White & Case and The Law Office of Megren M. Al-Shaalan advise on US$8.4 billion financing of NEOM Green Hydrogen Project
2 min read
Global law firm White & Case LLP and The Law Office of Megren M. Al-Shaalan have advised NEOM Green Hydrogen Company, an equal joint venture between ACWA Power, Air Products and NEOM, on the closing of the landmark US$8.4 billion NEOM Green Hydrogen Project, the world's largest green hydrogen facility.
"The NEOM Green Hydrogen Project supports Saudi Arabia's Vision 2030 and is one of the most ambitious green energy projects the world has ever seen – a game changer for global energy transition," said White & Case partner Carina Radford, who co-led the Firm's deal team. "The transaction demonstrates Saudi Arabia's commitment to energy transition and is another example of our Firm's involvement over more than 70 years in some of Saudi Arabia's most important projects."
The bespoke financing consists of US$6.1 billion in senior debt and mezzanine debt facilities, both arranged on a non-recourse project finance basis. The financing was provided by a syndicate of 21 commercial banks, the National Investment Fund and the Saudi Industrial Development Fund, with the support of Euler Hermes.
White & Case partner Din Eshanov, who co-led the Firm's team, said: "We worked closely with the NEOM Green Hydrogen Company team every step of the way to get this complex state-of-the-art project across the line."
Located in the NEOM region in the Kingdom of Saudi Arabia, the mega-plant will integrate up to four gigawatts of solar and wind energy to produce up to 600 tonnes per day of carbon-free hydrogen by the end of 2026, in the form of green-ammonia as a cost-effective solution for the transportation and industrial sectors globally. NEOM Green Hydrogen Company has secured an exclusive 30-year off-take agreement with Air Products for all the green ammonia produced at the facility.
"This project showcases our ability to advise clients on ground-breaking project structures and sets the benchmark for major green hydrogen projects globally," said White & Case partner Alec Johnson, who co-led the Firm's team.
David R Edmondson, Chief Executive Officer at NEOM Green Hydrogen Company, said: "We are grateful for the excellent support and commitment of the team at White & Case in advising us on this landmark transaction, which marks a significant milestone in the progress of the facility."
The White & Case and The Law Office of Megren M. Al-Shaalan team which advised on the transaction was led by partners Carina Radford (London), Din Eshanov and Alec Johnson (Riyadh) and included partners Sherief Rashed (Cairo), Ibaad Hakim (Abu Dhabi), Anthony Colegrave and Ed Attenborough (London), local partner Nathaniel Crowley (Hong Kong), counsel Tallat Hussain (London) and associates Mark Andrews, James Foo, Judith Olloh, Jake Seal, Shamim Khan, Lara Taylor, Sylvia Julius (all London), Nezar Al Abbas, Hend Bahabri, Ghazi Kayal, James Langlois (all Riyadh) and Kate Butler (Melbourne).
For more information please speak to your local media contact.