ACWA Power led consortium closes $1.3bn debt facility for Red Sea Project

ACWA Power led consortium closes $1.3bn debt facility for Red Sea Project

A consortium led by Saudi Arabia-based power plant developer, ACWA Power, composed of SPIC Huanghe Hydropower Development Company and Saudi Tabreed Cooling Company, has achieved financial close for the $1.3 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 first phase of the Red Sea Project in Saudi Arabia includes the provision of renewable energy, safe drinking water, wastewater treatment district cooling, and solid waste treatment for 16 hotels, an international airport, and infrastructure.

Paddy Padmanathan

President & CEO

ACWA Power “We’re proud to be the provider of all utility services to the very exacting zero carbon emission, zero waste and zero plastic standards and are delighted to have achieved this milestone on yet another path-breaking project that is helping to meet the clean energy ambitions of