Muhammad Abunayyan, Chairman of ACWA Power, confirmed that the partnership with Neom and Air Products will result in providing sustainable solutions for renewable energy at good economic costs, most importantly developing clean energy, as the hydrogen project will be the starting point for the Kingdom of Saudi Arabia The world, in the production and export of green energy.
In an intervention with the “Evening Session” program broadcast on Al Sharq, Abunayyan said that the city of Neom has a strategic location for renewable energy, with good economics of wind and solar energy, which will enable the joint project to convert renewable energy into green hydrogen, with technologies used for the first time in These technologies will be brought, transferred, used and utilized in supply chains in the “NEOM” project, and it will be the beginning of the Kingdom’s leadership in green energy in the world.
$ 6 billion
Last July, ACWA Power announced the signing of the first partnership in NEOM, with the American companies ACWA Power and Air Products, provided that a partnership of at least $ 6 billion would be established, and work is currently underway in the planning and design phase. To start construction in the industrial area.
This partnership is the first step for NEOM to become a major player in the global hydrogen market, by entering into a partnership with Air Products and ACWA Power to build an environmentally friendly hydrogen production facility, to provide sustainable solutions for the global transport sector, and to face the challenges of climate change through Practical solutions to reduce carbon emissions.
The project, which will be equally owned by the three partners, will be ready to produce hydrogen, and then export it to global markets, to be used as biofuels to feed transport and transportation systems. It will also produce about 650 tons of green hydrogen per day and 1.2 million tons of green ammonia annually. This will contribute to reducing carbon dioxide emissions by the equivalent of 3 million tons annually.