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Saudi Arabia’s ACWA (formerly ACWA Power) added 25 gigawatts (GW) of power generation capacity and 2.1 million cubic metres per day (m3/day) of desalination capacity to its global portfolio in 2025 through new projects and acquisitions, according to its latest investor report.
These additions are linked to 9 power purchase agreements (PPAs), 3 water purchase agreements (WPAs) and acquisitions in Kuwait, Bahrain and China, the Saudi-listed company said in its report for the 12 period ended 31 December 2025.
Operational capacity increased by 13.2 GW of power and 1.7 million m3/day.
$18.7bln financial close
Last year, the company achieved financial close on 15 projects with a combined value of SAR 70.1 billion ($18.7 billion) across power, water, green hydrogen and battery storage in Saudi Arabia, Egypt, Indonesia and Uzbekistan. These included 12,060 megawatts (MW) of standalone solar PV, 4,100 MW of wind, 6,790 MW of gas-fired combined-cycle gas turbine (CCGT) projects, and 300,000 m3/day of desalination capacity.
Financial close was also achieved for Chirquiq green hydrogen project with 52 MW of wind / 3,000 tonnes/year green hydrogen, and Tashkent (Riverside) Solar PV + BESS Uzbekistan with 200 MW and 700 MWh of BESS.
Excluding the Uzbekistan projects for which the splits weren’t disclosed. renewable energy accounted for 70.7 percent of global capacity with an investment value of SAR 35.9 billion ($9.6 billion).
Saudi Arabia dominated financial closings in 2025, highlighting the Kingdom’s role as the primary growth geography for the company. The Kingdom accounted for 73 percent of total projects, 90 percent of investment value, around 94 percent of contracted power capacity and the entire desalination capacity.
Renewable energy projects led the Saudi portfolio, with seven solar and wind schemes worth SAR 31.2 billion ($8.3 billion) accounting for 69 percent of the total contracted capacity of 21,790 MW.
However, CCGT represented nearly comparable capital investment levels despite representing a smaller share of capacity. The three CCGT projects – Hajr Expansion, AlNairyah 1, and Rumah 1 – together provide 6,790 MW, accounting for about 31 percent of the total contracted capacity, but accounted for SAR 29.2 billion ($7.8 billion) in investment value.
New projects enter operations
During 2025, 12 projects reached initial/project commercial operation dates (ICOD/PCOD) status, adding 8,193 MW of (online) power capacity (which includes a 52 MW wind farm supporting the 3,000 tonnes/year Chirquiq green hydrogen project), and 600,000 m3/day of desalination capacity.
Out of these, three power projects in Saudi Arabia, Uzbekistan and Azerbaijan with capacities totaling 1,197 MW, and 3,000 tonnes/year green hydrogen production component of Chirquiq remain under construction.
All power projects commissioned during the year were renewable energy assets including solar photovoltaic (PV), concentrated solar power (CSP) and wind, with solar PV and CSP accounting for approximately 83 percent of the total capacity
Geographically, Saudi Arabia accounted for around 81.8 percent of the operating capacity added during the year. Internationally, projects entering operation include the 100MW Redstone CSP plant in South Africa, along with the Bash (500MW) and Dzhankeldy (500MW) wind projects in Uzbekistan.
In the water sector, the company commissioned the 600,000 m3/day Shuaibah 3 seawater reverse osmosis desalination plant in Saudi Arabia.
Capital raise
ACWA Power also completed a SAR 7.1 billion ($1.89 billion) rights issue, which was 96 percent subscribed by existing shareholders and more than six times oversubscribed during the rump offering.
The capital raise, alongside more than SAR 69 billion ($18 billion) in project financing (including refinancing) transactions during 2025, will support the company’s global pipeline of projects.
GCC expansion through acquisitions
ACWA Power also expanded its regional portfolio through acquisitions in Kuwait and Bahrain, adding 4.6 GW of gas-fired power generation capacity and 1.1 million m3/day of desalinated water capacity.
The transaction includes stakes in the Az-Zour North power and water plant in Kuwait, and the Al Ezzel, Al Dur and Al Hidd power and desalination plants in Bahrain, with a total transaction value of SAR 1.813 billion ($483 million).
Global portfolio
By the end of 2025, the company’s total global portfolio reached 93 GW of power and 9.2 million m3/day of water, over 1.2 million tonnes/year of green ammonia and 5.6 GWh of BESS covering projects that are operational, under-construction, and in advanced development.
At 52.3 GW, renewable energy accounted for 56.2 percent of the gross power capacity.
Assets under management reached SAR 437.5 billion ($116.6 billion) across 108 assets in 15 countries.
The Company’s net profit attributable to equity holders of the parent reached SAR 1.9 billion ($506 million) in 2025, while the adjusted net profit rose by 60 percent to SAR 2.2 billion ($586 million).
(Writing by SA Kader; Editing by Anoop Menon)
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