The Principal Buyer has signed a Power Purchase Agreement (PPA) for the 700 MW Yanbu Wind Energy Project, part of the National Renewable Energy Program (NREP). The project represents a total investment exceeding SAR 1.7 billion (approximately USD 458 million).
The agreement was signed with a consortium comprising MARUBENI Corporation and Abdulaziz Al Ajlan Sons Co. for Commercial and Real Estate Investment (Ajlan & Bros).
Moreover, according to the Principal Buyer’s press release, the project is located in the Madinah Region and offers a Levelized Cost of Electricity (LCOE) of 1.72468 US cents per kilowatt-hour (6.46755 Halala/kWh).
Supervised by the Ministry of Energy, the NREP supports Saudi Arabia’s Vision 2030 by promoting the use of renewable energy sources. The program also aims to achieve an optimal energy mix by increasing the share of renewables to up to 50% of electricity generation. This reduces reliance on high-value liquid fuels for power production.
The Principal Buyer is responsible for the predevelopment, tendering, and offtake of energy from power generation projects within the Kingdom.
Finally, more information on NREP projects can be found at: http://powersaudiarabia.com.sa.
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