In a historic stride towards renewable energy, Saudi Arabia has inked two monumental wind power agreements with a Japanese consortium led by Marubeni Corporation. This collaboration, forming part of the ambitious Vision 2030, underscores the Kingdom’s commitment to sustainable energy and positions it as a global leader in wind power.
Saudi Arabia has signed two groundbreaking power purchase agreements (PPAs) with a Japanese consortium led by Marubeni Corporation. These agreements, totaling 1,100MW, are part of Round 4 of the Saudi National Renewable Energy Program (NREP) and were signed during the Saudi-Japan Vision 2030 Business Forum.
The Saudi Power Procurement Company (SPPC) will procure power from two major wind projects – the 600MW AlGhat project and the 500MW Wa’ad Alshamal project. This strategic move showcases Saudi Arabia’s commitment to diversifying its energy sources and advancing sustainable energy solutions under the Vision 2030 initiative, supervised by the Kingdom’s Ministry of Energy.
Prince Abdulaziz Bin Salman bin Abdulaziz Al Saud, Saudi Minister of Energy, highlighted the remarkable achievements of these projects. The AlGhat project set a new world record with a production cost of just 1.56558 cents/kWh, making it the lowest-cost wind power project globally. Not far behind, the Wa’ad Alshamal project achieved the second-lowest cost at 1.70187 cents/kWh.
These two projects combined will generate enough electricity to power 257,000 residential units annually, showcasing the substantial impact on the nation’s energy efficiency. Prince Abdulaziz lauded the visionary leadership of King Salman and Crown Prince Mohammed bin Salman, whose support has been instrumental in steering the Kingdom towards its ambitious energy goals.
The agreements signify a pivotal moment in Saudi Arabia’s journey towards renewable energy, marking a new era of low-cost, high-efficiency wind power that promises to revolutionize the energy landscape in the region.
Tags: #SaudiRenewableEnergy #WindPowerDeals #SaudiJapanPartnership #Vision2030 #SustainableEnergy #EnergyEfficiency #WindEnergy
