Saudi-based International Company for Water and Power Projects (Acwa Power) has announced the dry financial close for the $1.33 billion senior debt facilities for the Red Sea Multi-Utilities Project.

The project is a joint venture between Acwa Power, Spic Huanghe Hydropower Development Company and Saudi Tabreed District Cooling Company, with Acwa Power holding a 50% equity stake.

The scope of work includes the construction, management and operations of power, desalination, waste-water treatment, solid waste processing, district cooling plants and communication infrastructure for the Red Sea Project.