Acwa Power JV closes financing on $8.5bn green hydrogen project in Neom ...United Arab Emirates

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Acwa Power JV closes financing on $8.5bn green hydrogen project in Neom
source : ME CONSTRUCTION NEWS ( United Arab Emirates ) () 77
Acwa Power’s joint venture (JV) entity has closed a financing agreement worth US $8.5bn for a major green hydrogen project, which will take shape in Saudi Arabia’s Neom city, the firm has announced. In addition to Acwa, Neom Green Hydrogen Company (NGHC) has US-based Air Products and Neom as its JV partners, the statement explained. The finance for the project will come from a combination of long-term debt and equity, stated Acwa Power in its filing to Saudi bourse Tadawul. The total financing consists of $5.85bn in senior debt and $475mn of mezzanine debt facilities, both arranged on a non-recourse project finance basis. It includes: $1.5bn from the National Development Fund (NDF) on behalf

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