Acwa Power has reported an 117% increase in operating income for the first quarter ended March 31, 2025, reaching SAR 870 million ($231 million). This was primarily due to higher development business and construction management services income. Net profit, attributable to equity holders, reached SAR 427 million, a 44% increase from 2024.

 

"Our financial results for the first three months of 2025 demonstrate the success of the Acwa Power strategy to accelerate new business development across the company. We achieved significant growth in operating income and net profit, underpinned by the foundation we've laid for growing revenue streams," said Marco Arcelli, Chief Executive Officer of Acwa Power. "In Saudi Arabia, we are in an advanced stage of concluding the next giga wave of projects as part of the 2030 renewable energy target of 130 GW as announced by the Ministry of Energy, solidifying our position as a global leader in energy transition and water desalination."

 

Abdulhameed Al Muhaidib, Chief Financial Officer of Acwa Power, said: “We've delivered strong and encouraging results for the first quarter of the year. This not only reflects Acwa Power's disciplined approach to our growth objectives for 2030 but also demonstrates our focus on sustainable value creation for our shareholders.”

 

Earlier in the year, Acwa Power has announced signing of a share purchase agreement to acquire operational gas power and water desalination assets from Engie, adding 4.6GW of power generation and 1.1 million cubic meters per day of water desalination capacity on its overall portfolio.

 

“Once this acquisition is complete expected in 2025, we will further strengthen our stable, visible revenue and cash flow streams,” added Al Muhaidib.

 

During the first quarter, the Company added 9.7 GW of energy capacity and 1.4 million m³/day of desalinated water. The portfolio now includes 101 assets with total investment cost of $107 billion and a total gross capacity of 78.9 GW of power generation, 5.3 GWh of BESS, and 9.5 million m³/day of desalinated water production.

 

Additionally, the Company achieved key milestones as 4 projects come into operation, namely, the 2.1 GW Al Shuaiba 2 and the 91 MW Layla Solar PV IPPs in Saudi Arabia, along with the 500MW each Bash and Dzhankeldy wind IPPs in Uzbekistan. The Noor 3 CSP also resumed operations subsequently in April following an extended outage that was experienced last year. -TradeArabia News Service