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