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With the increasing consumption of fossil fuel, reducing greenhouse gas (GHG) emissions has become a serious issue that has attracted worldwide attention. Therefore, Lebanon is currently interested in utilizing renewable energy technologies to reduce energy dependence on oil reserves and GHG emissions. The present study is focused on solar and wind power potential and the economic viability of wind/solar systems for the Rayak region in Lebanon for the first time. The input data sources for the study including the Meteorological data for wind speed and NASA database for solar energy. In the assessment of wind energy, a two-parameter Weibull distribution function was used to analyze the characteristics of wind speed. Yearly and seasonal Weibull parameters were calculated for 10 m height using the Maximum likelihood method. In addition, yearly and seasonal wind power density values were calculated. The results showed that the mean annual wind speed and wind power density values were 5.884 m/s and 124.534 W/m2, respectively, during the investigation period. It can be concluded that the value of wind power density at the region was classified as marginal wind power potential and high-scale wind turbines can be used to gather wind energy potential in the region. Furthermore, predicting wind speed depends on various atmospheric factors and random variables. Therefore, 63 ANN models are developed by varying the meteorological parameters to predict the daily wind speed in the selected region. All the models with various combinations are validated and the performances of the models are analyzed using root mean squared error. The results demonstrated that the most relevant input variables for predicting the daily wind speed were found to be temperature, pressure, and relative humidity. In the assessment of wind energy, average monthly global solar radiation data were evaluated. It is found that the annual global solar radiation was 1877.41 kWh/m2, which indicates the selected region has high solar resources and is categorized as an excellent potential class. Moreover, this study provides a comprehensive and integrated feasibility analysis of 100 MW grid-connected wind and solar projects economic projects that can be developed in the country to reduce the electricity crisis and GHG emissions. Several different economic and financial indicators were calculated. The results indicate that the wind farm is a more economical option than the solar plant because of the higher values of NPV, BCR, ALCS, and IRR as well as the lower values of EB, SB, and LCOE.