Saudi: NDF contributes to financing world’s largest green hydrogen project with $2.74bln financing

Saudi: NDF contributes to financing world’s largest green hydrogen project with $2.74bln financing

RIYADH — The National Development Fund (NDF) through its supervised entities, contributed to the financing of the largest green hydrogen production plant in the world set to be established in Oxagon city at NEOM.

This initiative came as part of the efforts of the Saudi Industrial Development Fund (SIDF) and the National Infrastructure Fund (NIF) — under establishment —, along with local and international banks, to advance green and sustainable solutions in the Kingdom, with financing exceeding SR10.3 billion ($2.7 billion).

This project comes as part of Saudi Arabia’s efforts to shift to clean energy and meet the growing demand for energy globally. Green hydrogen represents one of the most prominent investments for the Kingdom as it leads a new chapter into the future.

The National Development Fund targets to promote sustainability and enable Saudi Vision 2030 for a greener future by leveraging its expertise in development financing and delivering contributions to the Kingdom's ambitious goal to achieve net carbon neutrality by 2060.

The green hydrogen project, NEOM Green Hydrogen Company (NGHC), is a significant milestone in the transition towards a low-carbon economy.

By harnessing cutting-edge technology and leveraging renewable energy sources, NGHC produces hydrogen through electrolysis, mitigating carbon emissions and reducing dependence on fossil