Deal to supply Saudi Arabia’s Red Sea Project
ACWA Power, a leading Saudi developer, investor and operator of power generation and desalinated water plants, recently signed a Memorandum of Understanding (MoU) with Neutral Fuels, the GCC’s largest biofuel producer, for future collaboration on the supply of its Net Zero Biofuel for Saudi Arabia’s most ambitious regenerative tourism project on the Red Sea coast.
The ACWA Power-led consortium was awarded The Red Sea Development Company’s highest value contract to design, build, operate and transfer The Red Sea Project’s sustainable utilities infrastructure in November 2020.
As part of the MOU agreement with ACWA Power, Neutral Fuels biofuel is set to fuel the site’s entire transportation network.
“The scale of the project is impressive but the real news here is the massive scale of the commitment that the Kingdom of Saudi Arabia is making to renewable energy,” asserted Karl W Feilder, CEO, Neutral Fuels.
“As the world seeks to satisfy the rising demand for affordable power and water, ACWA Power remains committed to being at the forefront of the energy transition and providing transformative solutions,” said Paddy Padmanathan, President & CEO, ACWA Power.
The Red Sea Project is expected to prevent an estimated 500,000 tonnes of CO2 emissions each year by using renewable energy and has already surpassed significant construction milestones.
Neutral Fuels has begun setting up a bio-refinery in Saudi Arabia to serve the project.
