Saudi Arabia Inaugurates 1st Desalination Plant Using Solar, Wind Energy

A view of the construction at the project. (Asharq Al-Awsat)
A view of the construction at the project. (Asharq Al-Awsat)
TT

Saudi Arabia Inaugurates 1st Desalination Plant Using Solar, Wind Energy

A view of the construction at the project. (Asharq Al-Awsat)
A view of the construction at the project. (Asharq Al-Awsat)

The Red Sea Development Co. (TRSDC) inaugurated the first desalination plant using solar and wind energy in Saudi Arabia, as part of efforts to preserve the environment by limiting carbon emissions.

Chief of staff at TRSDC Ahmed Ghazi Darwish said that the project was launched in collaboration with Source Global, PBC, which specializes in renewable drinking water.

“It keeps pace with the multi-product tourism sector in Saudi Arabia and will meet the tourists’ demands for a distinctive Red Sea destination through various means.”

The solar-powered desalination plant will be the world’s largest, with a production capacity of 2 million 330 milliliter water bottles per year, he said.

The production of 300,000 bottles per year will begin in the coming years, Darwish added, noting that reusable bottles will be used to help achieve carbon neutrality.

During the first phase of the plant’s construction, experts selected an ideal plot of land and placed 100 hydrogen panels after conducting a virtual survey according to the plant’s specifications and requirements.

A total of 1,200 hydrogen panels will also be added during the second and third phases, and the plant will be provided with necessary components and reusable bottles by companies operating in the Kingdom.

The desalination technology used by TRSDC will fully depend on solar energy to raise condensation levels in the hydrogen panels to produce high-quality fresh water, Darwish explained.

He pointed out that the performance of the panels will be monitored through a smart application that will show the volume of water produced, the environmental impact of the panels and maintenance alerts.



Sri Lanka's Bondholders Sign Off on $12.55 Bln Debt Overhaul

FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
TT

Sri Lanka's Bondholders Sign Off on $12.55 Bln Debt Overhaul

FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo
FILE PHOTO: A cargo ship sails towards Colombo Harbour as a Sri Lankan national flag is seen, amid the country's economic crisis in Colombo, Sri Lanka, July 23, 2022. REUTERS/Adnan Abidi/File Photo

Sri Lanka's bondholders signed off on the government's proposal to restructure its $12.55 billion of international bonds, a key step in finalizing the island nation's debt overhaul.

Final results showed holders representing 97.86% of the outstanding principal on the existing bonds voted in favor of the plan, which will swap Sri Lanka's defaulted bonds for a series of new fixed income instruments, the government said in a statement dated Dec. 16.

Sri Lanka defaulted on its foreign debt for the first time in May 2022 due to its high debt burden and dwindling foreign exchange reserves.

With the finalizing of the bond exchange, Sri Lanka will become the fourth country to conclude a restructuring of its bonds this year, following in the footsteps of Ghana, Ukraine and Zambia, Reuters reported.

The South Asian island nation's new instruments include a governance-linked bond, which offers a 75-basis-point reduction in the interest rate payable if Sri Lanka meets certain governance targets, and several bonds linked to economic performance.

A breakdown of the data showed investor support across all bar one of the bonds - the 2022 maturity - passed the threshold required that would see the whole bond swapped out in its entirety for the newly created instruments.

In the 2022 bond, which does not feature so-called aggregated collective action clauses, holders representing just 73.13% voted in support of the proposal.