01 May 2022

Saudi-based Acwa Power, a leader in power generation and water desalination plants, has announced the signing of a $900-million engineering, procurement and construction (EPC) agreement for a green hydrogen project to be set up within the kingdom’s futuristic city Neom.

The project is being jointly developed by Acwa Power, Air Products, a world leader in industrial gases, and Neom, and will be the largest green hydrogen production facility in the world, that will use over 4GW of combined renewable energy capacity to generate the power used for producing green hydrogen.

Acwa Power Company owns 33.3 per cent in the Neom Green Hydrogen Company alongside Air Products (33.3 per cent) and Neom Company (33.4 per cent).

The signing of the Limited Notice To Proceed (LNTP) agreements on April 3 was in relation to the EPC contract for the green ammonia facility with an expected capacity of 1.2 million tonnes per annum (tpa) coming up in Neom, stated Acwa Power in its filing to the Saudi bourse Tadawul.

 

The LNTP agreements included:

• In-kingdom LNTP in relation to the EPC contract between Neom Green Hydrogen Company and Air Products Middle East Industrial Gases;

• Out-of-kingdom LNTP in relation to the EPC contract between Neom Green Hydrogen Company and Air Products Equipment limited;

• Parent company guarantee and co-ordination deed for the LNTP in relation to the EPC contract between Neom Company; Acwa Power Company; Air Products Saudi Arabia Investment Company; Air Products Equipment; Air Products Middle East Industrial Gases and Air Products and Chemicals.  

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