Saudi Arabia is working to reduce the dependence of its economy on oil, which represents about 70% of total revenue, and diversify its economy into new areas.
Saudi Press Agency announced that a consortium of the French Electricity Company and the Abu Dhabi Future Energy Company (Masdar) has signed a contract to set up a wind energy project in Saudi Arabia.
The project will provide the Kingdom with a substantial supply of electricity generated from a wind-powered plant, at a record cost of only 2.13 cents per kilowatt-hour.
The project is the first wind power plant in Saudi Arabia with a cost of $ 500 million and is part of the King Salman Renewable Energy Initiative.
The project will contribute to the production of sustainable energy to meet the needs of 70,000 housing units, with a capacity of 1.4 terawatt annually. The new plant will also create 1,000 jobs during the construction and operation phases.