Wednesday, May 29, 2024 | 15:22 WIB

Saudi Arabia plans to build the world’s largest hydrogen plant

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Jakarta, IO – A Saudi company NEOM Green Hydrogen Company (NGHC) has signed an investment financing deal to build a hydrogen production facility at the coat of US$8.4 billion on Monday (22/5). This agreement involves 23 local, regional, international banks and investment companies.

NGHC itself consists of ACWA Power, Air Products and NEOM. The company is set to produce 600 tons of carbon-neutral hydrogen per day by 2026. The output of this production is at least equivalent to 4 giga watts of solar energy, reported Reuters, Wednesday (24/5).

NGHC has also entered into a US$6.7 billion financial agreement with Air Products for the engineering, procurement and construction of a plant to be built in Oxagon, a district that is part of the NEOM mega project.

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The financing for the world’s largest hydrogen plant project will also be financed by the National Development Fund (NDF). In assisting Saudi Arabia’s transformation towards a net zero vision by 2060, the NDF will inject more than US$152 billion to boost the private sector and increase its contribution to GDP from 40 percent to 65 percent. In addition, the contribution of non-oil exports to non-oil GDP is targeted to triple from 16 percent to 50 percent. (bp)

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