ACWA Power led consortium achieves financial close for the US$1.59 billion Red Sea Project

ACWA Power led consortium achieves financial close for the US$1.59 billion Red Sea Project

A consortium led by ACWA Power, and composed of SPIC Huanghe Hydropower Development Company and Saudi Tabreed Cooling Company, has achieved financial close for the US$1.302 billion senior debt facilities for the Red Sea multi-utilities project.

ACWA Power had been appointed by The Red Sea Development Company (TRSDC) to design, build, operate and transfer The Red Sea Project’s utilities infrastructure and relies entirely on renewable energy for power generation, water production, wastewater treatment and district cooling.

TRSDC – the developer behind the world’s most ambitious regenerative tourism project, is the procurer of the project – where all the utilities are being procured under a single offtake arrangement, unique for a contract of this kind. The project includes the provision of renewable power, potable water, wastewater treatment district cooling and solid waste treatment for 16 hotels, an international airport and infrastructure that make up phase one of The Red Sea Project in Saudi Arabia.

The energy requirements for the development will be generated on a sustainable, fully dispatchable basis by a 340MW solar photovoltaic plant with an associated storage system utilising a battery energy storage system (BESS) plant for captive use, which at a design capacity of c. 1.200 GWh will, upon deployment, be