ACWA Power of Saudi Arabia and its partners have begun work on a big green hydrogen project in NEOM.
According to a bourse filing by ACWA Power, the partners announced a $900 million contract for the engineering, procurement and construction of the project.
The project, according to experts, will be a game-changer for the Kingdom and the company as it will help ACWA expand into the green hydrogen business once it’s completed.
The CEO of the Saudi-listed company also said in another interview that he expected to close financing for the renewable project in the second half of 2022.
The plant will need around 4.3 GW of clean energy to power it, and ACWA plans to use solar during the day and wind at night to eliminate the need for batteries and expensive storage solutions, he added.
In July 2020, Air Products, together with ACWA Power and NEOM, announced an agreement for a $5 billion world-scale green hydrogen-based ammonia production facility powered by renewable energy.