Red Sea Global (RSG) reached financial close on a USD 1.5 bn agreement with EDF and Masdar-led consortium to develop utility infrastructure at its Amaala wellness destination, according to state news agency (SPA). The project is expected to cut carbon emissions by c. 350k tons per year, it said. The consortium comprises France-based EDF Group and Abu Dhabi’s Masdar, along with Korea East-West Power Company and Paris-based Suez Company.

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The details: The facility will be operated off-grid and powered by a 250 MW solar plant and a 700 MWh battery system. It will also include transmission and distribution lines and a desalination plant producing 37 mn liters of drinking water daily. The facility will also have wastewater treatment facilities, it added.

ADVISORS- First Abu Dhabi Bank, Emirates NBD, Riyad Bank, Saudi National Bank, and Alinma Bank, as well as other unnamed local and international financial institutions.

ALSO FROM RED SEA GLOBAL-

The PIF-owned developer plans to allocate another USD 27 by 2030 to accelerate its developments, after it spent a similar amount to complete a third of its Red Sea project, CEO John Pagano told Bloomberg. The Red Sea Project features 24 resorts, which are slated to be fully operational by the end of next year.

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