ACWA Power said in a statement to the Saudi stock exchange on Thursday that NEOM green hydrogen project is officially under construction.
According to the statement the major project is expected to be completed by the end of 2026.
NEOM Green Hydrogen Company (NGHC) published a full award notice for the engineering, procurement and construction (EPC) contractor, which has been approved, the statement added.
ACWA Power’s 1.125 billion Saudi riyals ($300 million) contribution in the limited notice to proceed (LNTP) agreement will become the company’s equity in the project.
The statement also said that all project agreements have been signed.
The NEOM project is set to become the world’s largest green hydrogen production facility once the project is complete and operating.
