Project

NEOM Green Hydrogen Project

Saudi ArabiaEnergy Infrastructure, Renewable EnergyReviewed 6 September 2026

Integrated renewable-powered green hydrogen/ammonia facility at Oxagon, NEOM. Final construction, energisation and commissioning have commenced; first product is expected in 2027. Commissioning activity does not itself constitute Operational status. Project company NEOM Green Hydrogen Company (NGHC) is an equal three-way JV: ACWA Power / Air Products / NEOM. Air Products holds a dual sponsor/offtaker role under an exclusive 30-year offtake agreement for all produced green ammonia. Total investment ~$8.4bn; $6.1bn non-recourse project debt syndicated across 23 lenders including SIDF and NIF; EPC contractor Air Products, EPC value $6.7bn.

Status

Near CompletionStatus
Procurement CompletedProcurement Status

Value

USD 8.4 billionProject Value

Scale & Capacity

4 GWDedicated Renewable Generation Capacity (reported)
6.1 USD billionProject Debt (23-lender syndicate)

Overview

Location
Oxagon, NEOM, Tabuk Province, Saudi Arabia
Delivery Model
Sponsor-led joint venture (ACWA Power / Air Products / NEOM); financial close 22 May 2023.
Revenue / Payment Model
Exclusive 30-year offtake agreement with Air Products (co-sponsor, dual role).
Scale / Scope
Integrated renewable-powered green hydrogen and ammonia facility, comprising approximately 4 GW of dedicated solar and wind generation with an electrolyser, hydrogen and ammonia production chain. Reported total investment approximately USD 8.4 billion (Company-reported/institutional evidence).

Participants & Roles

Project Company / SPV

Sponsor / Developer

Offtaker / Revenue Counterparty

  • Air ProductsDisclosed long-term green-ammonia offtake arrangement.

Operator

Sources