Saudi Power Procurement Company (SPPC) has signed two power purchase agreements with the consortium led by “MARUBENI Corporation” to procure power from AlGhat Wind Project (600 MW) and Wa’ad Alshamal Wind Project (500MW), during the Saudi-Japan Vision 2030 Business Forum.
Minister of Energy His Royal Highness Prince Abdulaziz Bin Salman bin Abdulaziz Al Saud has expressed thanks and gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and to His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Crown Prince, Prime Minister and the Chairman of the Supreme Committee for Energy Mix Affairs for Electricity Production and Enabling Renewable Energy Sector, for all the encouragement, support, enablement and follow up that the Ministry of Energy and its ecosystem receive from the Country’s leadership, to enable achieving the Vision 2030 targets in the energy sector.
Prince Abdulaziz Bin Salman Minister of Energy Saudi Arabia
“It is my pleasure to announce that the AlGhat project achieved a new world record low cost of electricity production from wind power at 1.56558 cents/kWh (5.87094 halalas/kWh) Levelized Cost of Electricity (LCOE), and Wa’ad Alshamal project has also achieved a second world record low for wind power at 1.70187 cents/kWh (6.38201 halalas/kWh) LCOE. The electricity produced from both projects is sufficient to power 257,000 residential units per year, which emphasizes the significance of these projects in enhancing energy efficiency in Saudi Arabia.”
Prince Abdulaziz also highlighted that these two projects are part of the National Renewable Energy program’s efforts towards harnessing renewable energy resources in the Kingdom, displacing liquid fuels in the Kingdom’s power sector, and achieving an energy mix where the share of renewables is around 50 percent by 2030.
