Nextpower and Abunayyan Launch Joint Venture with 12 GW Annual Capacity
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1d ago
0mins
Source: Businesswire
- Joint Venture Formation: Nextpower and Abunayyan Holding have established Nextpower Arabia in Riyadh, Saudi Arabia, aimed at accelerating the deployment of utility-scale solar power plants across the MENA region, supporting national and regional renewable energy transformation objectives.
- Manufacturing Facility Development: The new joint venture will construct an advanced manufacturing facility in Jeddah, expected to achieve an annual capacity of 12 GW and create approximately 2,000 jobs, fostering local engineering and technical talent development to support Saudi economic diversification.
- Investment Scale: The joint venture anticipates funding of approximately $88 million (around 330 million Saudi Riyals) over the next two years for the construction of the manufacturing facility and development of technical capabilities, enhancing cost efficiency and supply chain optimization for solar projects.
- Strategic Implications: This joint venture allows Nextpower to leverage its global solar technology leadership in conjunction with Abunayyan's regional expertise, driving the realization of Saudi Vision 2030 and promoting localization and sustainable development in clean energy.
Analyst Views on NXT
Wall Street analysts forecast NXT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for NXT is 104.11 USD with a low forecast of 76.00 USD and a high forecast of 125.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
20 Analyst Rating
14 Buy
6 Hold
0 Sell
Moderate Buy
Current: 91.170
Low
76.00
Averages
104.11
High
125.00
Current: 91.170
Low
76.00
Averages
104.11
High
125.00
About NXT
Nextpower Inc., formerly Nextracker Inc., designs, engineers, and delivers an advanced energy technology platform for solar power plants. Its integrated solutions are designed to streamline project execution, increase energy yield and long-term reliability. The Company's products and services include trackers, foundations, eBOS, software, controls, and module mounting. Its services include design, deploy, and operate. Its design services include site evaluations, design and engineering, and training programs. Its deploying services include efficient commissioning, fully equipped, and fast-tracked scheduling. Its operating services engaged in the monitor, manage, and mitigating risk with tools and tech.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
