The world’s largest green hydrogen project has secured financing from KfW IPEX-Bank. The project is being built in Saudi Arabia.
Currently, the production plant is under construction at Oxagon, in Saudi Arabia’s region of Neom by NEOM Green Hydrogen Company.
According to the company, “the facility will produce green ammonia on an industrial scale with an unprecedented annual output of 1.2 million tonnes with its own dedicated wind and solar farms after its planned completion in 2026.”
Regarding financing, the company informed that around $6.1 billion of the total investment volume of over $8.4 billion is being provided as debt capital by a large consortium of 23 international and regional banks and Saudi sovereign funds, a report mentioned, adding that KfW IPEX-Bank is contributing $325 million.
The company informed that KfW IPEX-Bank is acting as the Euler Hermes coordinator and agent in the overall financing.
To be noted, NEOM Green Hydrogen Company is an equal joint venture by ACWA Power, Air Products and NEOM.
“The reliable production of large quantities of green hydrogen plays a key role in global decarbonization and the transformation to climate neutrality,” member of the management board of KfW IPEX-Bank Velibor Marjanovic, was quoted in a statement.