Nextpower Arabia to Supply 2.25 GW of Smart Solar Trackers to L&T for ACWA Power Consortium’s Bisha Solar Project

First landmark project to be fulfilled through newly formed Nextpower Arabia joint venture; localized production to support Saudi National Renewable Energy Program

RIYADH, Saudi Arabia--(BUSINESS WIRE)--Nextpower Arabia, the newly formed joint venture between Nextpower (Nasdaq: NXT, formerly Nextracker) and Abunayyan Holding, today announced it will provide 2.25 gigawatts (GWp) of advanced solar tracking systems to Larsen & Toubro (L&T) for the Bisha Solar project, one of the largest utility-scale solar plants being developed by an ACWA Power-led consortium. The project was procured by the Saudi Power Procurement Company (SPPC) as part of Wave 6 of the Kingdom’s National Renewable Energy Program (NREP) overseen by the Ministry of Energy.

Located in the Asir Province, Bisha is the largest of the Wave 6 solar projects. The project represents a significant addition to Saudi Arabia’s expanding utility-scale portfolio and supports the Kingdom’s long-term energy and decarbonization objectives. This new 2.25 GWp order is the first major project to be fulfilled through the Nextpower Arabia joint venture, now fully operational.

Through localized sales, manufacturing, delivery and supply chain capabilities, Nextpower Arabia will support the efficient deployment of utility-scale solar power plants, while advancing industrial development and workforce development in the Middle East and North Africa (MENA) region.

Bharathi Kumar, general manager (Renewable International), L&T, said, “We have tremendous confidence in Nextpower Arabia to provide the most advanced utility-grade solar solutions that will help us deliver maximum performance and low-cost clean energy through the new Bisha Solar Plant long into the future. Localizing the production of these new systems that will form the foundation of the Bisha plant will deliver greater efficiencies throughout the development process while reducing the cost and impact of international shipping.”

Dan Shugar, founder and CEO, Nextpower, said, “The MENA region is a top strategic priority for Nextpower. This project builds on our longstanding partnerships with ACWA Power and L&T and marks an important milestone for our new joint venture with Abunayyan Holding. Through Nextpower Arabia, we are localizing the industry’s most resilient and intelligent solar plant technologies, engineered specifically for the region’s demanding conditions, while strengthening the local supply chain to support Saudi Arabia’s long-term energy transition goals.”

Turki Al-Amri, Nextpower Arabia Chairman and CEO, and Abunayyan Holding CEO, said, “The Bisha project will significantly contribute to national and regional renewable energy transformation objectives. By manufacturing and producing Nextpower Arabia systems in the Kingdom, we can deliver a wide range of benefits from our newly localized solar supply chain for our development partners while advancing Saudi’s national industrialization strategy.”

Earlier this year, ACWA Power, in a consortium with the Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO), announced its commitment to invest $8.3 billion to develop seven large-scale renewable energy plants, adding approximately 15 GW of new renewable energy capacity to the Kingdom’s power grid.

Nextpower has a longstanding track record of supporting major utility-scale solar developments in the region, beginning with the 405 MW Sakaka Solar Park in Saudi Arabia in 2018, and now totalling more than 6 GW across the MENA region.

Nextpower Arabia

Nextpower Arabia is a joint venture between Nextpower (Nasdaq: NXT, formerly Nextracker), a global leader in advanced solar energy technology solutions headquartered in the U.S., and Abunayyan Holding Company, a leading developer and operator of energy and water infrastructure across the Middle East and North Africa. The company combines Nextpower’s global leadership in smart solar tracking systems and advanced energy technology solutions with Abunayyan Holding’s deep regional expertise, long-standing presence, and infrastructure development capabilities. Nextpower Arabia is positioned to accelerate the deployment of utility-scale solar power across the region while supporting its clean energy transition. For more information visit Nextpower Arabia.

About Larsen & Toubro Limited

Larsen & Toubro is a USD $23 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide. A strong, customer focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

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 potential benefits from the project supply order, including its ability to help reach long-term energy transition and decarbonization objectives; statements regarding the speed, cost efficiency and supply-chain optimization anticipated from the joint venture; 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, but not limited to: 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; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the joint venture; 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.