Saudi TRSDC becomes world's largest tourism site with renewable energy after deal with ACWA-led consortium

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Updated 08 November 2021
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Saudi TRSDC becomes world's largest tourism site with renewable energy after deal with ACWA-led consortium

  • Project will create a saving of at least half a million tons of CO2 each year . That’s the equivalent to emissions from around 99,000 cars or 78,000 homes.
  • The power generation assets will also include the world’s largest battery storage facility of 1000 MWh, allowing the destination to remain powered by renewables day and night

RIYADH: Saudi Arabia's sustainable tourism development company, TRSDC, announced today it has finalized the deal for a 25-year renewable energy project with a consortium led by ACWA Power as the consortium closed financing for the project.

"This confirms the development as the largest tourism project in the world set to be powered solely by renewable energy," The Red Sea Development Co. said in a statement.

The consortium made of local and international investors secured financing to design, build and operate the project's infrastructure for 25 years, before handing its operations back to TRSDC, it said.

Financing comes from a mix of Saudi and international banks, including the UK’s Standard Chartered Bank and China’s Silk Road Fund.

"Initial assets will be delivered by December 2022 with the balance coming online throughout 2023, delivering a total generating capacity circa 407 MWp of Solar PV power for Phase 1. By completion, the destination will have the infrastructure in place to generate up to up to 760,000 MWh of renewable energy per year," it said.

According to TRSDC, the power generation assets will also include the world’s largest battery storage facility of 1000 MWh, allowing the destination to remain powered by renewables day and night.

This will create a saving of at least half a million tons of CO2 each year . That’s the equivalent to emissions from around 99,000 cars or 78,000 homes.


Portugal far-right hopeful enters vote as favorite

Updated 4 sec ago
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Portugal far-right hopeful enters vote as favorite

LISBON: A far-right candidate in Portugal’s presidential election, Andre Ventura, has emerged as the favorite for Sunday’s first round of voting, according to polls.
But regardless of whom the president of the Chega (“Enough“) party encounters in the second-round runoff in February, he has very little chance of carrying the day to succeed conservative incumbent Marcelo Rebelo de Sousa.
Some polls point to a second-round duel between Ventura and Socialist Antonio Jose Seguro, while others suggest that Luis Marques Mendes, who has the support of conservative Prime Minister Luis Montenegro, could make the run-off.
Among the 11 candidates, a record number, two others also stand a chance to win a spot in the second round. They are Henrique Gouveia e Melo, a retired admiral who led Portugal’s vaccination campaign during the Covid epidemic, and Joao Cotrim Figueiredo, a liberal member of the European Parliament.
While Ventura’s chances of moving past the first round are slim, the election marks an important step in his electoral fortunes that have improved at lightning pace since he founded Chega in 2019.
His party, highly centered on its leader, won 22.8 percent of the vote and 60 seats in a general election in May of last year, turning it into the biggest opposition party.
The head of state’s role in Portugal is mostly ceremonial, although the president has the power in times of crisis to dissolve parliament, call elections or dismiss the prime minister.
Ventura has expressed his desire to eventually run the country as prime minister, with experts saying that he sees Sunday’s vote mainly as a test of his popularity.
“Andre Ventura is running to keep his voter base,” said Antonio Costa Pinto, a political scientist at Lisbon University. “There could be a surprise increase,” he told AFP.
A stronger far right would add pressure on the minority government of Montenegro who relies on Chega for support for the implementation of some of his policies.
Portugal, a country of nearly 11 million inhabitants, is a member of the European Union and the eurozone. It accounts for around 1.6 percent of the EU’s gross domestic product (GDP).