NEOM green hydrogen complex finishes $8.4 billion construction, targets 2027 ammonia exports

Construction of the NEOM Green Hydrogen and Ammonia project in Saudi Arabia has been completed and the facility has entered the commissioning phase, developer ACWA Power confirmed in August. The $8.4 billion complex, located at Oxagon in the NEOM megacity region, is the largest green hydrogen project to reach this stage globally.

Once operational, the facility will produce up to 600 metric tons per day of carbon-free hydrogen, converted into green ammonia for global export. Commercial operations are targeted for 2027, according to ACWA Power CEO Samir Serhan. The project integrates approximately 4 GW of solar and wind power capacity — including 2.2 GW of solar panels — to run the electrolyzers that split water into hydrogen and oxygen.

NEOM Green Hydrogen Company is an equal joint venture between ACWA Power, Air Products, and NEOM, backed by Saudi Arabia’s Public Investment Fund. Air Products holds a 30-year off-take agreement for all green ammonia produced at the site. Yara International finalized a separate marketing and distribution agreement in August to handle up to 1.2 million metric tons per year of renewable ammonia from the plant.

The completion follows financial close of $8.4 billion in May 2023, including a $6.1 billion non-recourse loan from 23 banks.

Source: Hydrogen Insight

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