ACWA POWER Announces LNTP Agreements in EPC for NEOM Green Hydrogen amounted to USD 900 mln

ACWA POWER Company announced on Monday the signing of the LNTP Agreements in relation to the EPC Contract for the NEOM Green Hydrogen Project, the largest green ammonia project in the world to be located in NEOM, in the Kingdom of Saudi Arabia, with an expected capacity of SR1.2 Million Tons per annum of green ammonia. The contract value is USD 900 Million.

ACWA Power Company owns 33.3% of the NEOM Green Hydrogen Company, alongside Air Products (33.3%) and NEOM Company (33.4%).

The LNTP Agreements will include:

– In Kingdom LNTP in relation to the EPC contract between NEOM Green Hydrogen Company and Air Products Middle East Industrial Gases LLC;

– Out of Kingdom LNTP in relation to the EPC contract between NEOM Green Hydrogen Company and Air Products Equipment limited;

– Parent Company Guarantee and Co-Ordination Deed for the LNTP in relation to the EPC contract between NEOM Company; ACWA POWER Company;

Air Products Saudi Arabia Investment Company; Air Products Equipment limited; Air Products Middle East Industrial Gases LLC; Air Products and Chemicals, Inc.

If Financial Close is never achieved and project is abandoned, a maximum aggregate exposure can reach up to USD 300 million to ACWA Power Company under the LNTP in relation to the EPC contract for the NEOM Green Hydrogen Project.

Neom Green Hydrogen Project, jointly developed by ACWA Power, Air Products and NEOM, will be the largest green hydrogen production facility in the world that will use over 4GW of combined renewable energy capacity to generate the power used for producing green hydrogen.