Riyadh, Saudi Arabia — ACWA Power reported a 36% surge in H1 2024 profit, with net income reaching SAR 927 million (US $247 million). This is up from SAR 684 million in H1 2023. In parallel, operating revenue climbed to SAR 1.389 billion—an increase of SAR 100 million. This growth resulted primarily from gains in project management services. Additionally, there were partial divestments in Uzbekistan’s “Bash” and “Dzhankeldi” wind power ventures.
Renewable Capacity Expansion Drives ACWA Power H1 2024 Profit
Throughout the first half of 2024, ACWA Power expanded its renewable portfolio by an unprecedented 10.5 GW. In May, the company signed a 5 GW power purchase agreement (PPA) with Uzbekistan’s national grid for the Aral Wind project. This development, now Central Asia’s largest wind initiative, marks ACWA’s fifteenth project in Uzbekistan. Subsequently, in June, the company signed three PPAs for large-scale photovoltaic projects in Saudi Arabia. These agreements, worth SAR 12.3 billion, add 5.5 GW of solar capacity. They fall under the fourth round of its strategic partnership with the Public Investment Fund (PIF).
Strategic Financial Closures
In addition, ACWA Power achieved financial close on three major infrastructure projects. These include the Taiba and Qassim combined-cycle gas turbine (CCGT) plants in Saudi Arabia. Additionally, the Hassyan independent water desalination plant in the UAE was included. Collectively, these projects account for SAR 18 billion in new capital investment.
Executive Commentary
CEO Marco Arcelli emphasized that the H1 2024 results reaffirm the company’s confidence in achieving its long-term growth goals. “This enables us to provide water and energy responsibly and at the lowest possible cost globally,” he stated. Meanwhile, CFO Abdulhamid Al‑Muhaideb noted that the firm’s diverse asset base and resilient business model supported revenue and profit growth. This was despite operational headwinds.
The Saudi Standard’s View: ACWA Power Profit Surge Signals Renewable Credibility
The Saudi Standard views ACWA Power’s first-half 2024 performance as a pivotal affirmation of Saudi Arabia’s growing leadership in global clean energy deployment. A 36% rise in profit—anchored by over 10 gigawatts in newly added renewable capacity—underscores the company’s agility. It also highlights long-term strategic clarity.
ACWA Power’s investments in Uzbekistan and Saudi Arabia not only broaden its operational footprint. They also support national and regional energy diversification goals. Notably, the Aral wind project and its landmark 5 GW scale solidify the Kingdom’s soft power through energy diplomacy.
In parallel, the SAR 18 billion financial close on gas and water infrastructure reflects the firm’s integrated energy-water strategy. This dual track—international renewables and domestic infrastructure—demonstrates the company’s capability. It shows their ability to manage complexity while delivering shareholder and national value.
As Saudi Arabia accelerates Vision 2030, ACWA Power’s trajectory sets a credible benchmark. This includes project execution, market expansion, and financial resilience in the evolving energy landscape.
