Petro Matad shares surged by more than 14 percent on October 19, 2026, following the announcement of an international clean energy agreement with Saudi-listed utility firm ACWA Power, according to Proactive Investors.
Under a memorandum of understanding signed by Petro Matad subsidiary SunSteppe Power, the companies plan to develop a 4.5-gigawatt renewable power complex located in Mongolia.
The project is designed to utilize geographic proximity to export clean electricity directly across the border into China. It will also incorporate 500 megawatt-hours of battery energy storage to maintain consistent output and grid stability.
The source noted that the partnership reflects expanding Gulf capital deployment into large-scale renewable generation targeting Asian energy demand.
Sources
- Proactive Investors · 2026-10-19
