Nextpower and Abunayyan Holding complete Saudi solar joint venture

Nextpower (NASDAQ: NXT) and Abunayyan Holding announced completion of their joint venture, Nextpower Arabia, which will manufacture solar tracking systems in Saudi Arabia for the Middle East and North Africa region.

The joint venture established a manufacturing facility in Jeddah on a 42,000-square-meter site. The facility is expected to have manufacturing capacity of up to 12 gigawatts per year and create up to 2,000 jobs. Production is anticipated to begin in the second quarter of 2026, with an initial workforce of 600 employees.

The partners plan to invest approximately $88 million over the next two years through equity and debt financing to develop the manufacturing facility and technical capabilities.

Nextpower Arabia will produce solar tracking systems and control solutions for large-scale solar projects across the MENA region. The venture combines Abunayyan Holding's regional infrastructure experience with Nextpower's solar technology.

Nextpower has delivered over 150 GW of solar trackers across more than 45 countries, including more than 3 GW of projects in Saudi Arabia such as the Sakaka Solar Park and Al Kahfah project.

According to the Middle East Solar Industry Association's 2025 Solar Outlook Report, regional solar capacity is projected to exceed 180 GW by 2030.

The joint venture aims to support Saudi Arabia's National Renewable Energy Program, which targets increasing renewables in the country's energy mix by 2030. Local manufacturing is intended to reduce clean energy costs for regional projects.

Nextpower Arabia is headquartered in Riyadh and will source materials including Saudi-produced steel through strategic partnerships to support local supply chain development.

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