Saudi Arabia's NEOM Green Hydrogen Company (NGHC), a joint venture between ACWA Power, Air Products and NEOM, has secured a financial close on a green hydrogen production facility at a total investment value of $8.4 billion.

The financing agreements were signed with 23 local, regional, and international banks, and investment firms, the JV said in a statement on Monday.

It said the plant, the world’s largest carbon-free green hydrogen plant, is set to produce green ammonia at scale in 2026.

The plant is currently being built at Oxagon, in Saudi Arabia’s region of NEOM. NGHC has also concluded the engineering, procurement, and construction (EPC) agreement with Air Products as the nominated contractor and system integrator for the entire facility.

NGHC also secured an exclusive 30-year off-take agreement with Air Products for all the green ammonia produced at the facility.

The project is equally owned by the three partners.

(Writing by Brinda Darasha; editing by Seban Scaria)