According to foreign media reports, a consortium composed of developers has completed the financing of the public utility infrastructure of the Red Sea project with a debt financing of US $1.3 billion. The project is under construction in a large resort on the Saudi coast. It is planned to deploy the world's largest off grid battery energy storage system (BESS), with a total energy storage capacity of 1200 ~ 1300mwh.
Saudi international power and water company (ACWA) announced on February 24 that Saudi ACWA power company, China National Power Investment Group upper Yellow River Hydropower Development Company and shattabird cooling company have obtained US $1.302 billion of senior debt financing.
ACWA power company has been authorized by the project developer Red Sea Development Company (trsdc) to be responsible for the design, construction, operation and transfer of public facilities and infrastructure of the Red Sea project. Last month, Red Sea Development Corporation (trsdc) financed its own project debt, totaling US $3.76 billion.
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