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Saudi Power Procurement Company Announces New World Record For Low Cost of Electricity from Wind Power

21/05/2024 Global events


As part of Round 4 of the Saudi National Renewable Energy Program (NREP), supervised by Ministry of Energy; Saudi Power Procurement Company (Principal Buyer) has signed two power purchase agreements with the consortium lead 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.

In a statement in this occasion, His Royal Highness Prince Abdulaziz Bin Salman bin Abdulaziz Al Saud, Minister of Energy, has expressed his 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 Saudi, 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.

​His Royal Highness added, “it is my pleasure to announce that AlGat 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 "

His Royal Highness also added, “the electricity produced from both projects is sufficient to power 257,000 residential units per year, which emphasis the significance of these projects in enhancing the energy efficiency in Saudi Arabia"

He also highlighted , that these two projects are part of the National Renewable Energy Program which is  supervised by the Ministry of Energy and is an extension of the energy ecosystem's efforts towards realizing Vision 2030's objectives, achieving the optimal energy mix, and displacing liquid fuels in the Kingdom's power sector. Additionally, the program utilizes vast lands to harness renewable energy resources and increase the share of renewables in the energy mix to around 50% by 2030. For more information about NREP Projects, visit: