A consortium led by electric utility EDF and clean energy company Masdar has achieved financial close on a multi-utilities infrastructure facility valued at USD 1.5 billion (EUR 1.37 billion) for the Amaala luxury resort in Saudi Arabia, which will be powered entirely by renewable energy.
The financial close was supported by a mix of local and global financial institutions, including First Abu Dhabi Bank (FAB), Emirates NBD, Riyad Bank, Saudi National Bank (SNB), and Alinma Bank, according to a press statement.
The new energy facility will consist of a 250-MW solar farm integrated with a 700-MWh battery energy storage system (BESS), alongside necessary transmission and distribution lines and a desalination plant with a capacity of 37 million liters of drinking water per day. Additionally, wastewater treatment facilities will be included in the infrastructure.
Once operational, the facility is expected to reduce carbon dioxide emissions by 350,000 tonnes annually. Notable contractors for the project include Chinese PV inverter and battery storage firm Sungrow Power Supply Co Ltd and India's engineering conglomerate Larsen & Toubro.
This financial close follows the awarding of a 25-year multi-utility concession agreement in September 2023. The consortium also includes Korea East-West Power Co (EWP) and Suez.
Developed by Red Sea Global, the Amaala project is set along Saudi Arabia's northwestern Red Sea coast. The first phase is scheduled to welcome its inaugural guests in 2025, featuring over 4,000 hotel rooms across 30 hotels, as well as 1,200 high-end residential villas, apartments, and estate homes.
