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

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RIYADH, Saudi Arabia--(BUSINESS WIRE)--Oct 23, 2025--

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.

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Abunayyan Holding and Nextracker enter into agreement to form joint venture to accelerate energy transition in Saudi Arabia and 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.

About Nextracker

Nextracker innovates and delivers a leading solar power technology platform with integrated tracker, electrical and mechanical solutions, and yield management and control systems for utility-scale and distributed generation projects. Our advanced technology enables solar power plants to follow the sun’s movement across the sky and optimize performance. With systems operating in more than 40 countries worldwide, Nextracker offers innovative solutions that accelerate solar power plant construction, increase energy output, and enhance long-term reliability. For more information, visit Nextracker.

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 relating to the formation of the joint venture, the anticipated benefits of the joint venture, and future opportunities for the joint venture, including the benefits our customers may realize as a result of the joint venture. These forward-looking statements are based on various assumptions and on the current expectations of Nextracker’s management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including: the successful formation of local legal entities and satisfaction of other closing conditions, the ability of Nextracker to successfully integrate operations and employees in the joint venture; the risks of operating in the Kingdom and the MENA region; unexpected costs, charges or expenses resulting from the joint venture; Nextracker’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; and legislative, regulatory and economic developments, including changing business conditions in our industry or markets overall and the economy in general. Other risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements are also described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Nextracker’s most recent Quarterly Report on Form 10-Q, Annual Report on Form 10-K and other documents that Nextracker has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextracker is not aware of or that Nextracker currently believes are immaterial that could also cause actual results to differ from the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextracker assumes no obligation to update these forward-looking statements.

View source version on businesswire.com:https://www.businesswire.com/news/home/20251023451827/en/

CONTACT: IR Contact

Sarah Lee

[email protected] Contacts

Jake Drake (MENA)

[email protected] Sriram (MENA)/

Brandy Lee (Global)

[email protected]

KEYWORD: NORTH AMERICA UNITED STATES SAUDI ARABIA MIDDLE EAST AFRICA

INDUSTRY KEYWORD: UTILITIES ENVIRONMENT MANUFACTURING SUSTAINABILITY ALTERNATIVE ENERGY ENERGY OTHER MANUFACTURING

SOURCE: Nextracker

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PUB: 10/23/2025 04:05 PM/DISC: 10/23/2025 04:05 PM

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