NEOM JV to secure billions in financing in early 2022, ACWA CEO says | Reuters
ACWA Power, which debuted on Saudi Arabia's stock market on Monday, expects to finalise in the first quarter of next year billions of dollars in financing for a green hydrogen joint venture at the planned futuristic city NEOM, ACWA's CEO said.
The project, which will be equally owned by Air Products, ACWA Power (2082.SE) and NEOM, will produce green ammonia for export to global markets, with the first shipment expected from NEOM's port in the first quarter of 2026.
"We have not actually finalised the group of banks yet, but we are very advanced in structuring and work is being done internally," CEO Paddy Padmanathan told Reuters in an interview, adding the project was "on track".
Roughly 20% of the $6.5 billion project will be funded with equity and the rest will be limited-recourse project finance, he said.
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