Saudi Power Procurement Company (SPPC) has finalized a power purchase agreement for the Yanbu wind Independent Power Plant, a 700-megawatt project in the Al-Medina Al-Munawwarah region, according to Zawya News Agency.
The deal involves a consortium led by Japan’s Marubeni Corporation and Saudi Arabia’s Ajlan & Bros Holding. The project will be developed at a cost exceeding 1.7 billion Saudi riyals ($458 million), with the levelised cost of electricity set at 6.4 halalas ($1.72) per kilowatt-hour, as reported by Zawya.
While the duration of this agreement was not revealed, Zawya highlighted that SPPC recently signed two 25-year power purchase agreements with Marubeni-led groups for other wind projects in AlGhat and Wa’ad Alshamal, with capacities of 600 MW and 500 MW respectively.
This initiative marks a significant step in expanding renewable energy capacity in Saudi Arabia.
