Mohammad Abunayyan, Chairman of ACWA Power, announced that the NEOM Green Hydrogen project is now 85% complete. The project, located in Saudi Arabia’s NEOM city, aims to produce hydrogen for export, particularly to Germany and other European markets, and is expected to begin testing and commissioning next year.
ACWA Power, a leading utility company, is developing a total of 22 gigawatts (GW) of renewable energy capacity. Each year, the company signs contracts to add another 20 GW to its portfolio. Abunayyan noted that Saudi Arabia’s renewable energy capacity is projected to reach 130 GW by 2030, positioning the Kingdom as a significant exporter of green energy, including electricity and green hydrogen.
The NEOM Green Hydrogen Company is a collaboration between ACWA Power, U.S.-based Air Products, and the NEOM project developers. ACWA Power holds a 33.3% stake in the joint venture. In July 2020, NEOM secured a $5 billion partnership with Air Products and ACWA Power to develop a comprehensive green hydrogen facility in the city, which is still under construction.
This project aligns with global efforts to transition to carbon-free energy sources and is seen as a major advancement in Saudi Arabia’s renewable energy strategy.
