Acwa Power has posted a robust financial performance for Q1 2025, underpinned by a sharp focus on renewable energy expansion. The company reported a 117% year-on-year increase in operating income, reaching SAR 870 million (USD 231 million), while net profit attributable to equity holders rose 44% to SAR 427 million.

The growth was primarily driven by increased revenue from development business and construction management services—reflecting Acwa Power’s strategic shift toward clean energy infrastructure.

Marco Arcelli, CEO of Acwa Power, stated: “These results highlight the success of our strategy to fast-track new business development, especially in the renewable energy sector. In Saudi Arabia, we are nearing the conclusion of the next giga wave of projects aligned with the Ministry of Energy’s 2030 target of 130 GW of renewables. This reinforces our role as a global leader in the energy transition and water desalination sectors.”

During Q1 2025, the company added 9.7 GW of renewable and clean energy capacity and 1.4 million m³/day of desalinated water production, boosting its total portfolio to 101 assets. These assets represent a total investment of USD 107 billion, with a gross power generation capacity of 78.9 GW, including 5.3 GWh of battery energy storage systems (BESS) and 9.5 million m³/day of desalinated water capacity.

Key renewable energy projects that became operational during the quarter include:

• 2.1 GW Al Shuaiba 2 Solar PV IPP in Saudi Arabia
• 91 MW Layla Solar PV IPP in Saudi Arabia
• 500 MW Bash Wind IPP in Uzbekistan
• 500 MW Dzhankeldy Wind IPP in Uzbekistan

Additionally, the Noor 3 CSP plant resumed operations in April after resolving issues that led to an extended outage last year.

CFO Abdulhameed Al Muhaidib commented, “Our Q1 performance reflects disciplined execution of our long-term renewable growth strategy. We remain focused on sustainable value creation as we build a diversified clean energy portfolio.”

In a move to further diversify its asset base, Acwa Power earlier this year signed a share purchase agreement with Engie to acquire operational gas and desalination assets. The deal, expected to close in 2025, will add 4.6 GW of power generation and 1.1 million m³/day of desalination capacity, enhancing the company’s predictable cash flow and revenue streams.