Riyadh – Mubasher: NEOM Green Hydrogen Company (NGHC), an affiliate of ACWA Power Company, injected SAR 1.12 billion, equivalent to $300 million, in the NEOM Green Hydrogen Project (NGHP).
ACWA Power's investment will be considered as part of its equity contribution to the project, according to a bourse disclosure.
The listed firm indicated that the green project, which is currently formally under execution, is forecast to be completed by the 2026 end.
Meanwhile, all the project agreements were executed as shareholders agreed to manage certain execution risks related to the engineering, procurement, and construction (EPC).
In April 2022, ACWA Power signed a limited notice to proceed (LNTP) deal worth $900 million for the NEOM project.
During the first quarter (Q1) of 2023, ACWA Power posted a 77.63% year-on-year (YoY) leap in net profit after Zakat and tax to SAR 269.73 million from SAR 151.85 million.
