Investment fund Stonepeak has launched a new Middle Eastern renewables platform headed up by a former executive at Jinko Power.
WahajPeak will be the investor’s first platform dedicated to renewables in the Middle East. Stonepeak said the new venture will invest in utility-scale solar, wind and battery energy storage assets across the Gulf Cooperation Council and the broader Middle East.
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Mothana Qteishat, former vice president at Jinko Power, the development subsidiary of Chinese solar manufacturing giant JinkoSolar, will lead the new company.
The company said “constructive policy tailwinds across the region” influenced its decision to move into the Middle East renewables sector.
Qteishat said: “Governments across the Middle East and North Africa are targeting the deployment of approximately 175GW of renewable energy capacity by 2030, creating a rapidly growing need for reliable, utility-scale infrastructure.”
Gulf states, in particular, are playing host to some of the world’s biggest planned PV projects. The Saudi Public Procurement Company (SPPC) recently contracted 12GW of solar capacity from five projects developed by ACWA Power, each with at least 2GW of nameplate capacity.
The broader region has also seen growing activity. French energy major TotalEnergies began construction on a 1GW PV plant in Iraq last month and Qatar energised 875MW of new PV capacity, doubling its operational output.
New York-headquartered Stonepeak announced a US$1 billion partnership with the Arab Energy Fund earlier this year, focused on “businesses in the energy sector” and building “critical infrastructure”.
“With the establishment of WahajPeak, we are furthering our commitment to the region,” said Hajir Naghdy, senior managing director and head of Asia and the Middle East at Stonepeak.
