TRSDC, a sustainable tourism development company of Saudi Arabia has finalized a deal for a renewable energy project with ACWA Power for 25 years period.
“This confirms the development as the largest tourism project in the world set to be powered solely by renewable energy,” TRSDC said.
The consortium has secured the financing for designing, building, and operating the project with local and international investors including Standard Chartered Bank of UK and China’s Silk Road Fund.
“Initial assets will be delivered by December 2022 with the balance coming online throughout 2023, delivering a total generating capacity circa 407 MWp of Solar PV power for Phase 1. By completion, the destination will have the infrastructure in place to generate up to up to 760,000 MWh of renewable energy per year,” it said.
The facility will also include the world’s largest battery storage facility of 1000 MWh, which will generate power day and night.
The project will save nearly half a million tons of CO2 every year which is equivalent to emissions from around 99,000 cars or 78,000 homes.