Saudi Neom green ammonia project reaches FID

Co-developer Acwa expects $8.5bn project will meet EU criteria for green hydrogen and ammonia, global head of hydrogen Andrea Lovato tells Hydrogen Economist

Saudi Arabia’s flagship green ammonia complex at Neom has reached financial close and will enter full construction imminently, co-developer Acwa Power announced today at the World Hydrogen MENA conference. Twenty-four lenders from global financial institutions have invested in the plant on a project financing basis, says Acwa’s global head of hydrogen, Andrea Lovato. He confirms the project cost has risen from an initial estimate of $5bn to $8.5bn. “Our target is $25/MWh for the hydrogen—less than $1/kg,” Lovato says, adding that getting the cost down to $50/MWh would make hydrogen competitive with oil on price. “We see as we build [the Neom green hydrogen complex] that we are in the range o