Al Yamamah Steel's wind power plant fulfils 46% of market demand: CEO
This represents nearly 46% of the total wind energy projects expected to be launched in the market in the near future.
In an interview with Argaam, Al-Thobaiti said that the total investment in the plant amounts to SAR 240 million. Of this, 70% or SAR 170 million, was secured through a loan from the Saudi Industrial Development Fund, while the remainder came from the company's own resources.
The factory is a strategic step aimed to support the Kingdom's move toward renewable energy and is considered the first of its kind in Saudi Arabia and the GCC region, specializing in the manufacture of wind steel towers, in line with the goals of Saudi Vision 2030 to localize industries, the CEO said.
Al-Thobaiti also pointed out that the plant serves as a nucleus for localizing the wind power industry, expecting demand to grow moving forward. The Kingdom aims to implement wind energy projects with a capacity of 16 GW by 2030, while the projects currently implemented do not exceed 400 megawatts (MW).
On the financial front, the CEO said that the renewable energy sector — specifically wind and solar energy — is likely to contribute between 26% and 30% of Al Yamamah Steel's total revenues in the coming years, adding that this will help diversify income sources and boost annual revenue growth.
Al-Thobaiti said the company's total loans stood at around SAR 835 million as of the end of March 2025. He added that the increase in loans was due to the scale of ongoing projects and the need to finance raw materials, expecting short-term loans to decline to SAR 750-780 million by the end of this fiscal year.
Al Yamamah Steel's board of directors approved, on Feb. 8, 2021, to begin construction of Al Yamamah Wind Power Systems plant at the cost of SAR 293 million, data compiled by Argaam showed.
The company announced, on July 16, the completion of construction work and trial operations at the wind power plant in Yanbu Industrial City. Commercial operations are scheduled to commence on Aug. 1, 2025.
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