ACWA Power has announced that the NEOM green hydrogen project in Saudi Arabia has officially commenced construction and is scheduled to be completed by the end of 2026.
The NEOM Green Hydrogen Company (NGHC), which is affiliated with the company, has officially announced the selection and approval of the engineering, procurement, and construction (EPC) contractor through a comprehensive award notice.
ACWA Power’s contribution of 1.125 billion Saudi riyals ($300 million) in the limited notice to proceed (LNTP) agreement will be converted into equity in the project.
According to the statement, all project agreements have been signed, and the partners have agreed to manage specific risks associated with the EPC contract.
In April 2022, ACWA Power signed a $900 million EPC contract for the project. The Neom project, a collaboration between ACWA Power, Air Products, and NEOM, aims to become the world’s largest green hydrogen production facility once it is operational.
