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

RIYADH, Saudi Arabia--(BUSINESS WIRE)--Jan 12, 2026--

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.

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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:

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.

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

HAVANA (AP) — Cuban President Miguel Díaz-Canel said Monday that his administration is currently not in talks with the U.S. government, a day after President Donald Trump threatened the Caribbean island in the wake of the U.S. attack on Venezuela.

Díaz-Canel posted a flurry of brief statements on X after Trump suggested that Cuba “make a deal, BEFORE IT IS TOO LATE.” He did not say what kind of deal.

Díaz-Canel wrote that for “relations between the U.S. and Cuba to progress, they must be based on international law rather than hostility, threats, and economic coercion.”

He added: “We have always been willing to hold a serious and responsible dialogue with the various US governments, including the current one, on the basis of sovereign equality, mutual respect, principles of International Law, and mutual benefit without interference in internal affairs and with full respect for our independence."

His statements were reposted by Cuban Foreign Minister Bruno Rodríguez on X.

On Sunday, Trump wrote that Cuba would no longer live off oil and money from Venezuela, which the U.S. attacked on Jan. 3 in a stunning operation that killed 32 Cuban officers and led to the arrest of President Nicolás Maduro.

Cuba was receiving an estimated 35,000 barrels a day from Venezuela before the U.S. attacked, along with some 5,500 barrels daily from Mexico and roughly 7,500 from Russia, according to Jorge Piñón of the Energy Institute at the University of Texas at Austin, who tracks the shipments.

The situation between the U.S. and Cuba is “very sad and concerning,” said Andy S. Gómez, retired dean of the School of International Studies and senior fellow in Cuban Studies at the University of Miami.

He said he sees Díaz-Canel’s latest comments “as a way to try and buy a little bit of time for the inner circle to decide what steps it’s going to take.”

Gómez said he doesn’t visualize Cuba reaching out to U.S. officials right now.

“They had every opportunity when President (Barack) Obama opened up U.S. diplomatic relations, and yet they didn’t even bring Cuban coffee to the table,” Gómez said. “Of course, these are desperate times for Cuba.”

Michael Galant, senior research and outreach associate at the Center for Economic and Policy Research in Washington, D.C., said he believes Cuba might be willing to negotiate.

“Cuba has been interested in finding ways to ease sanctions,” he said. “It's not that Cuba is uncooperative.”

Galant said topics for discussion could include migration and security, adding that he believes Trump is not in a hurry.

“Trump is hoping to deepen the economic crisis on the island, and there are few costs to Trump to try and wait that out,” he said. “I don’t think it’s likely that there will be any dramatic action in the coming days because there is no rush to come to the table.”

Cuba's president stressed on X that “there are no talks with the U.S. government, except for technical contacts in the area of ​​migration.”

The island’s communist government has said U.S. sanctions cost the country more than $7.5 billion between March 2024 and February 2025.

Coto reported from San Juan, Puerto Rico.

The Cuban flag flies at half-mast at the Anti-Imperialist Tribune near the U.S. embassy in Havana, Cuba, Monday, Jan. 5, 2026, in memory of Cubans who died two days before in Caracas, Venezuela during the capture of Venezuelan President Nicolas Maduro by U.S. forces. (AP Photo/Ramon Espinosa)