Saudi Power Procurement Co. (the principal buyer) and a consortium led by Japan’s Marubeni Co. signed two power purchase agreements (PPAs) for the 600-megawatt (MW) Al Ghat and 500-MW Wa’ad Al Shamal wind farm projects. These agreements were finalized during the Saudi-Japan Vision 2030 Business Forum in Japan.
The Al Ghat project set a new world record for the lowest cost of electricity production from wind power at a levelized cost of electricity (LCOE) of 1.56558 cents per kWh, according to the Saudi Press Agency, citing Energy Minister Prince Abdulaziz bin Salman. The Wa’ad Al Shamal project also achieved a world record low for wind power at 1.70187 cents per kWh LCOE.
The energy produced annually from both projects will be sufficient to power 257,000 residential units, highlighting the significance of these projects in enhancing the Kingdom’s energy consumption efficiency.
Furthermore, these projects align with the goals of the National Renewable Energy Program, which aims to utilize renewable energy sources across the Kingdom. The program seeks to reduce the use of liquid fuels in the power sector and achieve an energy mix with approximately 50% renewables by 2030.
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Source: BNC Project Intelligence
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