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class="jeg_container"><div class="jeg_content jeg_singlepage"><div class="container"><div class="jeg_ad jeg_article jnews_article_top_ads"><div class='ads-wrapper '></div></div><div class="row"><div class="jeg_main_content col-md-8"><div class="jeg_inner_content"><div class="jeg_breadcrumbs jeg_breadcrumb_container"><div id="breadcrumbs"><span class=""> <a href="https://www.ifpinfo.com">Home</a> </span><i class="fa fa-angle-right"></i><span class="breadcrumb_last_link"> <a href="https://www.ifpinfo.com/category/energy/">Energy</a> </span></div></div><div class="entry-header"><h1 class="jeg_post_title">NEOM’s green hydrogen project is formally under execution: ACWA Power</h1><div class="jeg_meta_container"><div class="jeg_post_meta jeg_post_meta_1"><div class="meta_left"><div class="jeg_meta_date"> <a href="https://www.ifpinfo.com/neoms-green-hydrogen-project-is-formally-under-execution-acwa-power/">July 11, 2023</a></div><div class="jeg_meta_category"> <span><span class="meta_text">in</span> <a href="https://www.ifpinfo.com/category/energy/" rel="category tag">Energy</a>, <a href="https://www.ifpinfo.com/category/energy/renewable-energy/" rel="category tag">Renewable Energy</a> </span></div></div><div class="meta_right"><div class="jeg_meta_comment"><a href="https://www.ifpinfo.com/neoms-green-hydrogen-project-is-formally-under-execution-acwa-power/#respond"><i class="fa fa-comment-o"></i> 0</a></div></div></div></div></div><div class="jeg_featured featured_image"><a href="https://www.ifpinfo.com/wp-content/uploads/2023/07/NEOMs-green-hydrogen-project.jpg"><div class="thumbnail-container animate-lazy" style="padding-bottom:55.97%"><img width="670" height="375" src="https://www.ifpinfo.com/wp-content/themes/jnews/assets/img/jeg-empty.png" class="attachment-jnews-750x375 size-jnews-750x375 lazyload wp-post-image" alt="NEOM’s green hydrogen project is formally under execution: ACWA Power" decoding="async" loading="lazy" data-src="https://www.ifpinfo.com/wp-content/uploads/2023/07/NEOMs-green-hydrogen-project-670x375.jpg" data-sizes="auto" data-srcset="" data-expand="700" /></div></a></div><div class="jeg_share_top_container"><div class="jeg_share_button clearfix"><div class="jeg_share_stats"></div><div class="jeg_sharelist"> <a href="http://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.ifpinfo.com%2Fneoms-green-hydrogen-project-is-formally-under-execution-acwa-power%2F" rel='nofollow' class="jeg_btn-facebook expanded"><i class="fa fa-facebook-official"></i><span>Share on Facebook</span></a><a href="https://twitter.com/intent/tweet?text=NEOM%E2%80%99s+green+hydrogen+project+is+formally+under+execution%3A+ACWA+Power&url=https%3A%2F%2Fwww.ifpinfo.com%2Fneoms-green-hydrogen-project-is-formally-under-execution-acwa-power%2F" rel='nofollow' class="jeg_btn-twitter expanded"><i class="fa fa-twitter"></i><span>Share on Twitter</span></a><a href="https://www.linkedin.com/shareArticle?url=https%3A%2F%2Fwww.ifpinfo.com%2Fneoms-green-hydrogen-project-is-formally-under-execution-acwa-power%2F&title=NEOM%E2%80%99s+green+hydrogen+project+is+formally+under+execution%3A+ACWA+Power" rel='nofollow' class="jeg_btn-linkedin expanded"><i class="fa fa-linkedin"></i><span>Share on Linkedin</span></a><div class="share-secondary"> <a href="https://www.linkedin.com/shareArticle?url=https%3A%2F%2Fwww.ifpinfo.com%2Fneoms-green-hydrogen-project-is-formally-under-execution-acwa-power%2F&title=NEOM%E2%80%99s+green+hydrogen+project+is+formally+under+execution%3A+ACWA+Power" rel='nofollow' class="jeg_btn-linkedin "><i class="fa fa-linkedin"></i></a><a href="https://www.pinterest.com/pin/create/bookmarklet/?pinFave=1&url=https%3A%2F%2Fwww.ifpinfo.com%2Fneoms-green-hydrogen-project-is-formally-under-execution-acwa-power%2F&media=https://www.ifpinfo.com/wp-content/uploads/2023/07/NEOMs-green-hydrogen-project.jpg&description=NEOM%E2%80%99s+green+hydrogen+project+is+formally+under+execution%3A+ACWA+Power" rel='nofollow' class="jeg_btn-pinterest "><i class="fa fa-pinterest"></i></a></div> <a href="#" class="jeg_btn-toggle"><i class="fa fa-share"></i></a></div></div></div><div class="jeg_ad jeg_article jnews_content_top_ads "><div class='ads-wrapper '></div></div><div class="entry-content no-share"><div class="jeg_share_button share-float jeg_sticky_share clearfix share-monocrhome"><div class="jeg_share_float_container"></div></div><div class="content-inner "><p>RIYADH: Saudi Arabia’s sustainability journey is expected to accelerate as the world’s largest green hydrogen project in the $500 billion giga-project NEOM has formally entered the construction stage.