The new deal is signed by ACWA and the largest producer of biofuels in Dubai -the Neutral Fuel to offer biofuel for the Red sea project in Saudi Arabia. With the deal, the company is in charge of providing the power required to accomplish the transportation network of the site. The project – Red Sea is built on an environmental safety aspect that entails enhancing the natural environment for the future.
The deal is arranged to get net-zero biofuel, i.e., clean fuel that doesn’t emit harsh substances in the environment and aids in safeguarding the atmosphere. Neutral Fuels extends its services globally to provide sustainable fuels as it contributes to a safe environment.
This deal is a preventive measure to curtail the carbon dioxide emissions of 500,000 tonnes per annum with renewable energy. This futuristic project will be the threshold for the other companies as it entirely depends on sustainable energy sources.
The Red Sea Development Company (TRSDC) developed the Red Sea project, benefits from the sustainable infrastructure built by the Acwa Power-led consortium.
As the Kingdom has been ambitious to have a sustainable environment and accelerate tourism by ensuring zero-carbon emission in the tourist destination, this deal aligns with the environmental impact vision of the country.
The Kingdom’s Public Investment Fund-owned TRSDC is creating a new extravagant sanctuary that allows visitors to indulge in the pristine location. The Shurayrah resorts consume a more significant part of the project with 16 hotels in phase one that will be open by 2023. The project lies on Saudi Arabia’s west coast, which encompasses an archipelago of 90 impeccable islands, gorgeous landscapes, endangered species, and canyons in addition to the volcanoes. The visitors will be mesmerized by the luxurious design of the 3000 rooms spread across five islands and two inland sites.
ACWA has its presence in 13 countries, including Africa, South East Asia, and the Middle East. It helps its subsidiaries to generate energy and produce desalinated water. The energy portfolio has solar (Photovoltaic PV) and Concentrated Solar Power (CSP), coal pollution mitigation, wind, waste-to-energy, combined cycle power plants, and geothermal. It has an overall 64 assets with more than $67 billion investments. It provides 43.8 gigawatts of power and 5.8 million cubic meters of desalinated water per day and aims to amplify clean energy capacity to 60 gigawatts that add to the national grid by 2030.