{"id":91133,"date":"2024-11-03T00:00:00","date_gmt":"2024-11-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/03\/red-sea-global-secures-usd-1-5-bn-for-utility-project\/"},"modified":"2024-11-03T00:00:00","modified_gmt":"2024-11-03T00:00:00","slug":"red-sea-global-secures-usd-1-5-bn-for-utility-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/03\/red-sea-global-secures-usd-1-5-bn-for-utility-project\/","title":{"rendered":"Red Sea Global secures USD 1.5 bn for utility project"},"content":{"rendered":"

Red Sea Global (RSG) reached financial close on a USD 1.5 bn agreement<\/strong> with <\/strong>EDF and Masdar-led consortium<\/strong> to develop utility infrastructure at its Amaala wellness destination, according to state news agency (SPA)<\/a>. 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\u2019s Masdar, along with Korea East-West Power Company and Paris-based Suez Company.<\/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

The details:<\/strong> 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.<\/p>\n

ADVISORS- <\/strong>First Abu Dhabi Bank, Emirates NBD, Riyad Bank, Saudi National Bank, and Alinma Bank, as well as other unnamed local and international financial institutions.<\/p>\n

\n

ALSO FROM RED SEA GLOBAL-<\/p>\n

The PIF-owned developer plans to allocate another USD 27 by 2030 to accelerate its<\/strong> developments<\/strong>, after it spent a similar amount to complete a third of its Red Sea project<\/a>, CEO John Pagano told Bloomberg<\/a>. The Red Sea Project features 24 resorts, which are slated to be fully operational by the end of next year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The project is intended to develop utility infrastructure at its Amaala destination<\/p>\n","protected":false},"author":1,"featured_media":91134,"comment_status":"","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":[2570],"tags":[3346,2358,2425,10,2901,181],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-amaala","tag-edf","tag-energy","tag-enterpriseam-ksa","tag-masdar","tag-red-sea-global","wpautop","entry"],"acf":{"mongo_id":"67c2410a-0919-4304-a830-11d495fc4b75","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/69.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Red Sea Global secures USD 1.5 bn for utility project with EDF-Masdar led consortium","related_issue":[91120],"teaser":"The project is intended to develop utility infrastructure at its Amaala destination","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.e93a57dc-2ce0-43a3-88db-236468592088.mp3"},"yoast_head":"\nRed Sea Global secures USD 1.5 bn for utility project - 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