Saudi Arabia’s Acwa Power announced this week the signing of Limited Notice To Proceed (“LNTP”) Agreements for the Engineering, Procurement And Construction (“EPC”) contracts for the NEOM Green Hydrogen Project in northern Saudi Arabia worth $900mn. The project is being developed by Acwa Power (33.3%) alongside US firm Air Products (33.3%) and the Neom Company subsidiary of Saudi Arabia’s PIF sovereign wealth fund (33.3%). The project intends to produce 1.2mn t/y of green ammonia from 237,000 t/y of hydrogen utilizing 4GW of renewable energy, and the partners are targeting a 2026 start-up (MEES, 24 December 2021).
Acwa Power says that the LNTPs cover three areas; An in-Kingdom LNTP in relation to the EPC contract between NEOM Green Hydrogen Company and Air Products Middle East Industrial Gases LLC; an out-of-Kingdom LNTP in relation to the EPC contract between NEOM Green Hydrogen Company and Air Products Equipment limited; a Parent Company Guarantee And Co-Ordination Deed for the LNTP in relation to the EPC contract between NEOM Company an Acwa Power. (CONTINUED - 165 WORDS)