Red sea asmara energy storage project amount

How much debt is needed for the Red Sea project?

A consortium of developers has achieved financial close for $1.3 billion in debt funding for utility infrastructure at the Red Sea Project, a massive tourism complex under construction on the coast of Saudi Arabia.

How many hotels will be in the Red Sea?

The development will seemingly include 50 hotels when complete, and will be powered solely by wind and solar energy. The complex will rely on the world’s largest battery storage facility at 1000MWh, which is being supplied by the Red Sea Development Company (TRSDC).

What is the Red Sea development project?

A consortium of developers led by ACWA Power has secured financing for the Red Sea project, on the west coast of Saudi Arabia, which is set to feature a 320MW solar array and a 1.3GWh off-grid battery. Upon completion, the Red Sea Development Project will cover an area the size of Belgium. Image: The Red Sea Development Company

Who is ACWA Power Consortium & Red Sea global?

In 15+ years we have become the largest power & water developer in the GCC region, and a name to contend with internationally. ACWA Power Consortium and Red Sea Global have signed a 25-year Utilities Concession Agreement with a total investment value of US$1.5 billion for the development/construction/operation of a multi-utilities Project.

Who owns the Red Sea project?

A joint venture in which ACWA holds a 50% stake was appointed by the The Red Sea Development Company entity – owned by Saudi wealth fund the Public Investment Fund (PIF) – to design, build, operate and transfer The Red Sea Project’s utilities infrastructure under a 25-year offtake contract.

What is the Red Sea development company financing announcement?

The financing announcement comes after a financial close The Red Sea Development Company achieved last month on its debt facilities for the project, to the tune of $3.76 billion. That loan was said to be the first ever riyal-denominated green finance credit facility.