Stonepeak has unveiled WahajPeak, its first renewable energy platform in the Middle East, focused on developing utility-scale solar, wind and battery storage projects.
The company said the platform will target opportunities across the Gulf Cooperation Council and the wider region, supported by favourable national policies on decarbonisation, energy diversification and grid modernisation.
WahajPeak will be led by Mothana Qteishat, former vice president at Jinko Power, who has 17 years’ experience in the sector and has overseen the delivery of more than 5GW of solar capacity, including two of the world’s largest projects at their time of operation.
“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,” said Qteishat. “With the WahajPeak team’s strong execution track record and Stonepeak’s deep experience in renewable energy investment and platform building, we are well-positioned to meet this demand.”
Hajir Naghdy, senior managing director and head of Asia and the Middle East at Stonepeak, said: “With the establishment of WahajPeak, we are furthering our commitment to the region. We look forward to leveraging our local presence and significant experience building and scaling pan-regional platforms as we work with Mothana and team to grow WahajPeak.”
Ryan Chua, senior managing director at Stonepeak, added: “WahajPeak is a great example of Stonepeak’s approach to platform creation-combining exceptional talent with long-term capital, and our sector capabilities and network, to deliver essential infrastructure.”
Stonepeak said WahajPeak builds on its platform creation record globally, including Peak Energy in Asia, Synera Renewable Energy, Madison Energy Investments in North America, and most recently JouleTerra in Europe and Longview Infrastructure in the US.
The firm has 10.4GW of renewable energy assets in operation, construction or development across wind, solar and storage.