(Bloomberg) -- Electricite de France SA and Masdar, the green energy company in the United Arab Emirates, won a 25-year contract to provide power and water to a resort complex Saudi Arabia is building on its Red Sea Coast as part of a plan to transform the desert oil producer into a luxury travel destination.
The two companies won the contract to provide solar energy and desalinated water to the Amaala project from state-owned developer Red Sea Global, according to a joint statement on Monday. The partners will build a solar energy system capable of generating up to 410,000 megawatt hours of power a year, enough to supply electricity to the equivalent of 10,000 homes, according to the statement. Financial terms weren’t disclosed.
The world’s biggest crude exporter is ploughing its wealth into massive industrial, lifestyle and technology projects as part of Saudi Crown Prince Mohammed bin Salman’s Vision 2030 plan. The crown prince wants to prepare Saudi Arabia for a less oil-reliant future by creating new industries and jobs for citizens.
Amaala is meant to be powered entirely by solar energy and produce no carbon dioxide emissions once fully operational. EDF and Masdar will build battery storage so that the project can deliver power round the clock. The project will include a renewable energy-powered water desalination plant and waste water treatment facilities.