Saudi-listed Acwa Power has announced its consolidated financial results for the nine months ended September 30, 2025.

Driven by a 17 per cent year-on-year increase in operating income, the company’s net profit attributable to equityholders reached SAR 1,280 million ($341,308), recording a moderate increase when compared to the same period in2024, mainly on account of the downside impact of higher financing andimpairment charges.

On the other hand,adjusted net profit attributable to equity holders of the parent—a non-IFRS keyfinancial indicator for the company to normalise for the financial impact ofnon-routine transactions—increased by 22 per cent to SAR 1,355 million.

Operating incomebefore impairment losses and other expenses stood at SAR 2,764 million, anincrease of 17 per cent versus the comparable period, primarily due to greatercontributions from operating assets and strong performance in the developmentbusiness.

Marco Arcelli, Chief Executive Officerof Acwa Power, said: We are delivering growth at anunprecedented pace, with a record number of assets currently underconstruction, laying the groundwork for our future visible, stable income andcash streams. By swiftly mobilising our own resources as well as our financialpartners, we are equally bringing these projects into their financial closesand into operation within the committed timelines. The nine-months of 2025 wasa true demonstration of this speed and scale.”

Abdulhameed Al Muhaidib, Chief FinancialOfficer of Acwa Power, said: “Our financialperformance for the nine-months period of 2025 underscores the momentum in ouroperating profits as we continue to translate our growth into results. This wasmarked by exceptional portfolio delivery and scale, with five financial closesat a total investment value of SAR 17.7 billion, and the addition of anunprecedented 7GW of power and 600 thousand m³/day of water to our operationalportfolio. This demonstrates the strength of our execution and the diversity ofour portfolio, reinforcing our ability to deliver sustainable long-term valueto our stakeholders.”

Acwa Power began thethird quarter with the landmark signing of Power Purchase Agreements in KSA,comprising 15 GW of renewable capacity across five large-scale solar PV plantsand two large-scale wind farms, with a total investment value of SAR 31 billion($ 8.3 billion). Further on the sidelines of FII9 last week, Acwa Power signedthe financing documents with lenders to finance the five large-scale solar PVplants.

Earlier in the quarter, Acwa Power successfully completed its landmark SAR 7.1 billion ($1.9billion) rights issue on the Saudi Exchange (Tadawul). The proceeds, receivedon 31 July 2025, are being deployed in line with the approved use of funds —primarily to support the company’s growth projects.

During the thirdquarter, the Company also achieved financial close for three projects,including for the two CCGT plants in Saudi Arabia—Rumah 1 IPP andAl-Nairiyah- 1IPP—at total aggregate investment cost of SAR15.1 billion ($ 4.2billion). This brings the total financial close achieved during the nine-monthsperiod of 2025 to SAR 17.7 billion ($ 4.7 billion).

Operationally, theCompany achieved commercial operation across several key projects during thequarter, including Chirchiq Green Hydrogen, Karatau and Azerbaijan Windprojects, Saad 2, Al Rass 2, and Al Khafah PV projects, adding 3.7 GW of powercapacity and 3,000 tonnes per annum of green hydrogen to its operationalportfolio. The total capacity added during the nine-months period of 2025 is 7GW of power 600 thousand m³/day of water and 3,000 tonnes per annum of greenhydrogen.

By closing anotherphase of acquisitions in China, the Company added the 100 MW Mingyang WindPower Project in its portfolio during the third quarter, reinforcing itspresence in a market that remains strategically important to the Company’slong-term growth and energy transition objectives. 

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