Masdar-led consortium secures funding for Saudi’s Amaala: A consortium led by UAE renewables giant Masdar and France's EDF achieved financial close on the infrastructure facility for Saudi Arabia's USD 1.5 bn tourism megaproject, Amaala, according to a press release. The funding comes from a mix of Emirati and Saudi lenders, including First Abu Dhabi Bank (FAB), Emirates NBD, Riyad Bank, Saudi National Bank (SNB), and Alinma Bank.

Background: The consortium entered a 25-year concession agreement with Saudi’s Red Sea Global last year to develop the infrastructure facility. The Amaala facility will feature an optimized off-grid renewable energy system that includes solar power generation and a 700 MWh battery energy storage facility to fully power its desalination and wastewater plants. This initiative will ensure that Amaala runs entirely on solar energy, reducing CO2 emissions by approximately 500k tons annually.

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