Masdar-led consortium secures financing for its mega utility facility at Saudi’s zero-carbon tourist destination Amaala: A consortium led by the UAE’s Masdar and France’s EDF Group reached financial close on a USD 1.5 bn multi-utility infrastructure facility at the Amaala project on Saudi’s Red Sea coast, according to a press release from Thursday. The consortium also includes Korea East-West Power Co. (EWP) and France’s Suez.

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About the project: This off-grid facility will include a 250 MW solar photovoltaic park, 700 MWh battery storage, and a desalination plant producing 37 mn liters of drinking water daily. The facility will integrate renewable energy, water desalination, and wastewater treatment, designed to save approximately 350k tons of CO2 emissions annually. The facility will serve Amaala City — a zero-carbon, luxury regenerative tourism destination on Saudi Arabia's Red Sea coast that is being developed by PIF’s Red Sea Global. The city is expected to open by 2025.

Multiple lenders are involved: The financial close was supported by local and global financial institutions, including Riyadh Bank, Saudi National Bank (SNB), and Alinma Bank.

First Abu Dhabi Bank (FAB) and Emirates NBD.

REMEMBER- RSG entered into a 25-year concession agreement for the project: RSG entered into a 25-year concession agreement in September 2023 with EDF and Masdar on the multi-utility infrastructure facility.

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