Red Sea Global (RSG), developer of tourism sites AMAALA and The Red Sea, has announced the financial close of a $1.5 billion agreement for infrastructure development at AMAALA, a resort on Saudi Arabia’s Red Sea coast. The project, supported by a consortium led by EDF Group and Masdar along with Korea East-West Power Co. (EWP) and SUEZ, will provide AMAALA with renewable energy-based infrastructure, enabling off-grid power.
The consortium reached the financial close for a 25-year multi-utility concession agreement with Red Sea Global. This contract includes financing, engineering, development, construction, operation, and maintenance of facilities for energy, water, and waste management at AMAALA. The agreement includes a 250 MW solar photovoltaic plant and a 700 MWh battery storage system for continuous power supply, independent of the national grid.
To ensure self-sufficiency, AMAALA’s utilities will feature a desalination plant, providing up to 37 million liters of drinking water daily. The resort will also have wastewater treatment facilities, supporting both water reuse and environmental sustainability. The infrastructure is projected to reduce carbon emissions by nearly 350,000 tons annually when compared to conventional systems.
First Abu Dhabi Bank, Emirates NBD, Riyad Bank, Saudi National Bank, and Alinma Bank are providing financing support. The project is aligned with Saudi Arabia’s Vision 2030 initiative, which aims to establish the Kingdom as a hub for sustainable luxury tourism.
In a statement, John Pagano, CEO of Red Sea Global, described the agreement as a step forward in sustainable tourism, noting the project’s role in achieving renewable energy generation for luxury destinations. Beatrice Buffon, Vice-President of EDF Group, emphasized the system’s capacity to provide 24/7 carbon-free electricity and water. Masdar’s CEO, Mohamed Jameel Al Ramahi, highlighted the collaboration’s role in advancing clean energy technology. Kim Young-Moon, CEO of EWP, stated the project’s impact on emissions and job creation.
