Global Green Hydrogen Giant Reaches Funding Milestone: NEOM Project Secures USD 8.4 Billion Investment

The NEOM Green Hydrogen Company has achieved a major breakthrough, securing USD 8.4 billion in total investment commitments to finance what will become the world’s largest carbon-free hydrogen production facility. The financial close marks a decisive moment for renewable energy infrastructure on a truly unprecedented scale.

The Numbers Behind the Megaproject

This isn’t just another energy project—the sheer financial commitment speaks volumes. Of the USD 8.4 billion total, USD 6.1 billion comes through non-recourse project financing structured across 23 financial institutions spanning local, regional, and international banks. The engineering, procurement, and construction agreement with Air Products alone carries a USD 6.7 billion valuation, underlining the complexity and ambition of the undertaking.

What makes this particularly noteworthy is the green loan certification. S&P Global verified that the financing adheres to green loan principles, positioning this as one of the largest project financings ever executed under the sustainable finance framework.

When Renewable Energy Meets Industrial Scale

Located at Oxagon in Saudi Arabia’s NEOM region, the facility will integrate up to 4GW of combined solar and wind capacity—enough renewable power generation to fundamentally reshape how clean hydrogen reaches global markets. The production target: 600 tonnes per day of decarbonized hydrogen, delivered as green ammonia by the end of 2026.

Here’s the game-changer: NEOM Green Hydrogen Company already has an exclusive 30-year off-take agreement locked in, meaning every kilogram of production is pre-purchased. This de-risks the entire venture and demonstrates genuine market demand for carbon-free solutions in transportation and industrial sectors.

A Triad of Energy Giants Aligned on Purpose

The equal joint venture structure unites ACWA Power, Air Products, and NEOM—three powerhouses bringing complementary expertise. ACWA Power brings renewable project deployment experience across multiple continents. Air Products contributes its 80-year track record in industrial gases and hydrogen infrastructure. NEOM provides the geographical advantage and political backing from Saudi Arabia’s Vision 2030 initiative.

This alignment matters because scaling green hydrogen at commercial viability requires not just capital, but credibility and operational capacity at the highest level.

Why This Timing Matters

Earlier in 2023, Saudi Arabia’s Ministry of Industry and Mineral Resources awarded its first industrial operating license specifically to this company, signaling governmental commitment to hydrogen leadership. The project directly supports the Kingdom’s decarbonization goals while positioning it as a potential global hydrogen exporter—a strategic pivot in the energy transition narrative.

The facility’s completion timeline of end-2026 also aligns with accelerating corporate sustainability commitments from major industrial users globally who increasingly demand verified carbon-free inputs across their supply chains.