Saudi inks 2 PPAs for 1,100 MW wind projects
Saudi inks 2 PPAs for 1,100 MW wind projects
The agreements mark the lowest cost of wind power production in the world.
Saudi Power Procurement Company (SPPC) signed two power purchase agreements (PPA) with a Marubeni Corporation-led consortium for a total of 1,100 megawatts (MW) of wind projects with the lowest wind power production cost globally.
In a social media post, SPPC signed the first PPA for the 600 MW Al-Ghat Project with a levelised cost of electricity (LCOE) of 1.56 cents per kilowatt-hour, marking the record low electricity cost for wind power.
The second agreement, meanwhile, is for the 500 MW Wa’ad Al-Shamal wind project an LCOE of 1.70 cents/kWh, the second-lowest-cost for wind power production
The two power purchase deals are also in partnership with Abdulaziz Al-Ajlan Sons Co. for Commercia and Real Estat Investment-Aljan & Bros.
The projects will support the country’s National Renewable Energy Programme which aims to generate around 50% of its electricity from renewable energy sources by 2030.