Energy Leaders Abunayyan Holding and Nextpower Complete Formation of Joint Venture, Nextpower Arabia
MWN-AI** Summary
Nextpower, formerly known as Nextracker, has successfully integrated a joint venture with Abunayyan Holding to form Nextpower Arabia, located in Riyadh, Saudi Arabia. This venture aims to enhance the deployment of utility-scale solar power plants across the Middle East and North Africa (MENA), aligning with regional renewable energy goals and Net Zero targets. A new manufacturing facility is also set to be established in Jeddah, which will produce advanced solar tracking systems, yielding a local manufacturing capacity of up to 12 GW annually and creating around 2,000 jobs.
Khalid Abunayyan, Chairman of Abunayyan Holding, emphasized the importance of sustainable and accessible energy and water for Saudi Arabia’s continued development. He noted that the partnership with Nextpower, a leader in solar energy technology, will contribute significantly towards the Kingdom's clean energy goals while fostering local manufacturing capabilities. Dan Shugar, CEO of Nextpower, pointed out that the inclusion of Abunayyan Holding's regional expertise is crucial for optimizing operations and delivering greater customer value.
Nextpower Arabia is projected to play a vital role in the Saudi National Renewable Energy Program, which aims to increase the share of renewables in the energy mix by 2030. The facility will utilize local materials, thereby supporting job creation and economic diversification in line with Saudi Vision 2030 initiatives.
With an estimated investment of approximately $88 million over the next two years, the joint venture seeks to build a state-of-the-art manufacturing hub and develop essential technical skills among the Saudi workforce. The collaboration marries Abunayyan Holding's extensive industry experience with Nextpower's global solar technology leadership, positioning them favorably to meet the growing demand for clean energy solutions in the region.
MWN-AI** Analysis
The recent joint venture between Abunayyan Holding and Nextpower creates a significant opportunity in the renewable energy sector, particularly in the Middle East and North Africa (MENA) region. With Nextpower Arabia set to be headquartered in Riyadh, the partnership leverages local expertise and technology to drive the deployment of advanced solar tracking systems essential for utility-scale solar power plants. This strategic move aligns well with Saudi Arabia's commitment to increasing its share of renewable energy in line with Vision 2030 goals.
Investors should take note of the key features of this venture: the establishment of a state-of-the-art manufacturing facility in Jeddah will enable localized production, targeting an impressive capacity of 12 GW annually. This localized approach not only supports supply chain efficiencies but also fosters job creation, with estimates suggesting up to 2,000 new jobs. Additionally, sourcing materials locally, such as steel, further enhances cost competitiveness, an important factor for sustainability in pricing.
Nextpower’s established reputation in global solar technology, with over 150 GW of tracker fulfilment, combined with Abunayyan’s extensive infrastructure experience provides a strong foundation for potential growth. Given that the demand for solar energy in the region is projected to exceed 180 GW by 2030, as reported by the Middle East Solar Industry Association, the joint venture positions itself squarely amidst a burgeoning market.
Investors should closely monitor this collaboration as it unfolds. The initial $88 million funding commitment signals robust backing for the joint venture's growth, making both Abunayyan Holding and Nextpower companies worth watching. In a landscape increasingly pivoting toward clean energy, this venture could yield high returns, making it an attractive proposition for long-term investment.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
New Saudi manufacturing facility to produce advanced solar tracking systems for the Middle East and North Africa region
Nextpower (Nasdaq: NXT, formerly Nextracker) and Abunayyan Holding today announced the completion of the incorporation of the previously announced joint venture, Nextpower Arabia , headquartered in Riyadh, Kingdom of Saudi Arabia. The new joint venture will accelerate the deployment of utility-scale solar power plants across the Middle East and North Africa (MENA) region, supporting national and regional renewable energy transformation objectives and Net Zero targets.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260111848469/en/
As part of the new joint venture, the partners also announced a new advanced manufacturing facility in Jeddah, Saudi Arabia. Nextpower Arabia will provide advanced tracker systems, yield management, and control solutions for installation on large-scale solar projects across the MENA region.
The facility is expected to enable total manufacturing and localized supply chain capacity of up to 12 GW per year, supporting the creation of up to 2,000 jobs and development of local engineering and technical talent within the Kingdom. Currently under construction on a 42,000-square-meter site, the production facility is anticipated to open in Q2 of calendar year 2026 and will manufacture Nextpower’s comprehensive portfolio of solar tracking systems , adding up to 600 employees ( watch the video ).
Khalid Abunayyan, Chairman of Abunayyan Holding, said, “Making energy and water supply readily accessible, sustainable, and affordable is essential to the continued economic and social development of Saudi Arabia and our partners across the region. It is also central to the core values and DNA of Abunayyan Holding. Partnering with Nextpower, a true pioneer in the international solar energy community, strengthens our role in advancing Saudi’s clean energy vision by localizing advanced manufacturing and technologies, building local capacity development, and creating lasting value for generations to come.”
Dan Shugar, founder and CEO of Nextpower, said, “Saudi Arabia is a strategic market for Nextpower as we expand our ability to serve customers across the Middle East. The Kingdom is making significant progress in advancing the energy transition, and we’re proud and honored to support these monumental initiatives with proven solar technology and trusted local partnerships. Abunayyan Group’s regional expertise and alignment with our business focus make them the right partner to help deliver greater value, faster, for customers in the region.”
Turki Al-Amri, Abunayyan Holding CEO and Nextpower Arabia Chairman and CEO, said, “Our manufacturing facility represents the first step in our strategic vision to strengthen and localize the solar supply chain for our partners across the MENA region and enhance collaboration to deliver highly efficient and cost-effective clean energy. By sourcing core materials such as Saudi-produced steel through our strategic partners and manufacturing locally, we are supporting economic diversification and industrial growth that is at the foundation of Saudi Vision 2030.”
