{"id":87731,"date":"2024-11-04T00:00:00","date_gmt":"2024-11-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/11\/04\/ksas-mega-off-grid-renewables-project-in-resort-city-amaala-reaches-financial-close\/"},"modified":"2024-11-04T00:00:00","modified_gmt":"2024-11-04T00:00:00","slug":"ksas-mega-off-grid-renewables-project-in-resort-city-amaala-reaches-financial-close","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/11\/04\/ksas-mega-off-grid-renewables-project-in-resort-city-amaala-reaches-financial-close\/","title":{"rendered":"KSA\u2019s mega off-grid renewables project in resort city Amaala reaches financial close"},"content":{"rendered":"

Masdar-led consortium secures financing for its mega utility facility at Saudi\u2019s <\/strong>zero-carbon tourist destination Amaala:<\/strong> A consortium led by the UAE\u2019s Masdar and France\u2019s EDF Group reached financial close on a USD 1.5 bn multi-utility infrastructure facility at the Amaala project on Saudi\u2019s Red Sea coast, according to a press release<\/a> from Thursday. The consortium also includes Korea East-West Power Co. (EWP) and France\u2019s Suez<\/a>. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

About the project: <\/strong>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 \u2014 a zero-carbon, luxury regenerative tourism destination on Saudi Arabia's Red Sea coast that is being developed by PIF\u2019s Red Sea Global<\/a>. The city is expected to open by 2025. <\/p>\n

Multiple lenders are involved: <\/strong>The financial close was supported by local and global financial institutions, including Riyadh Bank, Saudi National Bank (SNB), and Alinma Bank. <\/p>\n

First Abu Dhabi Bank (FAB) and Emirates NBD.<\/p>\n

REMEMBER- RSG entered into a 25-year concession agreement for the project: <\/strong>RSG entered into a 25-year concession agreement<\/a> in September 2023 with EDF and Masdar on the multi-utility infrastructure facility. <\/p>\n","protected":false},"excerpt":{"rendered":"

Several local and global financial institutions were involved<\/p>\n","protected":false},"author":1,"featured_media":87732,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[83,11,164,159,42],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseclimate","tag-green-finance","tag-saudi-arabia","tag-solar-energy","wpautop","entry"],"acf":{"mongo_id":"3e925a00-d61a-43f0-ac88-88761fcbccc0","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/217.jpg","photo_position":"above","homepage_title":"","full_issue_title":"KSA\u2019s mega off-grid renewables project in resort city Amaala reaches financial close","related_issue":[87726],"teaser":"Several local and global financial institutions were involved","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.40fc13b1-686e-443b-ac66-b15da250fd45.mp3"},"yoast_head":"\nKSA\u2019s mega off-grid renewables project in resort city Amaala reaches financial close - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2024\/11\/04\/ksas-mega-off-grid-renewables-project-in-resort-city-amaala-reaches-financial-close\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KSA\u2019s mega off-grid renewables project in resort city Amaala reaches financial close\" \/>\n<meta property=\"og:description\" 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