Risk analysis of the red sea energy storage project in the industrial park

What is the Red Sea project?

A consortium of developers has achieved financial close for US$1.3 billion in debt facilities for utilities infrastructure at the Red Sea project, a huge resort under construction off the coast of Saudi Arabia which plans to have the largest off-grid battery energy storage system (BESS) in the world at 1,200-1,300MWh.

How much debt has been secured for the Red Sea project?

$1.3bn debt has been secured for the Red Sea project and its 1.2-1.3GWh off-grid battery energy storage system, the biggest in the world. Skip to content Solar Media Events PV Tech Solar Power Portal Current News Twitter LinkedIn YouTube Facebook Feed Newsletter Advertising Contact Results See all results Home News Commercial Residential Grid Scale

Who owns Red Sea global?

Red Sea Global (RSG - ) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia. It is a vertically integrated real estate developer with a diverse portfolio across tourism, residential, experiences, infrastructure, transport, healthcare, and services.

Why did the South Korean energy storage system accident occur?

The South Korean energy storage system accident investigation report (Cao et al., 2020) cited inadequate information sharing among BMS and EMS and lack of coordination as major reasons for the accident, leading to delayed and ineffective control of faults, ultimately resulting in accidents.

Can a large-scale solar battery energy storage system improve accident prevention and mitigation?

This work describes an improved risk assessment approach for analyzing safety designs in the battery energy storage system incorporated in large-scale solar, which can enhance accident prevention and mitigation through the incorporation of probabilistic event tree and systems theoretic analysis.

What are the risks affecting the NPV of energy storage systems?

In addition, the value and the uncertain level of incentives would have a major impact on the profitability of the energy storage. Other important risks affecting the NPV of storage systems are the construction delay and cost overrun. These two risks have a very high impact on the profitability and high probability to occur.