ACWA Power to design, build, operate US$1.59 billion Red Sea Project
A consortium led by ACWA Power, and composed of SPIC Huanghe Hydropower Development Company and Saudi Tabreed Cooling Company, has achieved financial close for the US$1.302 billion senior debt facilities for the Red Sea multi-utilities project. ACWA Power had been appointed by The Red Sea Development Company (TRSDC) to design, build, operate and transfer The Red Sea Project’s utilities infrastructure and relies entirely on renewable energy for power generation, water production, wastewater treatment and district cooling.
TRSDC – the developer behind the world’s most ambitious regenerative tourism project, is the procurer of the project – where all the utilities are being procured under a single offtake arrangement, unique for a contract of this kind. The project includes the provision of renewable power, potable water, wastewater treatment district cooling and solid waste treatment for 16 hotels, an international airport and infrastructure that make up phase one of The Red Sea Project in Saudi Arabia.
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