- The project’s capital asset will gulp $900 million.
- 4.3GW of clean energy is needed to power the plant.
Construction works at the largest green hydrogen project in the world have begun. ACWA Power of Saudi Arabia and its partners have commenced construction work on the project, located in NEOM, Saudi Arabia.
The project partners have shared a limited notice about proceeding with a $900 million contract for the project’s engineering, procurement, and construction. The CEO of ACWA Power, Paddy Padmanathan, revealed last year, in an interview with Arab News, that the project will be a game-changer in the Saudi Kingdom and ACWA Power, helping ACWA power expand into the green hydrogen business upon completion.
Paddy Padmanathan also revealed, in another interview, that he expects that financing for the renewable energy project will be close in the second half of 2022. He also revealed that it plans to use solar to generate this power by day and wind at night, eliminating the need for batteries and other expensive storage solutions.
In July 2020, ACWA Power, NEOM, and Air Products announced an agreement for a $5 billion global-scale green hydrogen-based ammonia production facility that is to be powered by renewable power.