Suez: closes financing for project in Saudi Arabia

(CercleFinance.com) - The consortium led by EDF and Masdar has announced that financing for its multiservice infrastructure for the AMAALA tourist site in Saudi Arabia has been completed.


The $1.5bn project, developed by Red Sea Global, includes a decarbonized energy system based on a 250 MW solar farm, 700 MWh of storage capacity, a 37 million liter/day desalination plant and a wastewater treatment system.

This infrastructure is expected to avoid 350,000 tonnes of CO₂ per year and offer 100% renewable services.

John Pagano, CEO of Red Sea Global, said that this project demonstrates the viability of luxury tourism powered by renewable energy.


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