The Red Sea Development Company (TRSDC), the developer behind the one of the most ambitious regenerative tourism projects in the world, has awarded its highest-value contract to date to a consortium led by ACWA Power.
The partnership will see the company design, build, operate and transfer utilities infrastructure at the project.
The contract marks a significant step forward for the Red Sea Project, establishing it as the first tourism destination in the region to be powered solely by renewable energy.
A tourism project of this size, powered solely by renewable energy, has never been achieved on this scale anywhere in the world.
“This is a pivotal moment for us as we seek to build a new kind of tourism destination in Saudi Arabia, aligned with Vision 2030.
“We are committed to pushing the boundaries of what it means to be sustainable and investing heavily in renewables is helping us to set new global standards in regenerative tourism,” said John Pagano, chief executive of TRSDC.
“This contract also signifies a noteworthy step change for us as the consortium brings foreign investment to the project, demonstrating international support and confidence for the vision that is becoming a reality along the Red Sea coast.
“At the same time, we are delighted to partner with a consortium leader that has its roots in the Kingdom and shares our ambition to accelerate the energy transition locally,” said Pagano.