Saudi-listed Acwa Power, a leader in energy transition and green hydrogen, has marked a strong first half by signing nine Power Purchase Agreements (PPAs) totalling 20GW of new power capacity, including 15GW in July in Saudi Arabia as part of the country’s renewable energy programme under the framework of Vision 2030.

 

In the water business, Acwa Power also signed two Water Purchase Agreements (WPAs), which will add 700,000 cu m/day of new desalination capacity once the projects reach their commercial operation dates.

 

Acwa Power earlier had announced a Share Purchase Agreement (SPA) to acquire several power and water assets in Bahrain and Kuwait, adding 4.6GW power and 1.1 million cu m/day water capacity on its advanced development portfolio.

 

Once the transaction is closed, these capacities will account as operational since the acquired assets are fully operational.

 

Acwa Power has reported a 62 per cent increase in adjusted net profit for the six months ended June 30, 2025, reaching SAR1,172 million ($312,431), compared to the same period in 2024.

 

The company’s reported net profit has, on the other hand, marginally dropped by 1.9 per cent mainly due to an impairment charge in one of its affiliated companies.

 

Operating income before impairment losses and other expenses reached SAR2,207 million, increasing by SAR818 million mainly on account of higher development business and construction management services along with higher contribution from operations.

 

Marco Arcelli, Chief Executive Officer of Acwa Power, commented: “What we’ve achieved so far in 2025 is a testament to our scale, agility, and long-term partnerships. Our growing portfolio, backed by frameworks like our strategic partnership with PIF, our bold entry into new markets, and other long-term strategic agreements for future energy corridors, are all pillars of our commitment to building a cleaner, more sustainable future.”

 

Arcelli added: “We have doubled in size over the past three years, and we expect to double again over the next five, as we continue delivering on our mission at greater scale and impact.”

 

Abdulhameed Al Muhaidib, Chief Financial Officer, commented: “Our strong pipeline conversions, operational performance, disciplined acquisitions, and the overwhelming response to our capital raise reflect robust and resilient steps in our business management. We are not only delivering value today, but we are also securing our position as a leader in tomorrow’s global energy and water markets.”

 

Complementing these achievements, a milestone during this period was the completion of Acwa Power’s capital raise through a Rights Issue, generating SAR7.125 billion in proceeds.

 

The issuance saw a 96 per cent subscription rate and was nearly six times oversubscribed, reflecting strong confidence from both local and international investors in the company’s growth trajectory and long-term value creation.

 

As a result, foreign ownership in Acwa Power has now increased to 4.27 per cent, further broadening the company’s global investor base.

 

During the period, the company achieved financial close for two projects, with a total investment value of SAR2.4 billion, supporting Acwa Power’s commitment to disciplined and impactful capital deployment.

 

3.3GW of new power capacity and 600,000 cu m/day of desalination capacity achieved commercial operation dates brought online, underscoring the company’s track record for completing the construction and bringing plants online across its global portfolio.

 

Looking ahead, Acwa Power is laying the foundation for transformative growth in green hydrogen and renewable energy exports.

 

The company signed strategic agreements with global partners to develop a Green Hydrogen and Renewable Energy Export Corridor between Saudi Arabia and Europe, an initiative that aligns with both Vision 2030 and Europe’s decarbonisation goals.

 

Moreover, Acwa Power is expanding its geographic footprint in Southeast Asia.

 

Through recently signed MoUs and strategic partnership agreements in Malaysia, the company is exploring investment opportunities, with a focus on renewable energy, water, and hydrogen infrastructure.

 

Acwa Power continues to accelerate toward its strategic goals, including reaching assets under management of $250 billion by 2030, expanding into high-potential markets, and delivering sustainable infrastructure that powers economies and improves lives. -OGN / TradeArabia News Service