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Saudi Arabia has signed deals to purchase electricity from two large-scale wind farms at record-low prices, cheaper than natural gas plants. The kingdom aims to shift rapidly to a larger share of renewables in the power grid, with the goal of generating half of its power from clean sources by 2030. The projects, developed by Japan s Marubeni Corp, benefit from state backing and favorable wind conditions in the country, making them more cost-effective than fossil fuel alternatives. The country s move towards renewable energy is part of Crown Prince Mohammed Bin Salman s efforts to diversify the economy away from oil dependence.

Saudi arabiaAr riyaSaudi arabia generalMazin albahkaliWaad alshamalSaudi power procurement coJapan marubeni corpSaudi power procurementCrown prince mohammed bin salmanWa ad alshamal