Middle East

Waaree Solar Americas has entered into a binding term sheet with United Solar Holding Inc. (USH), a Cayman Islands-based company, to invest around $30 million through the subscription of Series B preferred shares. The investment is a strategic move by Waaree to secure a long-term, fully traceable polysilicon supply chain to support its rapidly expanding manufacturing footprint in the U.S. and globally.

GameChange Solar has been selected to supply its Genius Tracker 1P system for the Khulis solar PV independent power plant, being developed by ACWA Power.

A consortium led by Acwa Power, Water and Electricity Holding Co. (Badeel) and Saudi Aramco Power Co. has secured a $5.9 billion senior debt facility for seven Saudi Arabia renewable energy projects totaling 15 GW across solar and wind.

Larsen & Toubro has signed a Memorandum of Understanding with ACWA Power for engineering, procurement and construction of the renewables and grid infrastructure at the Yanbu Green Ammonia Project in Saudi Arabia.

Jordan’s government will fund a five-year program to install grid-connected solar systems at 1,000 homes of disabled people and their families, starting in 2026.

The investment package features a $200 million loan for the implementation of the project and a $50 million preferred equity investment. The approval is said to have been opposed by several members of IFC’s board of executive directors.

Saudi Arabia has inked five solar power purchase agreements (PPAs) with a developer consortia led by ACWA Power covering 12 GW of new capacity. Alongside two wind PPAs totaling 3 GW, the seven projects have been billed as the largest renewable energy capacity signed for in a single phase globally.

Cyprus curtailed more than half of its potential renewable power in early 2025, including record residential solar cuts, as grid limits and a lack of storage strain its energy transition. Without swift investment in flexibility, analysts warn the country risks eroding public trust and delaying decarbonization.

SolarEdge Technologies, an Israel-based solar inverter and battery energy storage specialist, has inaugurated a new state-of-the-art R&D and Technology Center in Bengaluru. The facility will play a key role in supporting SolarEdge’s global innovation pipeline while addressing the unique needs of the Indian market.

The Turkish authorities claim to have found evidence of dumping practices by Chinese PV junction boxes and frames manufacturers, which allegedly caused substantial damage to domestic producers.