ACWA Power signs USD 900m EPC deal for Neom green hydrogen project

ACWA Power (TADAWUL:2082) and its partners are moving on with the realisation of a huge green hydrogen-to-ammonia complex on Saudi Arabia's Red Sea coast with the signing of an engineering, procurement and construction (EPC) contract worth USD 900 million (EUR 817.8m).

In a stock market filing on Monday, the Saudi company unveiled a limited notice to proceed (LNTP) in relation to the EPC contract for the Neom Green Hydrogen Project.

The project was launched by ACWA Power and industrial gases major Air Products (NYSE:APD) in the summer of 2020. The partners plan to build a USD-5-billion green hydrogen-to-ammonia complex in Neom, a cross-border city planned on the Red Sea coast in the northwestern part of the kingdom. The facility will use over 4 GW of renewable energy to produce hydrogen that will be converted into ammonia and exported by Air Products to global markets.

The electrolysers with a capacity of 2 GW will be supplied by Thyssenkrupp Uhde Chlorine Engineers, a joint venture between ThyssenKrupp AG (ETR:TKA) and Industrie De Nora specialising in electrolysis.

The complex is scheduled to start production in 2026, as Air Products said in December.

(USD 1 = EUR 0.909)

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