NEOM Green Hydrogen Project: Ownership, Cost and Timeline

Last updated: September 24, 2026

The NEOM Green Hydrogen Project is a $8.4 billion green hydrogen and green ammonia complex being built at Oxagon, inside Saudi Arabia’s NEOM megacity development on the Red Sea. Developed by NEOM Green Hydrogen Company (NGHC) — a joint venture of ACWA Power, Air Products, and NEOM — it is among the largest green hydrogen projects to reach advanced construction anywhere in the world.

Project Snapshot

Ownership Structure

NEOM Green Hydrogen Company (NGHC) is a three-way joint venture with equal ownership: ACWA Power (Saudi Arabia), Air Products (United States), and NEOM Company (Saudi Arabia) each hold approximately 33.3%. This structure separates developer/co-owner (ACWA Power and NEOM) from offtaker/co-owner (Air Products), which also holds the exclusive long-term offtake contract for the plant’s green ammonia output — a dual role as both investor and buyer that is common in first-of-a-kind hydrogen projects.

Technology & Scale

The complex integrates roughly 4 GW of renewable generation — about 2.2 GW of solar photovoltaic capacity plus onshore wind — to power electrolyzers that split water into hydrogen and oxygen. The resulting green hydrogen is synthesized into ammonia on-site for ease of transport, targeting up to 600 metric tons of hydrogen per day once fully ramped, positioning it as one of the largest green hydrogen and ammonia facilities under construction globally.

Financing & Offtake

NGHC closed approximately $6.1 billion in non-recourse project financing in May 2023, funding roughly 73% of the build. Air Products’ 30-year offtake agreement for 100% of the green ammonia output underwrites the project’s revenue, while Yara International separately holds marketing and distribution rights for up to 1.2 million tonnes per year of that ammonia into global fertilizer and shipping-fuel markets.

Timeline & Status

• July 2020 — NEOM, ACWA Power and Air Products sign the joint development agreement.
• May 2023 — Financial close / FID on approximately $6.1 billion in project financing.
• 2023–2026 — Construction of electrolyzer, renewables and ammonia synthesis infrastructure at Oxagon.
• August 2026 — Construction substantially complete; project enters commissioning and energization phase.
• 2027 (targeted) — Commercial ammonia exports begin.

As with any large first-of-a-kind project, the shift from commissioning to full commercial operation can slip; TDE will update this page’s status field as NGHC and its partners confirm milestones.

Why It Matters

The NEOM Green Hydrogen Project is a bellwether for whether utility-scale, export-oriented green hydrogen can be built and financed at gigawatt scale. Its progress is closely watched by governments and developers pursuing similar hydrogen export strategies, and its offtake structure — a single anchor buyer with a 30-year contract — has become a reference model for de-risking early hydrogen finance.

Related Entities

• ACWA Power — Saudi developer and co-owner (profile forthcoming on TDE)
• Air Products — US industrial gas company, co-owner and sole offtaker (profile forthcoming on TDE)
• TDE Companies hub
• TDE Investments hub

Sources

• NEOM Green Hydrogen Company — official site
• Fertilizer Daily — construction complete, commissioning begins (Aug 2026)
• BlackRidge Research — project profile
• Atlantic Council — ACWA Power / Air Products JV analysis
• OECD — NEOM/NGHC case study

Frequently Asked Questions

Who owns the NEOM Green Hydrogen Project?

It is owned by NEOM Green Hydrogen Company (NGHC), a joint venture equally split between ACWA Power, Air Products, and NEOM Company.

How much does the NEOM Green Hydrogen Project cost?

The total project investment is approximately $8.4 billion, with about $6.1 billion financed on a non-recourse project-finance basis.

When will the NEOM Green Hydrogen Project start operating?

Construction was substantially complete and commissioning began in August 2026; commercial ammonia exports are targeted for 2027.

Who buys the hydrogen and ammonia produced?

Air Products holds a 30-year offtake agreement for all green ammonia produced, with Yara International separately handling marketing and distribution of up to 1.2 million tonnes per year.

Illustrative image. Photo: Bexim, CC BY-SA 4.0, via Wikimedia Commons — source