EDF-Masdar Reach Financial Close on 400 MW Saudi Wind Project

The consortium consisting of EDF Renewables and Masdar has completed the financing of the Dumat Al Jandal utility-scale wind project in Saudi Arabia

The consortium consisting of EDF Renewables and Masdar has completed the financing of the Dumat Al Jandal utility-scale wind project in Saudi Arabia, with the backing of Saudi and international banks.

The Renewable Energy Project Development Office (REPDO) of the Saudi Ministry of Energy, Industry and Mineral Resources (MEIM) awarded the US$500 million Dumat Al Jandal wind farm in January following a call for tenders in August 2017. The winning consortium of EDF and Masdar submitted the most cost-competitive bid of $ 21.3 per megawatt-hour (MWh). 

With an installed capacity of 400 megawatts (MW), the Dumat Al Jandal project will be Saudi Arabia’s first wind farm and the largest in the Middle East.

Vestas is the contracted wind-turbine technology provider and responsible for the engineering, procurement and construction (EPC) contract. TSK will be responsible for the balance of plant (BOP), while CG Holdings will provide the substations and high-voltage solutions.

Mohamed Jameel Al Ramahi, CEO of Masdar said “the award of Saudi Arabia’s first and the Middle East’s largest wind farm illustrated the depth of Saudi Arabia’s commitment to realise its bold strategy to substantially increase the contribution of renewables in its total energy mix to 27.3GW by 2024, from wind as well as solar energy.”

“The over-subscribed financing of the project further illustrates the confidence of local and international lenders, and the investment community, in the economy of the Kingdom and its potential as a hub for highly cost-effective renewable energy development.”

The wind farm will supply electricity according to a 20-year power purchase agreement (PPA) with the Saudi Power Procurement Company, a subsidiary of SEC (Saudi Electricity Company), the Saudi power generation and distribution company.

Bruno Bensasson, Chairman and CEO of EDF Renewables said the project represented the quality of the partnership with Masdar and is a step in the right direction for the company to meet its 50 GW renewable capacity by 2030 target.

“This new project demonstrates our ambitions in the country and represents another step forward under the EDF Group’s Cap 2030 strategy, which aims to double its renewable energy capacity by 2030 – both in France and worldwide – to 50GW.”

The wind farm will be located 560 miles (896km) north of Riyadh, in the Al Jouf region of Saudi Arabia. The construction of the plant is set to begin shortly, with commercial operation estimated to begin in the first quarter of 2022.