Carina Radford_Din Eshanov_Alec Johnson

White & Case: NEOM Green Hydrogen Project USD8.4B financing

Global law firm White & Case and The Law Office of Megren M. Al-Shaalan have provided legal counsel to NEOM Green Hydrogen Company in the successful closing of the groundbreaking NEOM Green Hydrogen Project. The project, valued at a staggering USD8.4 billion, represents the world’s largest green hydrogen facility and marks a significant milestone in the advancement of sustainable energy solutions. 

The White & Case and The Law Office of Megren M. Al-Shaalan team which advised on the transaction was led by partners (pictured above LtoR) Carina Radford (London), Dinmukhamed 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). 

Allen & Overy has advised the credit providers of the financing on all aspects of the development and financing of this project, including a Euler Hermes tranche, a SIDF tranche and a NIF tranche which each sit alongside the conventional and Islamic bank facilities. For further information about the team click here.

Ana Munoz (pictured below), Chief Legal Officer at NEOM Green Hydrogen Company, oversaw the transaction for the company.


The financing structure for the NEOM Green Hydrogen Project comprises a customized arrangement of senior debt and mezzanine debt facilities totalling USD6.1 billion. These financing arrangements, secured on a non-recourse project finance basis, were made possible through the collaboration of a syndicate consisting of 21 commercial banks, the National Investment Fund, and the Saudi Industrial Development Fund, with valuable support from Euler Hermes. 

Situated in the NEOM region of the Kingdom of Saudi Arabia, this mega-plant will harness the power of solar and wind energy on an unprecedented scale. With the integration of up to four gigawatts of renewable energy capacity, the facility aims to produce a remarkable 600 tonnes per day of carbon-free hydrogen by the end of 2026. The hydrogen will be converted into green-ammonia, offering a cost-effective and sustainable solution for the global transportation and industrial sectors. 

NEOM Green Hydrogen Company has secured a significant advantage in the market through an exclusive 30-year off-take agreement with Air Products. This strategic partnership ensures that all green ammonia produced at the NEOM Green Hydrogen facility will be directly supplied to Air Products, reinforcing their commitment to sustainable practices and carbon reduction.