ACWA Power Announces the signing of agreements for the project financing of the NEOM Green Hydrogen Company (“NGHC”)

Element List	Explanation
Announcement Detail	ACWA Power announces the finalization and signing of the financing agreements by NGHC with the financing consortium for the NEOM Green Hydrogen Project (“NGHP”) at total investment cost of USD 8.5 billion, funded by a combination of long-term debt and equity. NGHC is a joint venture (JV) between ACWA Power, Air Products and NEOM Company, with ACWA Power holding a 33.3% equity stake. NGHP comprises the development, financing, design, engineering, procurement, manufacturing, factory testing, transportation, construction, erection, installation, completion, testing, commissioning, insurance, ownership, operation and maintenance of a world scale green hydrogen and green ammonia facility in the NEOM region of Saudi Arabia, under a 30-year green ammonia offtake contract with Air Products. The total financing consists of USD 5,852 million senior debt and USD 475 million of mezzanine debt facilities, both arranged on a non-recourse project finance basis, as follows: - USD 1,500 million from National Development Fund (NDF) on behalf of National Infrastructure Fund (NIF), under foundation. - USD 1,250 million is in the form of SAR denominated financing from Saudi Industrial Development Fund (SIDF), - The balance is from a consortium of financiers, structured as a combination of long term uncovered tranches and a Euler Hermes covered tranche, comprising, in no particular order, First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Mitsubishi UFJ Financial Group, BNP Paribas, Abu Dhabi Commercial Bank, Natixis, Saudi British Bank, Sumitomo Mitsui Banking Corporation, Saudi National Bank, KFW, Riyad Bank, Norinchukin Bank, Mizuho Bank, Banque Saudi Fransi, Alinma Bank, APICORP, JP Morgan, DZ Bank, Korea Development Bank and Credit Agricole.

Element List

Explanation

Announcement Detail

ACWA Power announces the finalization and signing of the financing agreements by NGHC with the financing consortium for the NEOM Green Hydrogen Project (“NGHP”) at total investment cost of USD 8.5 billion, funded by a combination of long-term debt and equity. NGHC is a joint venture (JV) between ACWA Power, Air Products and NEOM Company, with ACWA Power holding a 33.3% equity stake.

NGHP comprises the development, financing, design, engineering, procurement, manufacturing, factory testing, transportation, construction, erection, installation, completion, testing, commissioning, insurance, ownership, operation and maintenance of a world scale green hydrogen and green ammonia facility in the NEOM region of Saudi Arabia, under a 30-year green ammonia offtake contract with Air Products.

The total financing consists of USD 5,852 million senior debt and USD 475 million of mezzanine debt facilities, both arranged on a non-recourse project finance basis, as follows:

- USD 1,500 million from National Development Fund (NDF) on behalf of National Infrastructure Fund (NIF), under foundation.

- USD 1,250 million is in the form of SAR denominated financing from Saudi Industrial Development Fund (SIDF),

- The balance is from a consortium of financiers, structured as a combination of long term uncovered tranches and a Euler Hermes covered tranche, comprising, in no particular order, First Abu Dhabi Bank, HSBC, Standard Chartered Bank, Mitsubishi UFJ Financial Group, BNP Paribas, Abu Dhabi Commercial Bank, Natixis, Saudi British Bank, Sumitomo Mitsui Banking Corporation, Saudi National Bank, KFW, Riyad Bank, Norinchukin Bank, Mizuho Bank, Banque Saudi Fransi, Alinma Bank, APICORP, JP Morgan, DZ Bank, Korea Development Bank and Credit Agricole.