RIYADH — The National Development Fund (NDF) through its supervised entities, contributed to the financing of the largest green hydrogen production plant in the world set to be established in Oxagon city at NEOM.
This initiative came as part of the efforts of the Saudi Industrial Development Fund (SIDF) and the National Infrastructure Fund (NIF) — under establishment —, along with local and international banks, to advance green and sustainable solutions in the Kingdom, with financing exceeding SR10.3 billion ($2.7 billion).
This project comes as part of Saudi Arabia’s efforts to shift to clean energy and meet the growing demand for energy globally. Green hydrogen represents one of the most prominent investments for the Kingdom as it leads a new chapter into the future.
The National Development Fund targets to promote sustainability and enable Saudi Vision 2030 for a greener future by leveraging its expertise in development financing and delivering contributions to the Kingdom's ambitious goal to achieve net carbon neutrality by 2060.
The green hydrogen project, NEOM Green Hydrogen Company (NGHC), is a significant milestone in the transition towards a low-carbon economy.
By harnessing cutting-edge technology and leveraging renewable energy sources, NGHC produces hydrogen through electrolysis, mitigating carbon emissions and reducing dependence on fossil fuels.
Located in Oxagon, in Saudi Arabia’s region of NEOM, NGHC boasts an impressive production capacity of 600 tons per day of carbon-free hydrogen by the end of 2026, offering a multitude of applications across various sectors, including transportation, industry, and energy integration.
The project positions the Kingdom as a global frontrunner in the green hydrogen sector, fostering economic growth and creating high-value job opportunities.
"We are proud to be part of this historic and transformative project, which will undoubtedly pave the way for the large-scale adoption of green hydrogen as a clean, sustainable energy source.
“Our involvement in financing NGHC's mega-plant further underscores our commitment to actively support innovative technologies and projects that drive sustainable development and contribute to a carbon-free future," said Mohammed Al-Tuwaijri, vice chairman of NDF Board.
This initiative comes with strategic financing provided by the Saudi Industrial Development Fund (SIDF) that comes in line with its role in promoting Industrial investment opportunities, developing the industrial sector.
This is in addition to financing provided by the National Infrastructure Fund (NIF), which is the project’s largest single financier, to promote its role in supporting infrastructure projects in vital sectors.
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).