NDF co-finances world largest green hydrogen project at SAR 10.3 bln

The National Development Fund (NDF), through its subsidiaries, contributed to the financing of the world largest green hydrogen production plant to be established in Oxagon City in NEOM.

The initiative came as part of the endeavors of the Saudi Industrial Development Fund (SIDF) and the National Infrastructure Fund -- under establishment -- to advance green and sustainable solutions in Saudi Arabia, with financing exceeding SAR 10.3 billion in partnership with local and international banks.

This project comes as part of the Kingdom's efforts to shift to clean energy and meet the growing demand for energy globally and based on its leading role in developing new and alternative energy sources, contributing to accelerating the transition towards sustainable energy, and supporting the Kingdom's ambitious goals in Vision 2030 and achieving the Zero Carbon Neutrality initiative by 2060.

NEOM green hydrogen project aims to build the world's largest carbon-free green hydrogen production plant by employing proven global technologies and adopting the latest innovative methods to provide a unified production capacity of approximately 4 GW of solar and wind energy, which in turn will be used to produce up to 600 metric tons per day of carbon-free hydrogen by the end of 2026, in the form of green ammonia as a cost-effective solution for the transport sector and industry on a global scale.