ACWA Power announced on Thursday, in a statement to the Saudi stock exchange, that the NEOM green hydrogen project has officially entered the construction phase.
According to the statement, the ambitious project is expected to be fully completed by the end of 2026.
NEOM Green Hydrogen Company (NGHC) has published a comprehensive award notice for the engineering, procurement, and construction (EPC) contractor, which has been duly approved, the statement further added.
ACWA Power’s contribution of 1.125 billion Saudi riyals ($300 million) in the limited notice to proceed (LNTP) agreement will represent the company’s equity stake in the project.
Furthermore, the statement affirmed that all necessary project agreements have been successfully signed.
Once completed and operational, the NEOM project aims to become the largest green hydrogen production facility worldwide, representing a significant milestone in the renewable energy sector.
