When Saudi Arabia starts building solar farms instead of oil refineries, something fundamental just shifted. The kingdom that powered the 20th century on petroleum is betting billions on photovoltaics for Vision 2030. If the world’s swing oil producer believes renewable energy is the future, investors should pay attention.

This isn’t greenwashing. Saudi Arabia plans to generate 50% of its electricity from renewables by 2030, freeing up crude for export markets where it commands premium prices. The math is simple: burn solar at home, sell oil abroad, maximize profit. That calculation is driving massive capital into solar infrastructure across the Middle East, creating a multi-trillion-dollar opportunity for companies positioned at the intersection of manufacturing, installation, and energy storage.

Here are five stocks capturing this accelerating transition, ranked by their exposure to the global solar buildout.

5. SolarEdge Technologies: The Recovery Play

SolarEdge Technologies (NASDAQ:SEDG) stumbled badly in 2024, reporting a catastrophic $22.54 loss per share after years of consistent profitability. European demand collapsed and inventory bloated.

But Q3 2025 showed stabilization. The company narrowed losses to $0.31 per share, beating estimates by 24%. Revenue jumped 44.5% year over year to $340 million as management cleared excess inventory. The stock trades at $33.34, up 2.6%.

SolarEdge’s technology embeds power optimizers at each panel rather than relying on string inverters, offering efficiency advantages in residential installations. If Saudi Arabia’s solar push extends to distributed generation and rooftop systems, SolarEdge’s architecture becomes relevant. The company remains unprofitable, but the trajectory is improving. For investors willing to stomach volatility, this is the high-risk, high-reward energy transition bet.

4. NextEra Energy: The Utility Anchor

NextEra Energy (NYSE:NEE) is the largest renewable energy utility in the world, commanding 46 gigawatts of generation capacity, primarily from wind and solar. The company reported $7.97 billion in Q3 2025 revenue, up 5.3% year over year, with net income surging 31.1% to $2.44 billion. Earnings per share hit $3.15, and the stock trades at 27x trailing earnings.

NextEra’s advantage is scale and execution. The company’s regulated utility arm, Florida Power & Light, provides stable cash flow, while NextEra Energy Resources deploys capital into renewables and storage at a pace competitors can’t match. The 2.65% dividend yield adds income to the growth equation.

Saudi Arabia’s solar expansion validates NextEra’s decade-long thesis: utilities are transitioning from fossil fuels to renewables, and the winners moved earliest and fastest. At $83.85, the stock trades near 52-week highs, reflecting confidence in the renewable buildout cycle extending through 2030 and beyond.

3. Enphase Energy: The Microinverter Leader

Enphase Energy (NASDAQ:ENPH) dominates residential solar through microinverter technology that converts DC power at each individual panel. The company reported $410 million in Q3 2025 revenue, up 7.8% year over year, with net income of $66.6 million. Earnings per share hit $0.90, crushing estimates by 42.86%.

The microinverter advantage is reliability and monitoring. When one panel fails, the system continues operating. Enphase’s software platform gives installers and homeowners real-time performance data. Gross margins remain strong at 47.8%.

Enphase trades at $35.97, down 42.76% over the past year as residential solar demand softened. But the global picture is different. If Saudi Arabia’s Vision 2030 includes distributed solar, Enphase’s technology becomes essential infrastructure. The stock trades at 25x trailing earnings with an 18x forward multiple, pricing in recovery.

2. Tesla: The Energy Ecosystem

Tesla (NASDAQ:TSLA) is an auto company the same way Amazon is a bookstore. The energy division, which includes solar panels, Powerwall home batteries, and grid-scale Megapacks, is the quiet giant inside the $1.43 trillion market cap. Tesla reported $28.1 billion in Q3 2025 revenue, up 11.6% year over year, though net income of $1.37 billion reflected margin pressure in the auto business.

The company’s energy storage deployments are accelerating as utilities and countries like Saudi Arabia build renewable capacity requiring batteries to smooth intermittency. Tesla’s vertical integration from solar panels to batteries to software gives it an ecosystem advantage no competitor can replicate.

The stock trades at 294x trailing earnings, a valuation that only makes sense if you believe Tesla captures a meaningful share of the multi-trillion-dollar energy transition. Saudi Arabia’s solar push is validation.

1. First Solar: The Manufacturing Champion

First Solar (NASDAQ:FSLR) takes the top spot because it manufactures the actual hardware powering utility-scale solar farms. The company reported $1.59 billion in Q3 2025 revenue, up 79.7% year over year, with net income of $456 million. Earnings per share hit $13.04, and gross margins remained strong at 38.3%.

First Solar’s thin-film technology dominates utility-scale projects, exactly the type Saudi Arabia is building. The company’s U.S. manufacturing base provides tariff protection and supply chain resilience. First Solar trades at 19x trailing earnings with an 11x forward multiple, pricing in continued growth but not euphoria.

The iShares Global Clean Energy ETF holds First Solar as its second-largest position at 7.44%, validating the company’s centrality to the energy transition. When Saudi Arabia builds a solar farm, First Solar’s modules are likely in the mix. That direct exposure to the biggest infrastructure buildout of the decade makes it the top stock in this category.

The Transition Accelerates

Saudi Arabia’s solar push isn’t a pilot program. It’s a multi-billion-dollar bet that renewable energy is cheaper, more reliable, and more profitable than burning domestic oil for electricity. Vision 2030 represents a tipping point where even fossil fuel producers acknowledge the economics have shifted. These five stocks capture different angles of this transition, from manufacturing to installation to storage.