NGHC - NEOM City: Oxagon: Southern Cluster: GFP: Electrolysis Plant

General Information
Owner NEOM Green Hydrogen Company
Masterplan Project (Parent Profile) NEOM – NEOM City: Oxagon: Southern Cluster: Green Ammonia Plant Complex – Tabuk
Location Tabuk Province, Saudi Arabia
Status --
Sector Chemical, Production, Hydrogen Plant
Contract Type Engineering Procurement Construction (EPC)
Onshore/Offshore Onshore
Greenfield/Brownfield Greenfield
Progress 45
Estimated Budget Value ---
Contract Value 400
Net Value $400m
Award Date December 2021
Completion Date December 2026
Last Updated On February 2024
ProjectId (Old, New) 335824, 335824


NEOM Green Hydrogen Company(NGHC), an SPV formed by ACWA Power, NEOM, and Air Products is planning to undertake the development of the 2GW electrolysis plant project at Green Fuels Project in NEOM, Saudi Arabia.

The US$500 million project includes the following:

1. Construction of a 2GW electrolysis plant

2. Construction of storage units

3. Installation of process heater systems

4. Infrastructure works

5. Construction of associated facilities

Second Section

27 February 2024

The Construction works are ongoing on the project and are expected to be completed by the end of 2026.

09 October 2023

Construction works have not yet commenced on the project.

23 May 2023

The financial closure is achieved on the project.

31 March 2023

Saudi Arabia’s Ministry of Industry and Mineral Resources has issued the first industrial operating license in Oxagon for NEOM Green Hydrogen Company (NGHC) for the project.

21 December 2022

The client has signed the facility development agreements with local, regional and international banks and also announced the execution of a commitment letter with the Saudi Industrial Development Fund (SIDF). (Source: MEED)

17 November 2022

The project is expected to reach financial closure before the end of 2022, and the entire project is scheduled to be completed by 2026.

29 September 2022

The project is expected to reach financial closure by September-October 2022, over 22 banks are participating in providing senior debt for the US$6.5 billion integrated green hydrogen and ammonia facility in Neom. The bank participating are namely: 1. Al-Rajhi Bank (local), 2. Alinma Bank (local), 3. Apicorp (Saudi Arabia), 4. Banque Saudi Fransi (BSF), 5. BNP Paribas (France), 6. Credit Agricole (France), 7. DZ Bank (Germany), 8. First Abu Dhabi Bank (UAE), 9. HSBC (UK), 10. KfW (Germany), 11. Korea Development Bank (South Korea), 12. JP Morgan (US), 13. MUFG Bank (Japan), 14. Mizuho Bank (Japan), 15. Natixis (France), 16. Norinchukin (Japan), 17. Riyad Bank (local), 18. Santander (US/Spain), 19. Saudi National Bank (local), 20. Standard Chartered Bank (UK), 21. Sumitomo Mitsui Banking Corporation (Japan), 22. Abu Dhabi Commercial Bank (UAE). (Source: MEED)

05 July 2022

The project is expected to reach financial closure by September-October 2022. (Source: MEED)

16 December 2021

ThyssenKrupp has been appointed as an EPC contractor on the project.

08 February 2021

Market sources indicate that the project is facing delays due to the ongoing circumstances in the country.

02 December 2020

Air Products, ACWA Power and NEOM has signed an agreement for the development of the project. The project is expected to come on stream by 2025.