Saudi Arabia Signs Agreement for 700MW Yanbu Wind Energy Project

The Principal Buyer has signed a Power Purchase Agreement (PPA) for Yanbu Wind Energy project under the National Renewable Energy Program (NREP).

The Project will have a total capacity of 700 MW. The total investment o the project is over SAR1.7 billion (approximately $458 million).

The agreement was signed with a consortium of MARUBENI Corporation and Abdulaziz Al Ajlan Sons Co. For Commercial and Real Estate Investment (Ajlan & Bros).

The Yanbu project is located in Madinah Region, with a Levelized Cost of Electricity (LCOE) of 1.72468 US Cent/kWh (6.46755 Halala/kWh).

The National Renewable Energy Program is supervised by the Ministry of Energy and aligns with the objectives of Vision 2030 by utilizing renewable energy resources. The program aims to achieve an optimal energy mix by increasing the renewable capacity share to up to 50% of the energy mix for electricity generation. This contributes to displacing high-value liquid fuels from the power generation sector.

The Principal Buyer is the entity responsible for predeveloping, tendering, and the subsequent offtake of energy from power generation projects in the Kingdom of Saudi Arabia.

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