Red Sea Global secures $1.5 billion funding for AMAALA development
Red Sea Global (RSG) has announced
the successful financial close of its $1.5 billion multi-utility infrastructure
project for the AMAALA development, a luxury wellness destination along Saudi
Arabia’s Red Sea coast. The funding was secured by a consortium led by
Electricité de France (EDF Group) and Abu Dhabi Future Energy Company (Masdar),
with partners Korea East-West Power Co. (EWP) and SUEZ, underscoring the
project’s potential to set new standards in sustainable luxury tourism.
This funding milestone was achieved
with the support of prominent local and international financial institutions,
including First Abu Dhabi Bank, Emirates NBD, Riyad Bank, Saudi National Bank,
and Alinma Bank, highlighting the consortium’s commitment to AMAALA’s vision of
luxury, sustainability, and cultural enrichment. RSG’s Group CEO, John Pagano,
emphasized the project as a model for combining 100% renewable energy with
high-end tourism.
“This agreement with EDF, Masdar,
EWP, and SUEZ ensures that AMAALA will be powered around the clock by renewable
energy, making it our second solar-powered destination,” Pagano stated.
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The project operates under a 25-year
multi-utility concession agreement, awarded by RSG in September 2023, with an
option for extension. It covers financing, engineering, development,
construction, operation, maintenance, and eventual transfer of a comprehensive
utility infrastructure that includes a 250-megawatt solar photovoltaic park,
700MWh battery storage, transmission lines, a desalination plant capable of
producing 37 million liters of potable water daily, and wastewater treatment
facilities.
This off-grid, decarbonized system
is expected to prevent approximately 350,000 tonnes of CO₂ emissions annually,
setting a precedent for environmentally responsible infrastructure. Mohamed
Jameel Al-Ramahi, CEO of Masdar, highlighted the project’s advanced renewable
energy, storage, and water systems. Beatrice Buffon, CEO of EDF Renewables, noted
the initiative’s replicable model for EDF, aiming to power 65,000 residents
with clean energy and secure water access.
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Korean East-West Power Co. CEO, Kim
Young-Moon, celebrated the financial closing as a pivotal move toward a
sustainable future, with the project expected to cut carbon emissions, enhance
air quality, and stimulate local economic growth. SUEZ’s COO, Pierre Pauliac,
announced the group’s role in the water utilities infrastructure and operation
of the desalination plant to ensure continuous water access for AMAALA.
In addition to its luxury appeal,
AMAALA aims to achieve a regenerative environmental impact, targeting a 30% net
conservation benefit by 2040. RSG’s plan includes enhancing diverse ecosystems
such as mangroves, seagrass, corals, and land vegetation, which promote
biodiversity and aid carbon sequestration.
Upon completion, AMAALA will feature
over 4,000 hotel rooms across 30 hotels, 1,200 high-end residences, and a
thriving community of 15,000 residents and workers, establishing it as a
leading sustainable luxury destination on the Red Sea coast.
Source: Arab News
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