International Finance

ACWA Power closes $1.33 bn in financing for the Red Sea Development project

The project will run of 100% renewable energy

Saudi Arabia-based ACWA Power has closed $1.33 billion in financing for the Red Sea Development project, media reports said. The project will run fully on renewable energy and is dubbed as the world’s largest sustainable tourism destination that will run on 100 percent renewable energy.

The funds will be arranged from a consortium including Al Rajhi Bank, Banque Saudi Fransi, The Saudi British Bank, Arab Petroleum Investment Corporation, Standard Chartered Bank, and Riyad Bank.

The Red Sea Development tourism project will be developed by a consortium led by ACWA Power. Other member includes SPIC Huanghe Hydropower Development Co., and Saudi Tabreed. ACWA Power holds the majority stake of 50 percent.

Recently, ACWA Power agreed to a $108 million deal to develop a 100MW Nukus wind farm in Uzbekistan. The wind farm will be located in the Karakalpakstan region in north-western Uzbekistan.

ACWA Power president and chief executive Paddy Padmanathan told the media, “Uzbekistan is undergoing tremendous change as it progresses quickly towards an industrialised, connected and economically prosperous future.

“To achieve these goals, energy demand is set to increase rapidly and we at ACWA Power have the expertise, experience and technological know-how to deliver on these ambitions while ensuring the trajectory to achieving the net zero commitment, all as demonstrated by our work in our home market of Saudi Arabia, and beyond.

“We look forward to continue working with our government partners in Uzbekistan in realising their plans.”

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