ACWA Power, a publicly listed Saudi company and world leader in desalination and energy transition, presents its financial results for the first half of 2024.
Net income attributable to shareholders reached USD 247 million, an increase of 36% compared to the same period in 2023.
This performance reflects the strength of the company’s growth strategy and its commitment to renewable energies.
Operating income before impairment losses and other expenses totaled 370 million USD, an increase of 27 million USD.
A significant proportion of this income was generated by gains from project management and construction services, thanks in particular to the partial disposal of the Bash and Dzhankeldy wind farm projects in Uzbekistan, generating USD 107 million.
Expansions and New Achievements
In the first half of 2024, ACWA Power adds a record 10.5 GW of renewable energy capacity to its portfolio.
In May, the company signs a power purchase agreement (PPA) with the National Electric Grid of Uzbekistan for the Aral Wind project, with a capacity of up to 5 GW, making it the largest wind farm in Central Asia and ACWA Power’s 15th project in Uzbekistan.
In June, three PPAs were signed for solar photovoltaic projects in Saudi Arabia, totalling an investment of USD 3.28 billion and a combined capacity of 5.5 GW.
These projects are part of the fourth phase of the strategic agreement between ACWA Power and the Public Investment Fund (PIF).
Financial and operating performance
Marco Arcelli, CEO of ACWA Power, says that the financial results reinforce the company’s confidence in pursuing its ambitious growth program, enabling it to accelerate its mission of responsibly delivering low-cost water and electricity.
Abdulhameed Al Muhaidib, CFO, emphasizes that despite operational challenges, the company’s diverse asset base and business model have enabled continued growth in operating and net profits.
ACWA Power reaches financial close on three major projects: the Taiba and Qassim combined-cycle gas turbine (CCGT) power plants in Saudi Arabia, and the Hassyan IWP desalination project in the United Arab Emirates, for a total investment of USD 4.8 billion.
Future developments and investments
On the operational front, several ACWA Power projects are entering the full production phase.
The Sudair solar PV plant (1,500 MW) in Saudi Arabia, the Kom Ombo solar PV plant (200 MW) in Egypt, and the Al Taweelah water desalination plant (909,000 m³/day) in the United Arab Emirates are now fully operational.
In addition, the Sirdarya CCGT plant (1,500 MW) in Uzbekistan is currently generating 918 MW, with the remainder of capacity expected this year.
On June 10, 2024, ACWA Power’s Board of Directors recommends a capital increase of USD 1.9 billion through a rights issue.
The increase is intended to support the company’s growth strategy to triple assets under management to USD 250 billion by 2030.
It will enable ACWA Power to continue investing in the expansion of its portfolio while maintaining a solid financial position.
ACWA Power’s ambitious strategy, coupled with rigorous management and strategic investments in renewable energies, positions the company for a future of sustainable growth and continued leadership in the global energy sector.
