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ACWA POWER Co. Announces the signing of the Limited Notice To Proceed (“LNTP”) Agreements in relation to the Engineering, Procurement And Construction (“EPC”) contract for the NEOM Green Hydrogen Project

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Introduction ACWA POWER Company announces the signing of the LNTP Agreements in relation to the EPC Contract for the NEOM Green Hydrogen Project, the largest green ammonia project in the world to be located in NEOM, in the Kingdom of Saudi Arabia, with an expected capacity of 1.2 Million Tons per annum of green ammonia.

ACWA Power Company owns 33.3% of the NEOM Green Hydrogen Company, alongside Air Products (33.3%) and NEOM Company (33.4%).

The LNTP Agreements will include:

- In Kingdom LNTP in relation to the EPC contract between NEOM Green Hydrogen Company and Air Products Middle East Industrial Gases LLC;

- Out of Kingdom LNTP in relation to the EPC contract between NEOM Green Hydrogen Company and Air Products Equipment limited;

- Parent Company Guarantee And Co-Ordination Deed for the LNTP in relation to the EPC contract between NEOM Company; ACWA POWER Company;

Air Products Saudi Arabia Investment Company; Air Products Equipment limited; Air Products Middle East Industrial Gases LLC; Air Products and Chemicals, Inc.

Date of Announcement of the Award 2022-04-03 Corresponding to 1443-09-02
Contract Subject Matter Limited Notice To Proceed in relation to the Engineering, Procurement And Construction Contract for the NEOM Green Hydrogen Project
Date of Signing the Contract 2022-03-04 Corresponding to 1443-08-01
Contract Value 900 Million USD
Contract Details LNTP in relation to the EPC contract for the NEOM Green Hydrogen Project
Contract Duration .6 months
Financial Impact and the Relevant Period If Financial Close is never achieved and project is abandoned, a maximum aggregate exposure can reach up to 300 million USD to ACWA Power Company under the LNTP in relation to the EPC contract for the NEOM Green Hydrogen Project
Related Parties NEOM Company.
Additional Information Neom Green Hydrogen Project, jointly developed by ACWA Power, Air Products and NEOM, will be the largest green hydrogen production facility in the world, that will use over 4GW of combined renewable energy capacity to generate the power used for producing green hydrogen.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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