The state-owned Saudi Power Procurement Company has signed two PPAs with Japan’s Marubeni Corporation, one of which is said to be a new world record for the Levelized Cost of Electricity (LCOE) from wind power at 1.56558 cents/kWh.
As part of Round 4 of the Saudi National Renewable Energy Program (NREP), the PPA relates to the 600MW AlGhat Wind Project.
Another offtake agreement was signed for the 500MW Wa’ad Alshamal Wind Project.
Saudi energy minister Prince Abdulaziz Bin Salman bin Abdulaziz Al Saud, said: “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 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.
“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.”