Industrial park red sea energy storage project

What is the largest microgrid energy storage project in the world?

As a cornerstone of SaudiVision2030, the Red Sea project stands as the world's largest microgrid energy storage project, with a storage capacity of 1.3GWh. Huawei provided a complete set of equipment and consulting services for the project, including 400 MW PV inverters, 1.3 GWh ESSs, and transformer stations.

What is the Red Sea development project?

A consortium of developers led by ACWA Power has secured financing for the Red Sea project, on the west coast of Saudi Arabia, which is set to feature a 320MW solar array and a 1.3GWh off-grid battery. Upon completion, the Red Sea Development Project will cover an area the size of Belgium. Image: The Red Sea Development Company

Who owns the Red Sea project?

A joint venture in which ACWA holds a 50% stake was appointed by the The Red Sea Development Company entity – owned by Saudi wealth fund the Public Investment Fund (PIF) – to design, build, operate and transfer The Red Sea Project’s utilities infrastructure under a 25-year offtake contract.

How many hotels will be in the Red Sea?

The development will seemingly include 50 hotels when complete, and will be powered solely by wind and solar energy. The complex will rely on the world’s largest battery storage facility at 1000MWh, which is being supplied by the Red Sea Development Company (TRSDC).

How much debt is needed for the Red Sea project?

A consortium of developers has achieved financial close for $1.3 billion in debt funding for utility infrastructure at the Red Sea Project, a massive tourism complex under construction on the coast of Saudi Arabia.

What is the Red Sea development company financing announcement?

The financing announcement comes after a financial close The Red Sea Development Company achieved last month on its debt facilities for the project, to the tune of $3.76 billion. That loan was said to be the first ever riyal-denominated green finance credit facility.