A consortium led by EDF and Masdar has successfully reached financial close on a USD 1.5 billion (EUR 1.37 billion) multi-utilities infrastructure facility for the Amaala luxury resort in Saudi Arabia, which will be powered entirely by renewable energy.
The financial close was facilitated with backing from both local and global financial institutions, including First Abu Dhabi Bank (FAB), Emirates NBD, Riyad Bank, Saudi National Bank (SNB), and Alinma Bank.
Key Features of the New Energy Facility
The new energy facility will include:
- A 250-MW solar farm
- A 700-MWh battery energy storage system (BESS)
- Transmission and distribution lines
- A desalination plant capable of producing 37 million litres of drinking water per day
- Wastewater treatment facilities
Once operational, this facility is expected to save approximately 350,000 tonnes of carbon dioxide (CO2) emissions annually. Selected contractors for the project include Sungrow Power Supply Co Ltd, a Chinese firm specializing in PV inverters and battery storage, and Larsen & Toubro, an India-based engineering conglomerate.
Recent Developments
The financial close follows the awarding of a 25-year multi-utility concession agreement in September 2023. The consortium, which includes Korea East-West Power Co (EWP) and Suez, is poised to make significant advancements in renewable energy infrastructure in the region.
The Amaala project, developed by Red Sea Global, is strategically located on Saudi Arabia’s northwestern Red Sea coast. The first phase of the resort is expected to welcome its first guests in 2025. Upon completion, Amaala will feature over 4,000 hotel rooms across 30 hotels and 1,200 high-end residential villas, apartments, and estate homes.
Suggested Sources
- [EDF Official Website]
- [Masdar Official Website]
- [Red Sea Global]
