Real assets fund manager Stonepeak has launched its first renewable energy platform in the Middle East.
The WahajPeak platform will target utility-scale renewable energy projects, including solar, wind and battery-storage developments across the Gulf Cooperation Council and the broader Middle East.
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 has 17 years of experience in the Middle East’s renewable energy sector. He has led the development and delivery of more than 5GW of solar capacity, including two of the world’s largest solar projects at their time of operation.
Qteishat said: “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. 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’ve 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.”
Hajir Naghdy, senior managing director and head of Asia and the Middle East at Stonepeak, said: “Stonepeak has solidified its presence in the Middle East through dedicated boots on the ground in Riyadh and Abu Dhabi, and our previously announced partnership with The Arab Energy Fund.
“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 – making it a natural fit for our global renewables strategy. We have the utmost confidence in Mothana and the WahajPeak team, whose extensive experience and expertise in the region will be invaluable as we look to support the region’s energy transformation.”
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