ACWA POWER Co. announces an update to the Limited Notice To Proceed (“LNTP”) agreements in relation to the Engineering, Procurement And Construction (“EPC”) contract for the NEOM Green Hydrogen Project (NGHP)

Element List	Explanation
Introduction	NEOM Green Hydrogen Company (NGHC), an affiliate of ACWA Power announces that following the LNTP announcement dated 4 April 2022 where ACWA Power participated with SAR 1.125 billion (USD 300m), and the successful financial close, the full notice to proceed (NTP) issued by NGHC to the EPC contractor has been accepted.

Following this development, ACWA Power's SAR 1.125 billion (USD 300 million) contribution in the LNTP will now be considered as part of the equity contribution of ACWA Power in the project.

Concurrently, all project agreements have been executed whereby shareholders have agreed to manage certain execution risks related to the engineering, procurement, and construction of the project.

As a result, the project is now formally under execution. Previous Announcement 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 Date of Previous Announcement on Tadawul's Website 2022-04-04 Corresponding to 1443-09-03 Percentage of fulfilled achievement NA Event's Expected Completion Date End of 2026 Reasons for Exceeding the Announced End Date NA The costs associated with the event, and if they have changed or not with indication of the reasons. NA Impact of the Delay on the Company's Financial Results NA

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