Saudi Principal Buyer has announced that it has signed a power purchase agreement (PPA) with a consortium of Japanese group Marubeni Corporation and Abdulaziz Al Ajlan For Commercial and Real Estate Investment (Ajlan & Bros) for the 700MW Yanbu Wind Energy project.

As per the deal, the Yanbu project will supply electricity for a levellised cost of 1.72468 US cents/kWh, said Saudi Principal Buyer.

A key Saudi entity, the Principal Buyer is solely responsible for predeveloping, tendering, and the subsequent offtake of energy from power generation projects in the kingdom.

Located in Madinah region, the project is being set up at a total investment of over SAR1.7 billion ($458 million) under the National Renewable Energy Program (NREP), which is supervised by the Saudi Ministry of Energy.