RIYADH: Saudi-listed ACWA Power closed $1.33 billion financing for its renewable project to power The Red Sea Development Co., known as TRSDC, according to a filing.

The debt facility closure was arranged by a consortium including Al Rajhi Bank, Banque Saudi Fransi, The Saudi British Bank, Arab Petroleum Investment Corporation, Standard Chartered Bank, and Riyad Bank.

The utility developer was awarded the contract to drive and operate the renewable power-based multi-utilities infrastructure to serve The Red Sea Project, or TRSP, back in November.

TRSDC, fully owned by the Public Investment Fund of Saudi Arabia, will be developing the world’s largest sustainable tourism destination that will run on 100 percent renewable energy.

Paddy Padmanathan, chief executive officer of ACWA Power, told Arab News in November that TRSDC financial closure will have positive impacts on its earnings starting from early next year.

Construction is in full swing for the project in Red Sea, with the company targeting partial operation by end of 2022, he added.

ACWA Power is leading a consortium for this project that includes SPIC Huanghe Hydropower Development Co., and Saudi Tabreed, with ACWA Power holding the majority stake of 50 percent.

The group is to conclude the design, construction, operations, and transfer through a 25-year contract with The Red Sea Utilities Company, or TRSUC.