Stonepeak Launches WahajPeak to Accelerate Renewable Energy Investments in the Middle East

New York-based alternative investment firm Stonepeak has launched its first renewable energy platform in the Middle East, called WahajPeak.

The platform will seek to secure and develop utility-scale solar, wind and battery storage projects in the Gulf Cooperation Council and the broader Middle East. It will be led by Mothana Qteishat, former Vice President at Jinko Power, who has 17 years of experience in Middle East renewables and has overseen the delivery of over 5 GW of solar capacity, according to the announcement.

The initiative is underpinned by national policies in the region focused on decarbonisation, energy diversification and grid modernisation, Stonepeak said.

“Governments across the Middle East and North Africa are targeting the deployment of approximately 175 GW of renewable energy capacity by 2030, creating a rapidly growing need for reliable, utility-scale infrastructure,” Mothana Qteishat commented.

Stonepeak plans to leverage its regional presence, with offices in Riyadh and Abu Dhabi and a partnership with The Arab Energy Fund, along with its platform-building experience. The firm’s platforms include the recently launched JouleTerra, a European renewables land aggregation platform. Stonepeak says it has 10.4 GW of renewable energy in operation, under construction or development across wind, solar and battery storage.