Saudi Arabia's ACWA expects NEOM hydrogen plant financing in Q3 | Reuters
Saudi Arabia's utility developer ACWA Power (2082.SE), partly owned by the sovereign Public Investment Fund, expects to close financing for a multi-billion dollar green hydrogen plant in the third quarter, its chief executive said on Thursday.
The kingdom, one of the world's top oil exporters, wants to become the biggest supplier of green hydrogen, aiming to produce around 4 million tonnes by 2030 as part of Crown Prince Mohammed bin Salman's drive to diversify the economy.
"We should be sharing good news during Q3," ACWA's CEO Paddy Padmanathan told Reuters when asked about closing the project finance facility for the expected $5 billion plant which is being built in the planned futuristic city NEOM.
In a previous interview in October, Padmanathan had expected to have the financing in place in the first quarter.
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