Stonepeak Launches MENA Renewables Platform

The US-headquartered Stonepeak, a leading alternative investment firm specialising in infrastructure and real assets, has launched WahajPeak, the company’s inaugural renewable energy platform in the Middle East and North Africa (MENA) region dedicated to securing and developing high-quality renewable energy projects in the region and beyond.

WahajPeak will invest in utility-scale renewable energy projects including solar, wind, and battery storage developments across the Gulf Cooperation Council and the broader Middle East, the company said on Monday.

The Platform’s strategy is supported by constructive policy tailwinds across the region, including national energy agendas focused on decarbonisation, energy diversification, and grid modernisation, Stonepeak said.

WahajPeak will be led by Mothana Qteishat, former Vice President at Jinko Power, who brings 17 years of experience in the Middle East’s renewable energy sector. He has led the development and delivery of more than 5 GW of solar capacity, including the delivery of two of the world’s largest solar projects at their time of operation. He will be supported by a seasoned team with more than 100 years of combined experience and a proven execution track record.

Positioned to Meet Demand

Mothana Qteishat said that governments across the region are targeting the deployment of approximately 175 GW of renewable energy capacity by 2030, creating a rapidly growing need for reliable, utility-scale infrastructure.

“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. We have designed WahajPeak to scale and adapt over time, in step with the region’s evolving energy landscape, and we are excited to work closely with our stakeholders to seize the significant opportunities ahead,” he said.

Hajir Naghdy, Senior Managing Director and Head of Asia and the Middle East at Stonepeak, said that his company has solidified its presence in the Middle East through dedicated boots on the ground in Riyadh and Abu Dhabi, and their previously announced partnership with The Arab Energy Fund.

With the establishment of WahajPeak, the company is furthering its commitment to the region and is looking forward to leveraging the local presence and significant experience building and scaling pan-regional platforms, he added.

According to Stonepeak’s Senior Managing Director Ryan Chua, WahajPeak is a great example of Stonepeak’s approach to platform creation—combining exceptional talent with long-term capital, and their sector capabilities and network, to deliver essential infrastructure—making it a natural fit for the company’s global renewables strategy.

Select examples of Stonepeak’s platform creation experience include Stonepeak’s Asia Energy Storage Platform, Peak Energy, and Synera Renewable Energy, which are all dedicated to the development, ownership, and operation of renewable assets in Asia.

Stonepeak has also supported the development and operation of distributed solar generation assets in North America through its platform Madison Energy Investments, which the firm fully realised in 2023.

Most recently, Stonepeak has launched two new platforms including JouleTerra, a European renewables land aggregation platform, and Longview Infrastructure, a North American transmission development and investment platform.

Through these platforms and other investments currently backed by Stonepeak, the firm has a total of 10.4 GW of renewable energy in operations, under construction, or in development across wind, solar, and battery energy storage systems.