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The Principal Buyer has signed a Power Purchase Agreement (PPA) for the Yanbu Wind Energy Project, a 700 MW development under Saudi Arabia’s National Renewable Energy Program (NREP). The agreement, valued at over 1.7 billion Saudi Riyals (approximately USD 458 million), was signed with a consortium comprising MARUBENI Corporation and Abdulaziz Al Ajlan Sons Co. for Commercial & Real Estate Investment (Ajlan & Bros). Located in Al-Madinah Province, the Yanbu project will deliver clean energy at a highly competitive Levelized Cost of Electricity (LCOE) of 1.72468 US cents/kWh (6.46755 Halala/kWh).
The NREP, overseen by the Ministry of Energy, supports Saudi Arabia’s Vision 2030 by advancing the Kingdom’s shift toward a more sustainable energy mix. Its goal is to increase the share of renewables to 50% of the electricity generation mix, helping to reduce reliance on high-value liquid fuels. The Principal Buyer plays a central role in this transition by leading the predevelopment, tendering, and energy offtake processes for new power generation projects across the Kingdom.
