Renewable

November 3 (Renewables Now) - US industrial gases supplier Air Products (NYSE:ADP) has approached banks to seek financing for a USD-5-billion (EUR 4.31bn) project for the production of green hydrogen in the planned new city of Neom in Saudi Arabia, CNBC Arabia said on Monday, citing banking sources.

The owners of the project will provide about 20% of the financing and the remaining 80% will come from debt divided equally between local and international banks, one of the sources said. The Saudi Industrial Development Fund (SIDF) is expected also to participate in the financing.

In the summer of 2020, Air Products agreed with Saudi Arabia’s ACWA Power (TADAWUL:2082) and Neom a USD-5-billion green hydrogen-to-ammonia project in the city that will be built near the kingdom's borders with Egypt and Jordan. The plant is expected to produce 1.2 million tonnes of green ammonia per year.

(USD 1 = EUR 0.862)

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