</p><p>In a statement to Tadawul, ACWA Power said that its affiliate NEOM Green Hydrogen Co. issued a full award notice to proceed with the engineering, procurement and construction, which has been approved.</p><p>ACWA Power further pointed out that its SR1.12 billion ($300 million) contribution in the limited notice to proceed will become part of its equity contribution to the project.</p><p>The statement added that all project agreements have been signed, and partners have agreed to manage certain execution risks related to the EPC contract.</p><p>In May, NGHC signed financial documents with 23 local, regional and international banks and investment firms to construct a green hydrogen facility at a total investment value of $8.4 billion.</p><p>NGHC is a joint venture of ACWA Power, Air Products and NEOM. Upon completion in 2026, it is expected to produce 600 tons of carbon-free hydrogen daily.</p><p>Apart from limiting carbon emissions and promoting sustainable development in the Kingdom, this project is also expected to expand the country’s diversification efforts.</p><p>In June, NEOM’s green hydrogen project also received the Kingdom’s first sustainable guarantee from the British bank Standard Chartered, which agreed to extend funding support for one of its contractors, Larsen & Toubro, to build the necessary renewable energy infrastructure.</p><p>L&T won a $2.78 billion contract to establish the renewable energy generation, storage and grid infrastructure from Air Products.</p><p>Lending agencies have issued sustainable guarantees for green projects that positively contribute to the environment.</p><p>Under the goals outlined in Vision 2030, Saudi Arabia aims to increase domestic generation capacity from renewable energy to 50 percent by the end of this decade to achieve net-zero emissions by 2060.</p><p>In March, a report released by S&P Global Ratings suggested that Saudi Arabia and the UAE are leading the region’s fight against climate change by producing 90 percent of the Gulf’s renewable energy.</p><p data-gtm-vis-recent-on-screen-109681369_148="15689565" data-gtm-vis-first-on-screen-109681369_148="15689565" data-gtm-vis-total-visible-time-109681369_148="100" data-gtm-vis-has-fired-109681369_148="1">According to S&P Global, installed solar capacity in the two countries surged from 165 megawatts in 2016 to 3 gigawatts by the end of 2021.</p><div class="jeg_post_source"> <span>Source:</span> <a rel="nofollow" target='_blank'>Arab News</a></div><div class="jeg_post_tags"><span>Tags:</span> <a href="https://www.ifpinfo.com/tag/hydrogen/" rel="tag">hydrogen</a><a href="https://www.ifpinfo.com/tag/ksa/" rel="tag">KSA</a><a href="https://www.ifpinfo.com/tag/neom/" rel="tag">NEOM</a><a href="https://www.ifpinfo.com/tag/saudi-arabia/" rel="tag">Saudi Arabia</a><a href="https://www.ifpinfo.com/tag/sustainability/" rel="tag">sustainability</a></div></div><div class="jeg_share_bottom_container"></div></div><div class="jeg_ad jeg_article jnews_content_bottom_ads "><div class='ads-wrapper '></div></div><div class="jnews_prev_next_container"><div class="jeg_prevnext_post"> <a href="https://www.ifpinfo.com/omans-health-ministry-expected-to-award-construction-contract-for-two-health-centres-in-q3/" class="post prev-post"> <span class="caption">Previous Post</span><h3 class="post-title">Oman’s health ministry expected to award construction contract for two health centres in Q3</h3> </a> <a href="https://www.ifpinfo.com/qatars-non-oil-sector-maintains-growth-as-pmi-hits-53-8-in-june/" class="post next-post"> <span class="caption">Next Post</span><h3 class="post-title">Qatar’s non-oil sector maintains growth as PMI hits 53.8 in June</h3> </a></div></div><div class="jnews_author_box_container"></div><div class="jnews_related_post_container"></div><div 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