Saudi Arabia-based power plant developer ACWA Power has signed a Memorandum of Understanding (MoU) with the GCC’s largest biofuel producer Neutral Fuels for supplying the Net Zero Biofuel to the most ambitious luxury Red Sea Project.
The destination will be the first in the world to be totally powered by renewable and sustainable energy sources, including biofuel, once it is completed. According to the deal with ACWA Power, Neutral Fuels biofuel is set to fuel the site’s entire transportation network.
Paddy Padmanathan President & CEO ACWA Power
“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, including the early adoption of emerging energy solutions like biofuels, to deliver power responsibly. We are delighted to be collaborating with Neutral Fuels, enabling us to accelerate our commitment to support the Kingdom’s ambitions to deliver a tourist destination that limits the environmental impact through the provision of zero-carbon emitting utility services.”
Mr. Karl W Feilder, CEO of Neutral Fuels said, “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. They’re not just minimizing harm, they are actively reducing their dependence on fossil fuel and enhancing the environment as they contribute to sustaining and regenerating it for years to come.”
The Red Sea Project is anticipated to reduce an estimated 500,000 tonnes of CO2 emissions each year by using renewable energy. It is set to welcome its first guests by the end of 2022 when the international airport and first hotels are due to open. Meanwhile, Neutral Fuels has started construction of a biorefinery in Saudi Arabia to support the project.
Last year, 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.
