ACWA Grows Portfolio To 98.2 GW Despite 28% Drop In H1 2026 Profit

Saudi Arabia-based Acwa has reported its financial and operational results for the first half of 2026, highlighting continued growth in its global portfolio despite lower profits due to project timing delays. The company said its long-term business fundamentals remain strong, supported by reliable operating assets, expanding investments, and steady cash flows.

As of June 30, 2026, Acwa managed a portfolio of 111 assets across 16 countries. Its total installed and under-development portfolio includes 98.2 gigawatts of power generation capacity and 9.7 million cubic meters per day of water desalination capacity, reinforcing its position as one of the world’s leading private developers in the power, water desalination, and energy transition sectors.

During the first six months of the year, the company expanded its development pipeline by adding 5.2 gigawatts of new power capacity and 0.6 million cubic meters per day of desalination capacity. These additions increased the company’s total assets under management by approximately SAR 30 billion, taking the overall portfolio value to around SAR 475 billion.

Acwa reported a net profit of SAR 653 million for the first half of 2026, compared with SAR 909 million during the same period last year. Operating income before impairment losses and other expenses also declined to SAR 1,444 million from SAR 2,207 million in the first half of 2025.

The company attributed the decline in earnings mainly to the timing of project developments, divestments, and financial closings. Several key transactions originally expected during the first half of the year have been postponed by six to twelve months and are now expected to be completed during the second half of 2026 or later. Despite these delays, Acwa said its existing operational portfolio continued to generate stable recurring income and healthy cash flows.

Operational performance remained strong throughout the reporting period. The company’s power generation assets maintained availability above 92 percent, while its water desalination facilities recorded availability exceeding 98 percent. Acwa also maintained a strong safety record, logging 81.7 million man-hours across construction and operational sites with a lost-time injury rate of only 0.02.

Construction activities continued at a significant pace, with 32 projects currently under development. Together, these projects represent approximately 47 gigawatts of power generation capacity and 2 million cubic meters per day of desalination capacity. During the first half of the year, Acwa achieved commercial operation for projects that added 0.8 gigawatt-hours of battery energy storage capacity and 0.9 million cubic meters per day of desalination capacity.

The company also strengthened its international presence by signing major power and water agreements in Saudi Arabia, Kuwait, and Mauritania. The Mauritania project marks Acwa’s entry into a new market, further expanding its global footprint.

Chief Executive Officer Dr. Samir J. Serhan said the company remains focused on disciplined growth, operational excellence, and organizational transformation rather than pursuing expansion alone. Chief Financial Officer Abdulhameed Al Muhaidib added that Acwa’s long-term contracts and the growing contribution from newly operational assets continue to provide a solid financial foundation. In July 2026, the company also introduced a new dividend program covering the period from 2026 to 2030, reflecting its commitment to delivering predictable and sustainable returns to shareholders.