEOM, signed a  30-year green ammonia offtake contract agreement for a $5 billion world-scale green hydrogen-based ammonia production facility powered by renewable energy.

ACWA Power green hydrogen plants NGHC NGHP renewable energy SIDF
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