The Saudi Ministry of Energy announced a new historic achievement in the field of renewable energy, represented by the signing of two power purchase agreements for the “Al-Ghat” and “Wad Al-Shamal” projects to produce electricity from wind energy with a total capacity of 1,100 megawatts.

The “Al-Ghat” and “Waad Al-Shamal” projects achieved new world records in terms of the cost of producing electricity from wind energy. The cost of producing electricity in the “Al-Ghat” project amounted to 1.56558 US cents per kilowatt-hour, while in the “Wad Al-Shamal” project it amounted to 1.70187 US cents per kilowatt-hour.

This achievement confirms the attractiveness of the renewable energy sector in the Kingdom to attract investments. This paves the way for making the Kingdom a major center for producing renewable energy at globally competitive prices.

This project contributes to achieving the Kingdom’s sustainable development goals, by reducing carbon emissions and enhancing reliance on clean energy sources.

The capacity of the "Al-Ghat" project is 800 megawatts, while the cost of producing electricity in it is 5.87094 halalas per kilowatt-hour, while the capacity of the "Wad Al-Shamal" project is 300 megawatts, and the cost of producing electricity in it is 6.38201 halalas per kilowatt-hour.

Saudi Arabia plans to launch 20 gigawatts of renewable energy projects annually starting in 2024. With the goal of reaching 50% renewable energy in the energy mix by 2030.

This achievement is a testimony to the Kingdom of Saudi Arabia’s commitment to achieving its goals in the field of renewable energy and enhancing its position as a global leader in this field.