ACWA Power’s project portfolio tops $100B in over 14 countries

In an analyst and investor call, Arcelli said that the company has expanded its presence into new markets such as Kuwait, Azerbaijan, and Senegal. In addition, the company has existing investments in China and Saudi Arabia, which are witnessing rapid growth in renewable energy projects.

He pointed out that the total renewable energy capacity currently under construction is expected to reach 30 gigawatts (GW) by the end of the year, in addition to 10 GW from combined-cycle projects.

The company also entered Kuwait for the first time through a deal involving four operational assets with a total capacity of 4.6 GW of electricity and 1.1 million cubic meters per day of water desalination.

ACWA Power also acquired an operational photovoltaic solar power plant in China, adding 133 megawatts (MW) to its solar energy portfolio. This brings the company’s total capacity in China to 233 MW. The Saudi-listed company plans to gradually add another 700–800 MW throughout the rest of 2025.

Abdulhameed Al Muhaidib, Chief Financial Officer, stated that key projects that began commercial operations in the first quarter included 500-MW each Bash and Dzhankeldy wind power projects in Uzbekistan, 2.1-GW Shuaibah 2 project in Saudi Arabia and 91-MW Layla solar power plant.

He explained that the company’s operational performance was boosted by adding new assets, particularly the Shuaibah project, which is the largest of its kind in the Kingdom.

Moreover, the projects in Uzbekistan were completed ahead of schedule and within the approved budget.

He also noted that the company signed three purchase agreements in Q1, including two power purchase agreements — 3 GW in Saudi Arabia and 2 GW in Egypt — as well as a water desalination agreement for 300,000 cubic meters per day at the Ras Mohaisn project.

On project financing, Al Muhaidib revealed that ACWA Power closed financing deals worth SAR 35 billion over the past 15 months and anticipates accelerating closures in Q3 2025.

The company reported that water generation in its operating portfolio reached 96.9%, up from 94.5% in the same period last year, while energy generation remained steady at 89.9% year-on-year (YoY).

Regarding US tariffs on Chinese equipment, the company stated that the potential impact does not exceed 9% and could even be positive in certain scenarios by improving procurement and supply efficiency in the region.

ACWA Power also noted that it is working to finalize regulatory approvals to increase its capital through a rights issue during Q3 2025, after receiving feedback from the Capital Market Authority (CMA).