Operis provided financial model audit services in support of the financial close of the 700 MW Yanbu onshore wind farm project, located in the Medina region of the Kingdom of Saudi Arabia.
The Yanbu consortium comprises of Marubeni, holding a 51% stake, and Abdul Aziz Al Ajlan Sons Co. for Commercial and Real Estate Investment, holding the remaining 49%. The consortium has entered into a 25-year power purchase agreement (PPA) for the project.
Yanbu is the third onshore wind project to reach financial close as part of the fourth round of renewable energy auctions under the National Renewable Energy Programme (NREP) in the Kingdom of Saudi Arabia. The two prior wind projects, the 600 MW Al-Ghat and the 500 MW Waad Al-Shamal wind farms, are operated by the same consortium and reached financial close in November 2024. Operis had previously provided financial model audit services for the consortium during the financial close of these two wind projects.
The Yanbu project forms part of the Kingdom’s broader objective for 50% of electricity generation capacity to come from renewable sources by 2030. Further project rounds continue to be offered under the NREP framework. Operis looks forward to continued participation in these renewable energy auctions, providing model audit services and building on its extensive experience supporting renewable projects in the Kingdom of Saudi Arabia
