Marubeni consortium inks deal for $458m Yanbu wind energy project
RIYADH, 7 hours, 5 minutes ago
Saudi Principal Buyer has announced that it has signed a power purchase agreement (PPA) with a consortium of Japanese group Marubeni Corporation and Abdulaziz Al Ajlan For Commercial and Real Estate Investment (Ajlan & Bros) for the 700MW Yanbu Wind Energy project.
As per the deal, the Yanbu project will be supplying electricity for a levelised cost of 1.72468 US cents/kWh, said a statement from Saudi Principal Buyer.
A key Saudi entity, the Principal Buyer is solely responsible for predeveloping, tendering, and the subsequent offtake of energy from power generation projects in the kingdom.
Located in Madinah Region, the project is being set up at a total investment of over SAR1.7 billion ($458 million) under the National Renewable Energy Program (NREP).
Supervised by the Saudi Ministry of Energy, the NREP aligns with the objectives of Vision 2030 by utilising renewable energy resources.
The programme 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, it added.-TradeArabia News Service
