While the GCC region has historically been synonymous with oil and gas, the tide is now shifting towards renewable energy, particularly solar photovoltaics (PV). With its exceptional solar irradiance levels on a global scale, the region is set to become a prime hub for solar energy generation, with countries like Saudi Arabia, the United Arab Emirates, and Qatar already capitalising on this natural advantage.
Governments have set very ambitious renewable energy targets and are strategically investing in large-scale solar projects to diversify their energy portfolios and reduce reliance on fossil fuels.
The future of solar energy in the GCC is undoubtedly promising. From solar module manufacturers to utility-scale solar developers, Utilities Middle East examines the entire value chain to identify the top 10 companies shaping the future of solar energy in the GCC.
ACWA Power
ACWA Power, a prominent developer of renewable energy, operates 82 power and desalinated water plants across 13 countries. With an investment value exceeding $85.7 billion, its portfolio generates 55.1 GW of power and 8 million m3/day of desalinated water. Notably, 44.5% of ACWA Power’s capacity is in renewables, totaling over 24GW.
Recently, ACWA Power secured financing for $3.4 billion solar projects in Saudi Arabia, supported by the Public Investment Fund. These ventures, including Ar Raas 2, Saad 2, and Al-Kahfah, will produce 4.55 GW of power, benefiting 750,000 households. ACWA Power has also reaffirmed its commitment to renewable energy with the Aral 5GW Wind IPP in Uzbekistan, a key step towards Uzbekistan’s goal of 40% renewable energy by 2030.
Masdar
Masdar, a leading renewable energy company and green hydrogen innovator, drives the UAE’s forefront role in energy transition. With projects spanning 40+ countries across six continents and over $30 billion in investments, Masdar aims to amplify its global green energy capacity to 100 GW by 2030, representing a 500% increase.
Backed by Mubadala, ADNOC, and TAQA, Masdar pioneers clean energy solutions, from solar to geothermal, delivering commercially viable projects that advance sustainability. Through its strategic focus on utility-scale renewables, Masdar continues to optimize costs and operational efficiency, solidifying its position as a global clean energy leader.
LONGi
LONGi Solar, a leading global solar technology company under LONGi Green Energy Technology, boasts top global module shipments since 2020. With over 60,000 employees and 30+ global locations, LONGi is driving zero-carbon development through mono silicon innovations.
LONGi’s R&D investment of $1.04 billion and 2022 operating income of $18.85 billion underscore its commitment to sustainable growth. Notably, LONGi set a new solar cell efficiency record and leads in monocrystalline silicon wafers.
With plans to expand wafer and module capacities in 2023, LONGi pioneers sustainability, aiming to make solar energy accessible worldwide. Through ISO certifications and sustainability initiatives, LONGi os helping to shape a green energy future.
Huawei
Huawei’s renewable energy solutions have generated 997 billion kilowatt-hours of green power, saved 46 billion kilowatt-hours of energy, and cut emissions by 495 million tonnes—equivalent to planting 680 million trees globally.
Huawei’s FusionSolar Grid-Forming Solution integrates smart string controllers and energy storage systems, enabling stable grid connections with high renewable energy penetration. This solution powers the 1.3 GWh microgrid at the Red Sea project in Saudi Arabia, showcasing Huawei’s innovation in solar energy.
Leveraging grid-forming technology and digital power solutions, Huawei enhances grid stability and operations, advancing the transition to solar as a primary energy source with intelligent, IoT-driven plant management.
JinkoSolar
JinkoSolar, the world’s largest PV module supplier in 2023 with 78.5 GW of shipments, reported a 76.4% increase in panel shipments year-on-year. The company achieved a milestone of 210 GW cumulative solar module deliveries to over 190 countries. JinkoSolar’s 2023 turnover reached CNY 118.68 billion ($16.72 billion) with a net profit of CNY 3.45 billion, demonstrating improved profitability.
In 2024, JinkoSolar targets shipments of 100-110 GW and plans to expand production capacities for mono wafers, solar cells, and modules, emphasizing N-type cell efficiency advancements to 26.5%.
The company is constructing a 56 GW integrated module factory in Shanxi province, with a planned investment of CNY 56 billion ($7.8 billion) over four phases to be completed within two years.
The solar PV company specialises in solar modules, trackers, and energy storage solutions. Its main products include solar modules, trackers, and energy storage solutions. It is also developing new products to support the evolving hydrogen technology.
By the end of 2023 Trina Solar delivered 20 GW solar mounting systems and 5GWh DC container and energy storage system and by the end of the first quarter of 2024, its cumulative shipments of modules had exceeded 205 GW. Trina Solar cumulative 210mm module shipments totalled 120 GW, maintaining first ranking globally and underscoring its leadership in the industry.
Overall, Trina Solar has positioned itself strongly on a global scale and holds a leading position in the GCC.
AMEA Power
Headquartered in Dubai, AMEA Power is a developer, owner and operator of renewable energy projects. As one of the fastest-growing renewable energy companies in the region, AMEA Power has assembled a world-class team of industry experts to deliver projects across Africa, the Middle East, and other emerging markets.
With projects in 20 countries, a 6GW+ project pipeline, and 1,600MW+ in operation and under/near construction, the company is rapidly expanding its investments in wind, solar, energy storage, and green hydrogen, demonstrating its long-term commitment to the global energy transition.
Yellow Door Energy
In 2022, Yellow Door Energy (YDE) completed a $400 million equity raise, allowing initial investors to exit, mainly supported by new controlling shareholder Actis, alongside existing backers IFC, Mitsui & Co, and APICORP.
YDE is expanding with a $1 billion sustainable energy portfolio across the UAE, Jordan, Pakistan, Saudi Arabia, Bahrain, and South Africa. It boasts a significant commercial & industrial (C&I) solar project portfolio, including over 240 MW across the Middle East and Africa, serving major clients like Nestlé and Unilever.
Recent highlights include a solar PV asset refinance with Bank ABC and a partnership with Utico for a solar plant in Umm Al Quwain. YDE eyes Saudi Arabia’s renewable energy market, capitalising on regulatory changes to drive growth and investment in tailored energy solutions.
SirajPower
SirajPower, Dubai’s sole locally-owned company licensed for end-to-end solar services, offers Project Development, EPC, O&M, Tech Solutions, and Financing. They pioneered financed solar solutions in the region, leading in commercial solar with the largest installed and operated portfolio. SirajPower specialises in innovative solar tech solutions, promoting flexible and cost-effective renewable energy use. The company prioritises long-term partnerships, committed to serving customers throughout the solar system’s lifecycle.
JA Solar
JA Solar, the second-largest solar manufacturer by shipments, delivered 36.2 GW of solar cells and panels in 2022. With over 32,000 employees, JA Solar boasts solar cells with an impressive 25% efficiency, above the industry average of 20%. Revenue soared to $10.1 billion in 2022, with first-half 2023 revenue up by 43.5% year-on-year.
The company ships to 135 countries, including the UK. JA Solar plans to expand n-type solar cell production to 57 GW by 2023, with an additional 40 GW of new facilities underway. Their wide-ranging portfolio includes silicon wafers, cells, modules, and PV power plants.
