Energy Leaders Abunayyan Holding and Nextpower Complete Formation of Joint Venture, Nextpower Arabia
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.
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.
