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According to foreign media reports, a developer consortium has provided $1.3 billion in senior debt financing for the public utility infrastructure of the Red Sea project, a large resort under construction along the coast of Saudi Arabia, with plans to build the world's largest off grid battery energy storage system (BESS) with a capacity of 1200-1300MWh.

ACWA announced last week (February 24th) that developers ACWA Power, State Power Investment Corporation of China's Yellow River Hydroelectric Development Company, and Shatterbridge Cooling Company have received $1.302 billion in senior debt financing.



ACWA Power has been commissioned by project developer Red Sea Development Corporation (TRSDC) to design, construct, operate, and transfer the public utility infrastructure for the Red Sea project. Last month, TRSDC obtained a total of $3.76 billion in debt financing for the project.



Last October, Huawei announced at the 2021 Corporate Global Digital Power Summit held in Dubai, United Arab Emirates that the company would provide a 1300 MWh battery storage system for the Red Sea project, a large resort under construction on the Saudi Arabian coast.



During the summit, Huawei Digital Energy and Engineering, Procurement, and Construction (EPC) company SEPCO III signed a "key contract" for the project, which will also include 400MW of solar photovoltaic power generation. The developer of this project is ACWA Power, which is the mastermind behind many large renewable energy projects in the Middle East.



The Red Sea project is part of the Kingdom of Saudi Arabia's "Saudi Vision 2030" strategy, which leverages the country's strengths and historical significance to improve quality of life, achieve economic growth and diversification.



This senior debt financing is a combination of US dollars and riyals provided by Saudi Arabia and an international banking consortium, including Al Rajhi Bank, APICORP, Saudi French Bank, Riyadh Bank, Saudi Bank of the United Kingdom, Saudi National Bank, and Standard Chartered Bank.



ACWA stated that the Red Sea Resort will rely entirely on renewable energy for power generation, water production, wastewater treatment, and regional cooling. ACWA stated that it will include a solar photovoltaic power plant with an output power of 340MW. The first phase of the project will open by the end of 2022.



Paddy Padmanatan, CEO of ACWA Power, commented, "The Red Sea development project in the Kingdom of Saudi Arabia, which exceeds Belgium's area, is a remarkable project in terms of vision, ambition, scale, and scope. It has pioneered responsible ecotourism, protecting the Earth for future generations while enhancing the products and experiences of tourists."



Red Sea Development Corporation (TRSDC) is the overall developer and purchaser of the project, and will purchase all utilities under a single off take agreement, covering the provision of renewable energy, drinking water, cooling of sewage treatment areas, and solid waste treatment.



This is part of Saudi Arabian Crown Prince Mohammed Bin Salman's 2030 Vision Plan, which aims to modernize the country's economy, increase the mix of renewable energy, and enhance the role of the private sector.



Not far from the Red Sea coast, the state is building a brand new city called NEOM, which says it will use 100% renewable energy, including large-scale green hydrogen.



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