Yanbu wind award expected in 2024
16 July 2024
The contract to develop and operate the 700MW Yanbu wind farm in Saudi Arabia is on track to be awarded by the end of 2024.
According to a source close to the project, the contract is expected to be awarded before the end of the year.
MEED understands a final clearance is being obtained before the contract can be awarded to the selected bidder, following the completion of the bid evaluation process.
The Yanbu wind independent power project (IPP) was one of three tendered under the fourth public tendering round of Saudi Arabia's National Renewable Energy Programme (NREP).
The contracts to develop the first two schemes, the 600MW Al-Ghat and the 500MW Waad Al-Shamal wind IPPs, were awarded in May to a team of Japan's Marubeni Corporation and the local Ajlan & Bros.
In addition to the Marubeni-led team, industry sources previously told MEED that the favourites to win the contracts were the teams separately led by Riyadh-based Acwa Power and France's Engie.
"That information is still confidential," the source said when asked which team had emerged on top during the bid evaluation process for the Yanbu wind IPP.
This development came after industry sources suggested that land issues could be a key factor holding back the award of the Yanbu wind IPP contract.
MEED reported in May that market expectations and speculation had intensified regarding the award of the Yanbu wind contract, as well as the winning bidder's proposed tariff.
At the time, some industry sources alluded to land issues as a key factor holding back the award of the contract.
An industry source also points out that Yanbu has lower wind potential and wind speed, resulting in a lower capacity factor compared to the other two locations. "It is interesting to see whether it results in a lower tariff offer," the source said.
World record-low tariffs
The Marubeni-led consortium has agreed to develop and operate the 600MW Al-Ghat wind IPP project with a new world-record-low levelised electricity cost (LCOE) from wind power of $cents 1.56558 a kilowatt-hour (kWh), or about 5.87094 halalas/kWh.
The 500MW Waad Al-Shamal project has also achieved a second world-record-low tariff for wind power of $cents 1.70187/kWh or 6.38201 halalas/kWh, the energy ministry announced.
The tariff achieved for Al-Ghat is almost 22% lower compared to the LCOE agreed for Saudi Arabia's first wind IPP, the 400MW Dumat Al-Jandal scheme, which was awarded in 2019.
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The bid submission deadline is 26 February.
The first scheme under the package is TF-16-C1, which involves upgrading and rehabilitating the stormwater system east of the Dubai Canal.
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Modon tenders Ras El-Hekma construction contracts
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Abu Dhabi-based developer Modon Holding has tendered several contracts as part of the first phase of development at Ras El-Hekma, a planned new city on Egypt’s Mediterranean coast.
MEED understands that the tenders were issued in January.
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DP3 assets: covering 146 residential villas, 590 three-bedroom townhouses, 356 four-bedroom townhouses, a mall and other associated works.
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Modon has accelerated development works at Ras El-Hekma this year. In January, MEED reported that Modon Holding had awarded a E£15bn ($316m) contract for the construction of a project at Ras El-Hekma.
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The signing ceremony was held at the Aqaba Special Economic Zone Authority headquarters in Aqaba on 5 February.
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Aqaba port handles about 80% of Jordan’s exports and 65% of its imports.
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In 2025, the terminal handled over 5.3 million tonnes of cargo and nearly 85,000 car equivalent units of Ro-Ro imports.
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The announcement followed AD Ports Group’s signing of a shareholders’ agreement in January 2024 between its digital arm, Maqta Gateway, and Jordan’s Aqaba Development Corporation regarding their existing joint-venture company, Maqta Ayla.
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Chinese firm wins Ceer automotive supplier park deal
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Beijing-headquartered Metallurgical Construction Corporation (MCC) has won a contract to undertake the steel structure works on the Ceer automotive supplier park in King Abdullah Economic City (KAEC).
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