Marubeni-led group secures 1.1GW Saudi PPAs


May 22, 2024

A consortium led by Japan’s Marubeni Corporation has signed power purchase agreements for two wind projects totalling 1.1GW with the Saudi Arabian government.

The group has won backing for the 600MW Al-Ghat and 500MW Wa’ad Al-Shamal projects in round four of Saudi Arabia’s National Renewable Energy Program.

Prince Abdulaziz Bin Salman bin Abdulaziz Al Saud said the Al-Ghat Project’s deal of 1.57 cents/kWh was the lowest priced PPA signed globally for wind power, and Wa’ad Al Shamal’s 1.70 cents/kWh was the second lowest.

He said: “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 the energy efficiency in Saudi Arabia.”

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