Air Products’ cash contribution to the project funding of NEOM is halving to $800m, it was disclosed today.
During a Q1 earnings webcast, Seifi Ghasemi, Chairman, President and CEO, said the project capital structure has changed following “significant interest” from more than 20 global financial institutions. The three-equal ownership parties will now invest 25% cash and 75% non-recourse project financing.
“We decided the best course of action, to minimise our cash contribution, and maximise our return, is to do non-recourse project financing, which is well underway,” he said, adding that it was more than two times over-subscribed.
“Later this month we expect to complete the ‘dry close’, and we expect the full financing close to be completed a few months later.”
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