Abunayyan Holding and Nextracker Enter into Agreement to Form Joint Venture to Accelerate Energy Transition in Saudi Arabia and MENA Region

Abunayyan Holding and Nextracker (Nasdaq: NXT) have signed an agreement to form Nextracker Arabia, a new joint venture that will help accelerate solar adoption across the Kingdom and the Middle East and North Africa (MENA) region.  

Headquartered in Riyadh, Nextracker Arabia will combine Abunayyan’s 75 years of leadership in water and energy infrastructure in Saudi Arabia and the MENA region with U.S.-based Nextracker’s global market share leadership in solar power plant technologies, advanced solar trackers, and yield management and control systems.

Nextracker Arabia will build on the unique experience and expertise in clean energy and solar innovation these two organizations bring to the new joint venture. This combination will best enable the new entity to advance Saudi Arabia’s clean energy transition while helping achieve the goals of Saudi Vision 2030 to diversify the economy and strengthen local industrial capacity.

The joint venture includes sales, engineering, and operations, and will assume ownership of Nextracker’s existing manufacturing facility in the Kingdom. This initial plant will play a key role in the production and distribution of Nextracker’s integrated solar power plant technologies for major utility-scale and distributed generation projects in Saudi Arabia and across the MENA region. These technologies will include Nextracker’s advanced solar trackers, mechanical infrastructure, and yield management and control systems.

Turki Al-Amri, Abunayyan Holding CEO, said,“Nextracker has a proven track record of the highest performing solar power systems. Nextracker Arabia will represent a powerful new platform built on shared values of sustainability and responsibility as well as a commitment to maximizing the potential of solar energy to lead MENA’s clean energy future. Together, we can deliver highly efficient, cost-effective clean energy at scale to help drive long-term social and economic growth in Saudi Arabia and across the region.”

Dan Shugar, Nextracker founder and CEO, said,“With Abunayyan Holding, we have a partner that is uniquely experienced in and deeply aligned with the region’s energy transition needs. With this new joint venture and initial manufacturing facility, we will build a strong local supply chain that brings production closer to our customers, enhances self-reliance, and delivers the high performance and reliability that our customers value. We are proud to invest in the Kingdom’s clean energy future and Saudi Arabia’s leadership in the energy transition across the MENA region.”

By localizing the sales, engineering, manufacturing and distribution of its products in Saudi Arabia, Nextracker Arabia can most effectively contribute to increasing the important role solar energy will play in helping to achieve national and regional energy transition objectives. Saudi Arabia has a goal of deploying 130 gigawatts of clean energy by 2030, with solar playing a critical role in achieving this objective.

The MENA region is emerging as a global solar energy leader. With increasing cost competitiveness and government-backed clean energy strategies, the region is accelerating its renewable energy transition. According to the Middle East Solar Industry Association (MESIA) 2025 Solar Outlook Report, MENA’s solar capacity could exceed 180 GW by 2030. In 2024 alone, installed capacity reached 24 GWac, up 25% from the previous year, and is expected to surpass 30 GW by year-end.

Nextracker has a strong legacy of reliable performance in Saudi Arabia, starting with KSA’s first utility-scale installation, the 405 MW Sakaka Solar Park where the company’s system has demonstrated exemplary reliability. Partnering with developers in the Middle East and Africa, Nextracker has delivered more than 6 GW of solar projects across the region, including more than 3 GW in Saudi Arabia. Landmark projects with Nextracker systems include 1.17 GW of the Al Kahfah project, the 449 MW Tabarjal project, and 904 MW of the Sudair project.                             

Turki Al-Amri, Abunayyan Holding’s chief executive officer, is expected to serve as both chairman of the board and chief executive officer for the new joint venture. Rajeev Kashyap, senior vice president and general manager for Nextracker Middle East, India, and Africa (MEIA), is expected to serve as chief operating officer for Nextracker Arabia.

Nextracker Arabia anticipates launching its business during the first calendar quarter of 2026 following the formation of Saudi legal entities and satisfaction of other closing conditions contained in the joint venture agreement.