Altaaqa’s Solar Strategy 2025: How Joint Ventures Are Dominating Saudi Arabia’s C&I Market

Industry Adoption: Altaaqa’s Strategic Shift from Power Rental to Integrated Solar Solutions

Altaaqa’s journey in the solar sector illustrates a masterclass in strategic repositioning, evolving from a legacy power rental provider to an integrated clean energy developer. Between 2021 and 2024, the company laid the foundational pillars of this transition primarily through high-profile joint ventures. The establishment of the SAFEER (Saudi French for Energy Efficiency and Renewables) JV with TotalEnergies in March 2021 marked a deliberate entry into the commercial and industrial (C&I) solar market. This was swiftly followed by tangible projects, including a 1.5 MWp hybrid system for its parent Zahid Group’s headquarters (2021) and a 250 kWp rooftop installation for a Saudi Total Petroleum lubricants plant (2023). This period also saw Altaaqa venture into utility-scale solar, taking a 20% stake in the consortium developing the 119 MWp Wadi ad-Dawasir plant, for which a Power Purchase Agreement (PPA) was signed in 2023. These moves showcased a dual-track strategy: capturing the distributed C&I market while gaining a foothold in large-scale independent power production.

The period from January 2025 to today marks a significant inflection point from strategy formation to execution and validation. The C&I model, once nascent, is now a proven, repeatable engine for growth. A key event is the April 2025 PPA signed via SAFEER to deliver a 5.18 MWp solar plant for Golden Chicken, projected to generate over 13 GWh annually. This project, which utilizes advanced solar tracking systems to maximize output, demonstrates a move toward technological optimization and confirms the JV’s ability to secure a consistent pipeline of private sector clients. While the utility-scale Wadi ad-Dawasir project progresses towards its 2025 commissioning, Altaaqa’s continued success in the C&I segment solidifies its role as a key player in powering the private sector’s green transition, directly supporting Saudi Arabia’s Vision 2030 goals. This variety—from small rooftops to multi-megawatt corporate parks and utility-scale fields—signals that Altaaqa is building a comprehensive portfolio to address diverse market needs.

Table: Altaaqa Renewable Energy’s Key Solar Investments

Table: Altaaqa’s Strategic Solar Partnerships and Joint Ventures

Geography: Altaaqa’s Concentrated Push into the Saudi Solar Market

Altaaqa’s geographical strategy is one of deliberate and intense domestic focus. Between 2021 and 2024, all significant solar activities were concentrated within the Kingdom of Saudi Arabia. This is a direct alignment with the nation’s Vision 2030 and its ambitious renewable energy targets. Key project locations like King Abdullah Economic City (KAEC) and Wadi ad-Dawasir are central to the country’s development plans. By establishing the SAFEER joint venture to serve Saudi Arabia and Bahrain, Altaaqa signaled a regional ambition, but its project pipeline has remained firmly anchored within the Kingdom, demonstrating a clear strategy to achieve market leadership on its home turf first.

This hyper-local focus has not wavered in 2025. The Golden Chicken solar project is another key addition to its Saudi portfolio. This concentration allows Altaaqa to leverage its parent company’s (Zahid Group) deep-rooted logistical networks, client relationships, and operational experience within the Kingdom—a significant competitive advantage. While Altaaqa Global’s gas power project in Cameroon shows the group has international deployment capabilities, the renewable energy strategy remains laser-focused on Saudi Arabia. This approach mitigates geopolitical risks associated with international expansion and positions Altaaqa as a go-to domestic partner for both local corporations and international firms looking to invest in the Saudi green transition. The primary risk is over-reliance on a single market, but given the scale of Saudi Arabia’s ambitions, this is a calculated and strategic choice.

Technology Maturity: Altaaqa’s Solar Commercialization Trajectory

Altaaqa’s journey is not one of technology invention but of strategic technology application and commercialization. Solar PV is a mature and proven technology, and Altaaqa’s focus has been on mastering its deployment across different market segments. In the 2021–2024 period, the company rapidly moved up the commercialization ladder. It began with smaller, behind-the-meter C&I installations like the 250 kWp rooftop project at a lubricants plant and the 1.5 MWp system at its parent company’s headquarters. These initial projects served as commercial pilots to validate the SAFEER JV’s delivery model. The strategy quickly matured with the 12.5 MWp KAEC project, a ground-mounted system with motorized tracking, signaling a move toward more complex, utility-like C&I installations. The signing of the PPA for the 119 MWp Wadi ad-Dawasir project marked its full commercial entry into the utility-scale IPP market.

