ACWA Power Reports 16% Profit Growth in 2024, Boosted by Record Project Expansion and Strategic Investments in Energy Markets

ACWA Power, a publicly listed Saudi energy and water desalination company, has recorded a 16 percent increase in profit for the first nine months of 2024. The company attributed this growth to advancements in both power generation and water production projects.

According to the financial report, ACWA Power’s net profit attributable to equity holders reached SR1.25 billion ($334 million), buoyed by a 12.5 percent increase in operating income, which rose to SR2.36 billion. The company stated that this improvement, compared to the same period in 2023, stemmed from investment gains through project restructuring and capital recycling.

Marco Arcelli, CEO of ACWA Power, emphasized the company’s commitment to growth, sharing that its portfolio now consists of 26 projects — the largest in its two-decade history. “These projects underscore our rapid financial progress and hint at substantial future cash flows from a diverse, young portfolio,” said Arcelli, further reaffirming the company’s goal to provide cost-effective, reliable energy and water.

In the past nine months, ACWA Power closed financing for seven major projects worth a combined SR31 billion. These projects include the Taiba and Qassim Combined Cycle Gas Turbine projects in Saudi Arabia, the Tashkent Solar PV project in Uzbekistan, and the Hassyan Seawater Reverse Osmosis plant in the UAE.

The company’s power generation capabilities have also expanded, adding 2.4 GW of new capacity, notably through the 700 MW Ar Rass Solar PV project completed in 18 months. Furthermore, ACWA Power has secured a 5 GW Power Purchase Agreement for the Aral Wind project in Uzbekistan and 5.5 GW of solar capacity through Saudi Arabia’s fourth round of Public Investment Fund projects.

In water desalination, ACWA Power signed a Water Purchase Agreement for the Hamriyah Independent Water Project in the UAE, which will provide 410,000 cubic meters of water daily.

CFO Abdulhameed Al-Muhaidib expressed optimism about the company’s financial outlook, highlighting the SR31 billion financial closures and the recent operational start of projects generating 2.2 GW of power. “Our diversified asset base, robust pipeline, and focus on operational excellence strengthen our long-term financial sustainability,” he noted.