UAE’s Masdar raises its clean energy portfolio by 40% in 2021

NEOM, the $500 billion project wholly owned by Saudi Arabia’s Public Investment Fund, launched its subsidiary company ENOWA, aimed at ensuring world-class, sustainable energy and water systems. 

In a statement, NEOM revealed that its goal is to ensure all residents and industries in its project are powered by 100 percent renewable energy. 

ENOWA will represent NEOM as the principal shareholder in the world’s largest green hydrogen production plant in an equal joint venture with Air Products and ACWA Power. 

Coming on stream in 2025, the green hydrogen plant is expected to be the first of several similar plants to make NEOM a hub for green hydrogen, which will be exported and used in NEOM for a variety of solutions, including fueling clean, autonomous electric vehicles. 

“The creation of ENOWA is a significant development for NEOM and the nation, and it will be the blueprint for developments elsewhere for years to come,” said Abdulrahman AlFadley, Minister of Environment, Water and Agriculture and chairman of ENOWA. 

Nadhmi Al-Nasr, CEO of NEOM added: “ENOWA will become the benchmark for integrated sustainable energy, water, and hydrogen systems and extend its approach to other industries to grow the sustainability marketplace both in the region and abroad.” 

“Aligned with NEOM’s approach to living in harmony with nature, our new company works in partnership with its environment to create a sustainable cycle. This will provide the resources to power a thriving, sustainable economy,” said Peter Terium, CEO of ENOWA.