From 2025 to the present, the focus has shifted to optimization and scaling of a now-proven commercial model. The 5.18 MWp Golden Chicken project, for example, incorporates a solar tracking system specifically to maximize energy production—a sign of a mature developer focused on maximizing asset performance and economic returns, not just completing installations. With Wadi ad-Dawasir moving from financial close to execution and an expected commercial operation date in early 2025, Altaaqa is transitioning from a developer to an operator of large-scale renewable assets. The technology is fully commercial, and Altaaqa has successfully validated its capability to deploy it at both the distributed C&I scale and the centralized utility scale. This demonstrated expertise significantly de-risks future projects for investors and partners.

Table: SWOT Analysis of Altaaqa’s Solar Strategy (2021-2025)

Forward-Looking Insights and Summary

The latest data from 2025 confirms that Altaaqa’s strategic pivot to solar is not just an ambition but a successfully executing business plan. The key signal for the year ahead is the replicability of its C&I solar model through the SAFEER joint venture. The Golden Chicken PPA is a template for future growth, and market actors should expect a steady stream of similar announcements for projects in the 1-15 MWp range targeting Saudi Arabia’s industrial and commercial sectors.

The most critical validation point on the horizon is the commissioning of the 119 MWp Wadi ad-Dawasir plant, scheduled for early 2025. A smooth transition to commercial operations will cement Altaaqa’s credibility as a utility-scale IPP and unlock opportunities for future, larger-scale projects. Furthermore, investors should watch for the tangible integration of technologies from Altaaqa’s other partnerships into its solar offerings. The collaboration with BESS provider POWR2 is gaining traction, and the market should anticipate formal announcements of hybrid solar-plus-storage projects for both on-grid and off-grid clients. This integration is the next logical step, transforming Altaaqa from a solar developer into a comprehensive, high-value energy solutions provider—a transition that will define its competitive standing in the coming years.

Frequently Asked Questions

What is Altaaqa’s main strategy for entering and growing in the solar market?
Altaaqa’s primary strategy has been to form high-profile joint ventures (JVs) with experienced global partners. The most significant of these is SAFEER, a JV with TotalEnergies established in 2021, which specifically targets Saudi Arabia’s Commercial & Industrial (C&I) solar market. This approach allows Altaaqa to combine its local presence and client relationships with international technology and expertise.

Is Altaaqa focused on a specific type of solar project?
No, Altaaqa employs a dual-track strategy. While its JVs are dominating the Commercial & Industrial (C&I) segment with projects ranging from 250 kWp rooftops to multi-megawatt installations like the 5.18 MWp Golden Chicken plant, it is also active in the utility-scale market. It holds a 20% stake in the consortium developing the 119 MWp Wadi ad-Dawasir solar plant, marking its entry into the Independent Power Producer (IPP) space.

Why is the SAFEER joint venture so important to Altaaqa’s solar business?
The SAFEER JV, formed with TotalEnergies, is the foundational pillar of Altaaqa’s distributed generation strategy. It was created specifically to capture the C&I solar market. The success of projects like the Zahid Business Park, KAEC, and Golden Chicken plant, all delivered through SAFEER, has validated Altaaqa’s C&I business model and proven its ability to secure a consistent pipeline of private sector clients.

What is the significance of the Golden Chicken project in 2025?
The 5.18 MWp solar plant for Golden Chicken, secured in April 2025, is significant because it validates that Altaaqa’s C&I solar model is a proven, repeatable engine for growth. It demonstrates the SAFEER JV’s ability to secure new private sector clients for technologically advanced projects (using solar tracking systems) and confirms the successful transition from strategy formation to execution.

What are the next major milestones to watch for in Altaaqa’s solar strategy?
The most critical upcoming milestone is the successful commissioning of the 119 MWp Wadi ad-Dawasir plant in 2025, which will cement its credibility as a utility-scale IPP. Additionally, the market should anticipate the formal integration of battery storage (BESS) into its solar offerings, transforming Altaaqa from a solar developer into a comprehensive energy solutions provider.