ACWA Power, in a statement to the Saudi stock exchange, Tadawul, said that the NEOM green hydrogen project is now formally under development and would be wrapped up by the end of 2026.
NEOM Green Hydrogen Co (NGHC), the company’s affiliate, issued a full award notice for the engineering, procurement, and construction (EPC) contractor, which has been approved. Furthermore, the $300 million contribution made by ACWA Power in the limited notice to proceed (LNTP) agreement will be converted into equity in the project.
All project agreements have been signed
All project agreements have been signed, according to the statement, and partners have agreed to mitigate some execution risks associated to the EPC contract.
NGHC appointed Indian contractor Larsen & Toubro (L&T) as the sub-EPC contractor for its massive green hydrogen facility in December 2022. L&T will perform power grid and power generating works for the facility on an EPC basis, according to the contract terms.
L&T will perform power grid and power generating works for the facility
When completed, the project, built in collaboration with ACWA Power, Air Products, and NEOM, it set to be the world’s largest green hydrogen generation facility.
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