ACWA Power Reports Strong Financial Results

ACWA Power reported a 16 percent rise in net profit for the nine months ending September 30, 2024, driven by increased operating income and significant project mobilisation. The company expanded its global portfolio with new agreements in Uzbekistan, Saudi Arabia, and the UAE, further solidifying its role in the energy and water sectors.

November 08, 2024. By EI News Network

Saudi-listed ACWA Power, a developer, investor, and operator of power generation and desalinated water plants has released its consolidated financial results for the nine months ending September 30, 2024.

The company reported a 12.5 percent year-over-year increase in operating income before impairment losses and other expenses, reaching SAR 2.365 billion. This growth is attributed to capital gains from project restructuring and capital recycling efforts. Net profit attributable to equity holders reached SAR 1.255 billion, marking a 16 percent rise compared to the same period last year, driven primarily by higher operating income. This increase was slightly offset by impairment losses related to prolonged outages in specific units.

ACWA Power’s CEO, Marco Arcelli, emphasised that the company’s portfolio currently comprises 26 projects under construction, the largest in its two-decade history. He highlighted that the swift financial closures for these projects not only showcase the company’s rapid growth pace but also secure significant future cash flows from a diverse and youthful portfolio. Arcelli affirmed ACWA Power’s commitment to overcoming operational challenges through continuous improvement initiatives, underlining that these efforts will strengthen the company’s ability to provide reliable and cost-effective power and water solutions worldwide.

Chief Financial Officer Abdulhameed Al Muhaidib noted that ACWA Power saw strong project mobilisation through 2024, closing the financing for seven projects with a combined investment cost of SAR 31 billion. The new projects have already started generating revenue, as 2.2 GW of these projects achieved partial or full commercial operations. Al Muhaidib highlighted the company’s diversified asset base, visible growth pipeline, and resilient business model, which contribute to ACWA Power's confidence in achieving long-term, sustainable financial performance.

In the energy sector, ACWA Power signed a 5 GW Power Purchase Agreement (PPA) for the Aral Wind project in Uzbekistan and brought the 5.5 GW Solar PV projects, part of Saudi Arabia’s Public Investment Fund’s (PIF) fourth round, to financial close within just three months.

During the reporting period, ACWA Power closed financing on multiple major projects, including the fourth round of PIF’s Solar PV initiative, Taiba and Qassim Combined Cycle Gas Turbines (CCGTs) in Saudi Arabia, Tashkent Solar PV in Uzbekistan. The company also successfully brought 2.4 GW of incremental capacity online over the past nine months, highlighted by the 700 MW Ar Rass Solar PV project, which achieved construction completion in just 18 months.

This robust performance underscores ACWA Power's role in driving sustainable energy and water solutions on a global scale.

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Middle East Market

ACWA Power in Uzbekistan

ACWA Power

Acwa Power financial results 2024

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Chief Financial Officer

Abdulhameed Al Muhaidib

ACWA Power CEO

Marco Arcelli