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Saudi Arabia is intensifying its commitment to renewable energy, with the solar energy panel market projected to increase from USD 350 million in 2024 to USD 929.37 million by 2030, driven by a 17.50% compound annual growth rate (CAGR). Central to this growth is the Vision 2030 initiative, which seeks to cut oil dependence and expand renewable energy dependencies. Riyadh leads in solar energy developments, supported by the Renewable Energy Project Development Office's competitive bidding for utility-scale solar projects like Sakaka and Sudair. Geographic advantages, cost-cutting measures, and substantial government incentives, including financial support and tax breaks, are propelling this robust market, aiming for 50% renewable energy by 2030, with 10% sourced from solar power. Despite challenges such as intermittency and infrastructure readiness, Saudi Arabia's solar energy initiatives position it as a pivotal player in the global energy transition.

• ACWA Power last closed at SAR290.60 up 0.2%, close to the 52-week low.

In other market news, Shandong Hi-Speed Holdings Group was trading firmly up 14.7% and ending trading at HK$7.63. Meanwhile, Icahn Enterprises trailed, down 8.9% to finish the session at $8.88.

First Solar's domestic expansion and proprietary technology offer significant growth potential amid trade tensions. Click here to explore the detailed narrative on First Solar's strategy and market positioning.

In our recent Market Insights article "Investing In Innovation to Beat Stagflation," we discussed the vital role of innovative disruptions in energy storage and nuclear energy as pivotal components of the energy transition—don't miss out on crucial insights for your next investment move.

Best Energy Transition Stocks

• Applied Materials closed at $165.94 up 0.2%.

• Tesla closed at $342.09 down 2.3%.

• First Solar ended the day at $164.92 down 7.6%.

Summing It All Up

• Discover the full array of 153 Energy Transition Stocks, featuring Fifth Third Bancorp, Sungrow Power Supply and Kansai Electric Power Company, right here.

• Looking For Alternative Opportunities? The best AI stocks today may lie beyond giants like Nvidia and Microsoft. Find the next big opportunity with these 27 smaller AI-focused companies with strong growth potential through early-stage innovation in machine learning, automation, and data intelligence that could fund your retirement.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.