The Principal Buyer has signed a Power Purchase Agreement (PPA) for Yanbu Wind Energy project under the National Renewable Energy with a total capacity of 700 MW and a total investment of over 1.7 billion Saudi Riyals (approximately USD 458 million).
The agreement was signed with a consortium of MARUBENI Corporation and Abdulaziz Al Ajlan Sons Co. For Commercial & Real Estate Investment (Ajlan & Bros)
The National Renewable Energy Program (NREP) is supervised by the Ministry of Energy, and aligns with the objectives of Vision 2030, by utilizing renewable energy resources. The program aims to achieve an optimal energy mix, by increasing the renewable capacity share to up to 50% of the energy mix for the electricity generation, this contributes to displacing high-value liquid fuels from the power generation sector.
It is worth mentioning that the Principal Buyer is the entity responsible for predeveloping, tendering, and the subsequent offtake of energy from power generation projects in the Kingdom of Saudi Arabia. For additional information on NREP Projects, visit:http://powersaudiarabia.com.sa