Riyadh, August 4, 2025 — Acwa Power, the Saudi-listed energy transition and green hydrogen giant, has delivered a robust performance in the first half of 2025, marked by significant progress on its renewable energy and water initiatives, in alignment with Saudi Arabia’s Vision 2030.
The company announced the signing of nine new Power Purchase Agreements (PPAs) totaling 20 gigawatts (GW) of capacity, including a remarkable 15GW in July alone dedicated to the Kingdom’s ambitious renewable energy program. These projects represent a critical leap toward Saudi Arabia’s clean energy targets and Acwa Power’s growing influence in the global energy transition.
Expanding Desalination Footprint with New Water Projects
Alongside its renewable energy milestones, Acwa Power also secured two Water Purchase Agreements (WPAs) during the first half of the year. These agreements will contribute an additional 700,000 cubic meters per day of desalination capacity once operational, reinforcing the company’s commitment to sustainable water solutions in water-scarce regions.
Further bolstering its portfolio, Acwa Power entered into a Share Purchase Agreement (SPA) to acquire existing power and water assets in Bahrain and Kuwait, adding 4.6GW of electricity generation and 1.1 million cubic meters per day of desalination capacity. These assets, already operational, will be reflected as such upon the transaction’s closure—enhancing Acwa Power’s revenue-generating capacity and regional footprint.
Solid Financial Performance with Strong Profit Growth
For the six months ending June 30, 2025, Acwa Power reported an impressive 62% increase in adjusted net profit, reaching SAR 1.172 billion ($312 million), compared to the same period last year. The surge was largely driven by higher development activity, strong operational contributions, and an uptick in construction management services.
Despite this, the company’s reported net profit experienced a marginal 1.9% decline, primarily due to an impairment charge related to one of its affiliated entities. Still, operating income before impairments and other expenses rose to SAR 2.207 billion, up SAR 818 million from the previous year.
CEO: Scaling with Speed and Sustainability
Reflecting on the performance, Marco Arcelli, Chief Executive Officer of Acwa Power, credited the company’s growth to scale, strategic agility, and enduring partnerships.
“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 and our bold entry into new markets, supports our mission to build a cleaner, more sustainable future,” Arcelli said.
He noted that Acwa Power has doubled in size over the past three years, and is on track to double again within the next five, expanding its role as a key global player in renewable energy and green hydrogen.
Strong Market Confidence Reflected in Capital Raise
In a significant milestone, Acwa Power completed a Rights Issue capital raise of SAR 7.125 billion, which saw a 96% subscription rate and was nearly six times oversubscribed. This response from both local and international investors underscores confidence in Acwa Power’s long-term vision and execution.
Following the capital raise, foreign ownership in the company rose to 4.27%, broadening its global investor base and reinforcing its status as an attractive vehicle for sustainable investment.
Commercial Milestones and Future-Focused Agreements
During H1 2025, Acwa Power achieved commercial operations for 3.3GW of new power capacity and 600,000 cu m/day of desalination capacity across multiple projects. Additionally, the company achieved financial close on two major projects with a combined investment value of SAR 2.4 billion, demonstrating disciplined capital deployment.
Looking forward, Acwa Power is laying the groundwork for transformational growth in green hydrogen and renewable energy exports. The company signed strategic partnerships to develop a Green Hydrogen and Renewable Energy Export Corridor between Saudi Arabia and Europe, aligning with both the Kingdom’s Vision 2030 goals and Europe’s decarbonisation roadmap.
Global Expansion in Southeast Asia and Beyond
Acwa Power is also extending its global reach. Through new Memoranda of Understanding (MoUs) and partnerships in Malaysia, the company is exploring investment opportunities in renewable energy, water, and hydrogen infrastructure—marking a significant push into Southeast Asia.
As Acwa Power accelerates toward its strategic goals—including reaching $250 billion in assets under management by 2030—its focus remains on delivering sustainable infrastructure that powers economies and improves lives around the world.
