The world’s largest green hydrogen project in Saudi Arabia’s NEOM has formally entered the construction stage.
In a statement, 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.
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.
The statement added that all project agreements have been signed, and partners have agreed to manage certain execution risks related to the EPC contract.
The green hydrogen facility will be based at Oxagon within the Saudi futuristic city NEOM and is due for completion by the end of 2026.