{"id":846,"date":"2024-11-01T10:12:23","date_gmt":"2024-11-01T06:12:23","guid":{"rendered":"https:\/\/www.utilitybusinessmena.com\/?p=846"},"modified":"2024-11-01T10:12:23","modified_gmt":"2024-11-01T06:12:23","slug":"edf-and-masdar-consortium-secures-1-5b-financial-close-for-amaala-multi-utilities-facility-in-saudi-arabia","status":"publish","type":"post","link":"https:\/\/cheeltech.com\/utilitybusinessmena\/electricity\/edf-and-masdar-consortium-secures-1-5b-financial-close-for-amaala-multi-utilities-facility-in-saudi-arabia","title":{"rendered":"EDF and Masdar consortium secures $1.5B financial close for AMAALA multi-utilities facility in Saudi Arabia"},"content":{"rendered":"\n

A consortium led by EDF Group<\/a> and Masdar<\/a>, along with partners Korea East-West Power Co. (EWP)<\/a> and SUEZ<\/a>, announced the successful financial close for a $1.5 billion multi-utilities infrastructure project at the AMAALA luxury tourism destination<\/a> on Saudi Arabia’s Red Sea coast.<\/p>\n\n\n\n

Developed by Red Sea Global, AMAALA is a regenerative destination focused on wellness and sustainability, with plans to open its doors to guests in 2025.<\/p>\n\n\n\n

The financial backing includes support from local and international financial institutions, such as First Abu Dhabi Bank (FAB), Emirates NBD, Riyad Bank, Saudi National Bank (SNB), and Alinma Bank.<\/p>\n\n\n\n

The financing is a major milestone, reflecting the consortium\u2019s commitment to supporting Saudi Arabia\u2019s Vision 2030 by delivering eco-friendly luxury tourism facilities powered entirely by renewable energy.<\/p>\n\n\n\n

The multi-utilities infrastructure facility forms a cornerstone of AMAALA’s sustainability ambitions. Under a 25-year concession agreement with Red Sea Global, the EDF-Masdar consortium will handle financing, engineering, construction, operation, and maintenance of the utilities.<\/p>\n\n\n\n

Designed as an off-grid renewable energy system, the facility will include a 250 MW solar photovoltaic plant, a 700 MWh battery energy storage system, and transmission and distribution infrastructure. It also features a 37 million liters per day (MLD) desalination plant and wastewater treatment facilities, ensuring reliable water and power supply around the clock.<\/p>\n\n\n\n

The project is expected to achieve substantial carbon savings, avoiding nearly 350,000 tons of CO2 emissions annually compared to conventional infrastructure.<\/p>\n\n\n\n

EDF\u2019s Vice President Beatrice Buffon stressed the scale of the project, noting it will deliver carbon-free electricity and uninterrupted water access to serve AMAALA\u2019s anticipated 65,000 residents and visitors.<\/p>\n\n\n\n

“This project sets new standards for EDF Group and demonstrates our expertise in large-scale off-grid systems that seamlessly integrate renewable energy, storage, and desalination,” Buffon stated.<\/p>\n\n\n\n

Red Sea Global\u2019s Group CEO, John Pagano, celebrated the project\u2019s achievements in demonstrating how tourism destinations can be both luxurious and environmentally sustainable. \u201cOur collaboration with EDF, Masdar, EWP, and SUEZ places us on track to make AMAALA our second destination powered entirely by renewable energy, providing an unforgettable luxury experience for guests while ensuring strong financial returns for our partners,\u201d he said.<\/p>\n\n\n\n

Masdar CEO Mohamed Jameel Al Ramahi described the project as an innovative example of fully integrated clean energy infrastructure, incorporating solar power, battery storage, and desalination to meet AMAALA\u2019s needs. He noted that the project aligns with Masdar\u2019s role as a leader in sustainable energy solutions and supports Saudi Arabia\u2019s Vision 2030 objectives. \u201cWe are excited to support the Kingdom\u2019s goal of positioning itself as a premier destination for sustainable luxury tourism in the region,\u201d Al Ramahi remarked.<\/p>\n\n\n\n

Korea East-West Power\u2019s CEO, Kim Young-Moon, highlighted the importance of the AMAALA project to the company\u2019s global renewable energy goals. \u201cThis project is a vital step forward in our commitment to a sustainable future. By reducing carbon emissions, enhancing air quality, and creating jobs, we\u2019re contributing to both local economic growth and our broader mission to lead in the global energy transition,\u201d he said.<\/p>\n\n\n\n

Pierre Pauliac, SUEZ\u2019s Chief Operating Officer for Water, noted that the group\u2019s role in constructing and managing water utilities infrastructure at AMAALA underlines its commitment to ensuring reliable water access through innovative solutions. \u201cSUEZ will provide secure, high-quality drinking water and irrigation solutions while managing wastewater treatment, enhancing the project\u2019s environmental resilience,\u201d Pauliac said.<\/p>\n\n\n\n

AMAALA\u2019s sustainability goals extend beyond infrastructure. By 2040, the destination aims to achieve a 30% net conservation benefit for local ecosystems, with active efforts to preserve and enhance biodiversity through mangrove, seagrass, coral, and vegetation restoration. The facility will support AMAALA\u2019s ambition to set a benchmark for regenerative tourism, with a focus on carbon sequestration and biodiversity conservation.<\/p>\n\n\n\n

The first phase of AMAALA is expected to welcome guests in 2025, with the destination ultimately featuring over 4,000 hotel rooms across 30 hotels, along with 1,200 luxury residences including villas, apartments, and estate homes. In addition to tourism facilities, AMAALA will host a vibrant community of over 15,000 residents and workers, contributing to a sustainable, eco-conscious living environment that supports Saudi Arabia\u2019s broader vision for the future.<\/p>\n","protected":false},"excerpt":{"rendered":"

Designed as an off-grid renewable energy system, the facility will include a 250 MW solar photovoltaic plant, a 700 MWh battery energy storage system, and transmission and distribution infrastructure<\/p>\n","protected":false},"author":2,"featured_media":847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36,40,428,41,559,539],"tags":[976,500,977,91,978,979,980,981,982,983,170,984,985,986,42,987,126,988,43,344,989],"class_list":{"0":"post-846","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-electricity","8":"category-news","9":"category-power","10":"category-renewable-energy","11":"category-solar","12":"category-sustainability","13":"tag-amaala","14":"tag-battery-storage","15":"tag-beatrice-buffon","16":"tag-desalination","17":"tag-edf-group","18":"tag-emirates-nbd","19":"tag-first-abu-dhabi-bank-fab","20":"tag-john-pagano","21":"tag-kim-young-moon","22":"tag-korea-east-west-power","23":"tag-masdar","24":"tag-multi-utilities-infrastructure","25":"tag-pierre-pauliac","26":"tag-red-sea-global","27":"tag-renewable-energy","28":"tag-riyad-bank","29":"tag-saudi-arabia","30":"tag-saudi-national-bank","31":"tag-solar-power","32":"tag-suez","33":"tag-sustainable-tourism"},"_links":{"self":[{"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/posts\/846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/comments?post=846"}],"version-history":[{"count":0,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/posts\/846\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/media\/847"}],"wp:attachment":[{"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/media?parent=846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/categories?post=846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cheeltech.com\/utilitybusinessmena\/wp-json\/wp\/v2\/tags?post=846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}