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ACWA Power announced the closing of $1.33 billion financing for its renewable energy project to power The Red Sea Development Co. (TRSDC).
A consortium which included Al Rajhi Bank, Banque Saudi Fransi, The Saudi British Bank, Arab Petroleum Investment Corporation, Standard Chartered Bank, and Riyad Bank arranged the debt facility closure.
The Red Sea Development Company (TRSDC) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia. TRSDC was established to drive the development of The Red Sea Project, a luxury, regenerative tourism destination that will set new standards in sustainable development and position Saudi Arabia on the global tourism map.
ACWA Power will operate the renewable energy powered infrastructure. TRSDC will develop 100% renewable energy operated world’s largest sustainable toursim. It is anticipated that the operation will start by the end of the year 2022.
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.