Nextpower Arabia combines the deep regional expertise of Riyadh-based Abunayyan Holding with the global solar technology leadership of Nextpower. Abunayyan Holding brings more than 75 years of experience developing and privatizing the operation of critical water and energy infrastructure across Saudi and the MENA region. The company was a key driver of the consortium behind the founding and growth of several development arms and forming joint ventures that bring leading technology to the region.
U.S.-headquartered Nextpower is a global leader in advanced solar tracking systems and software, with over 150 GW of trackers under fulfilment or operational across more than 45 countries worldwide. This total includes more than 6 GW of solar projects across the Middle East and Africa, such as Phase V of the Mohammed Bin Rashid Al Maktoum Solar Park in the UAE and 3 GW of Saudi landmark projects, including:
- 405 MWp of the Sakaka Solar Park , the Kingdom’s first utility-scale solar project
- 1,170 MWp Al Kahfah project
- 449 MWp Tabarjal project
- 450 MWp of the Sudair project
Nextpower Arabia is well positioned to support the National Renewable Energy Program in the Kingdom of Saudi Arabia, which targets increasing the share of renewables in the country’s energy mix by 2030. Localizing manufacturing in the Kingdom will also support Saudi Arabia’s industrialization and export development plans while helping reduce the cost of clean energy for major projects across the region.
According to the Middle East Solar Industry Association’s (MESIA) recent 2025 Solar Outlook Report , cost competitiveness and improving production efficiencies are accelerating solar adoption and government-backed clean energy strategies, with regional solar capacity projected to exceed 180 GW by 2030.
In support of this growth opportunity, Abunayyan Holding and Nextpower anticipate funding the joint venture with approximately $88 million (approximately 330 million Saudi Riyals) in equity and public and private debt financings over the next two years alone. This capital will facilitate the buildout of the state-of-the-art manufacturing facility and development of highly skilled technical and engineering capabilities with a track record in operational excellence.
About Nextpower
Nextpower™ (Nasdaq: NXT, formerly Nextracker) designs, engineers, and delivers an advanced energy technology platform for solar power plants, innovating across structural, electrical, and digital domains. Our integrated solutions are designed to streamline project execution, increase energy yield and long-term reliability, and enhance customer ROI. Building on over a decade of technology and market leadership, the company delivers intelligent power generation systems and services to meet rapidly expanding global electricity demand. Nextpower partners with the world’s leading energy companies to power what’s next. Learn more at www.nextpower.com .
About Abunayyan Holding
Abunayyan Holding is one of Saudi Arabia’s most established and leading companies in the fields of water, energy, and infrastructure. With a legacy spanning more than 75 years of leadership and innovation, the company provides integrated solutions that contribute to sustaining life and supporting the Kingdom’s national development goals.
The Group comprises a portfolio of strategic subsidiaries covering the full value chain across water, renewable energy, treatment, industrial equipment, and smart infrastructure, serving both local and regional markets in Saudi Arabia and the broader Middle East and North Africa region.
Through its local and international partnerships, Abunayyan Holding plays a key role in localizing technologies and empowering national talent in alignment with the objectives of Saudi Vision 2030 to build a prosperous, sustainable, and innovation-driven economy.
For more information, please visit Abunayyan Holding .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including: statements regarding the deployment of utility-scale solar power plants in MENA and the ability to reach renewable energy objectives, including Net Zero targets; statements regarding the speed, cost efficiency and supply-chain optimization anticipated from the joint venture; statements regarding the development of manufacturing facilities and the benefits associated with such development, including capacity increases and job creation; and statements regarding the anticipated benefits of the joint venture, and future opportunities for the joint venture, including the benefits customers may realize as a result of the joint venture. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: the satisfaction of other closing conditions and the ability of Nextpower to successfully integrate operations and employees in the joint venture; the market demand for products, solutions and services offered by the joint venture and the joint venture’s ability to deliver them to customers; the risks of operating in the Kingdom and the MENA region; unexpected costs, charges or expenses resulting from the joint venture; the joint venture’s ability to successfully grow its business; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the joint venture; the retention of key employees, customers, or suppliers; projections regarding the global demand for electricity and solar power; macro-economic trends; and legislative, regulatory and economic developments, including changing business conditions in our industry or markets overall and the economy in general. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties that are also described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Nextpower’s most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and other documents that Nextpower has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextpower and/or the joint venture is not aware of or that Nextpower and/or the joint venture currently believes are immaterial that could also cause actual results to differ from these forward-
looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextpower and the joint venture assume no obligation to update these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260111848469/en/
Sales Contact
Naif Makki (Nextpower Arabia)
naif-makki@abunayyanholding.com
IR Contact
Sarah Lee
Investor@nextpower.com
Media Contacts
Jake Drake (MENA)
Jacob.drake@360stratcomms.com
Sowmya Sriram (MENA)/
Brandy Lee (Global)
Media@nextpower.com
FAQ**
How is the creation of Nextpower Arabia, a joint venture with Abunayyan Holding, expected to impact the market share of Nextracker Inc. (NXT) in the MENA region's solar energy sector?
What specific technological advancements will Nextracker Inc. (NXT) bring to the manufacturing facility in Jeddah to ensure competitiveness in solar tracking systems?
Can you elaborate on how the local sourcing of materials, including Saudi-produced steel, will benefit Nextracker Inc. (NXT) and its operational efficiency in the MENA region?
What measures will be in place to ensure that Nextracker Inc. (NXT) and its stakeholders achieve the anticipated Net Zero targets in the MENA region through this joint venture?
**MWN-AI FAQ is based on asking OpenAI questions about Nextracker Inc. (NASDAQ: NXT).
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