Saudi Arabia’s Neom signs agreements with banks to finance green hydrogen project

Neom Green Hydrogen Company has signed agreements with banks and executed a letter of commitment with the Saudi Industrial Development Fund to finance a green hydrogen production plant.Saudi Arabia is building the world’s largest green hydrogen-based ammonia production plant in the kingdom’s planned futuristic city. The green hydrogen scheme within Neom will use 4 gigawatts of renewable power from solar, wind and storage to produce 600 tonnes per day of hydrogen.The project, set to come on stream in 2026, is expected to produce about 1.2 million tonnes of green ammonia per year.Financial terms of the deals signed on Sunday were not disclosed.“NGHC has a clear mission: to leverage the expertise and vision of its partners to accelerate the global green hydrogen economy,” David Edmondson, chief executive of the company, said.“We are grateful for the significant support from our…

Read more…