A consortium led by EDF Group and Masdar, along with partners Korea East-West Power Co. (EWP) and SUEZ, announced the successful financial close for a $1.5 billion multi-utilities infrastructure project at the AMAALA luxury tourism destination on Saudi Arabia’s Red Sea coast.
Developed by Red Sea Global, AMAALA is a regenerative destination focused on wellness and sustainability, with plans to open its doors to guests in 2025.
The financial backing includes support from local and international financial institutions, such as First Abu Dhabi Bank (FAB), Emirates NBD, Riyad Bank, Saudi National Bank (SNB), and Alinma Bank.
The financing is a major milestone, reflecting the consortium’s commitment to supporting Saudi Arabia’s Vision 2030 by delivering eco-friendly luxury tourism facilities powered entirely by renewable energy.
The multi-utilities infrastructure facility forms a cornerstone of AMAALA’s sustainability ambitions. Under a 25-year concession agreement with Red Sea Global, the EDF-Masdar consortium will handle financing, engineering, construction, operation, and maintenance of the utilities.
Designed as an off-grid renewable energy system, the facility will include a 250 MW solar photovoltaic plant, a 700 MWh battery energy storage system, and transmission and distribution infrastructure. It also features a 37 million liters per day (MLD) desalination plant and wastewater treatment facilities, ensuring reliable water and power supply around the clock.
The project is expected to achieve substantial carbon savings, avoiding nearly 350,000 tons of CO2 emissions annually compared to conventional infrastructure.
EDF’s Vice President Beatrice Buffon stressed the scale of the project, noting it will deliver carbon-free electricity and uninterrupted water access to serve AMAALA’s anticipated 65,000 residents and visitors.
“This project sets new standards for EDF Group and demonstrates our expertise in large-scale off-grid systems that seamlessly integrate renewable energy, storage, and desalination,” Buffon stated.
Red Sea Global’s Group CEO, John Pagano, celebrated the project’s achievements in demonstrating how tourism destinations can be both luxurious and environmentally sustainable. “Our collaboration with EDF, Masdar, EWP, and SUEZ places us on track to make AMAALA our second destination powered entirely by renewable energy, providing an unforgettable luxury experience for guests while ensuring strong financial returns for our partners,” he said.
Masdar CEO Mohamed Jameel Al Ramahi described the project as an innovative example of fully integrated clean energy infrastructure, incorporating solar power, battery storage, and desalination to meet AMAALA’s needs. He noted that the project aligns with Masdar’s role as a leader in sustainable energy solutions and supports Saudi Arabia’s Vision 2030 objectives. “We are excited to support the Kingdom’s goal of positioning itself as a premier destination for sustainable luxury tourism in the region,” Al Ramahi remarked.
Korea East-West Power’s CEO, Kim Young-Moon, highlighted the importance of the AMAALA project to the company’s global renewable energy goals. “This project is a vital step forward in our commitment to a sustainable future. By reducing carbon emissions, enhancing air quality, and creating jobs, we’re contributing to both local economic growth and our broader mission to lead in the global energy transition,” he said.
Pierre Pauliac, SUEZ’s Chief Operating Officer for Water, noted that the group’s role in constructing and managing water utilities infrastructure at AMAALA underlines its commitment to ensuring reliable water access through innovative solutions. “SUEZ will provide secure, high-quality drinking water and irrigation solutions while managing wastewater treatment, enhancing the project’s environmental resilience,” Pauliac said.
AMAALA’s sustainability goals extend beyond infrastructure. By 2040, the destination aims to achieve a 30% net conservation benefit for local ecosystems, with active efforts to preserve and enhance biodiversity through mangrove, seagrass, coral, and vegetation restoration. The facility will support AMAALA’s ambition to set a benchmark for regenerative tourism, with a focus on carbon sequestration and biodiversity conservation.
The first phase of AMAALA is expected to welcome guests in 2025, with the destination ultimately featuring over 4,000 hotel rooms across 30 hotels, along with 1,200 luxury residences including villas, apartments, and estate homes. In addition to tourism facilities, AMAALA will host a vibrant community of over 15,000 residents and workers, contributing to a sustainable, eco-conscious living environment that supports Saudi Arabia’s broader vision for the future.
