ACWA Power stock: Stable nine-month profit meets project delays

Published on 11/09/2026 at 00:22 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ACWA Power reported broadly stable nine-month net income as its project portfolio expanded. Delayed milestones weighed on near-term performance.

ACWA Power expands despite slower milestones

Net income for the first nine months was SAR 1.29 billion, broadly stable year over year.
The portfolio reached 98.2 GW of power capacity, 11.6 GWh of battery storage and 9.7 million cubic meters per day of desalination capacity.
Management cited project delays, higher funding costs and operational disruptions as near-term constraints.

ACWA Power, SA15CGS10H12, Illustration mit AI erstellt.

ACWA Power reported broadly stable net income for the first nine months of 2026 on Thursday, November 5, while the Saudi developer continued to expand its power, storage and desalination portfolio. The company said delays in development, construction, financial close and operational milestones affected financial performance.

Portfolio growth meets execution pressure

According to ACWA Power, operating income for the nine-month period fell to SAR 2.55 billion from SAR 2.79 billion a year earlier. Net income edged up to SAR 1.29 billion from SAR 1.28 billion.

As of September 30, the company managed 112 assets across 16 countries. Its portfolio included 98.2 GW of power generation capacity, of which 52.3 GW came from renewables, plus 11.6 GWh of battery storage and desalination capacity of 9.7 million cubic meters per day.

Storage remains a key growth area

ACWA Power signed agreements during the period adding 5.2 GW of power capacity, 6 GWh of battery storage and 0.6 million cubic meters per day of desalination capacity to its development pipeline. Four projects reached financial close with an aggregate investment cost of approximately SAR 19.2 billion.

Battery storage is becoming an increasingly important growth area. ACWA Power won three of the four battery storage projects awarded through competitive tenders in Saudi Arabia during the year. A further 29 projects remained under construction, representing 46.2 GW of power capacity, 3.5 GWh of storage and approximately 2 million cubic meters per day of water capacity.

Business model and competitive position

Headquartered in Riyadh, Saudi Arabia, ACWA Power develops, finances, constructs and operates power generation, water desalination and green hydrogen projects. Its activities span the Middle East, Africa, Central Asia and Southeast Asia, with a growing focus on renewable power and energy storage.

The company is positioned as a specialist developer and operator of large-scale energy and water infrastructure, combining project development with long-term operating assets. Its scale across power, desalination, storage and green hydrogen gives it a broader platform than a narrowly focused renewable developer, while its Saudi base supports participation in major domestic tenders.

Power assets achieved average availability of 93.5 percent during the period, while water desalination assets reached 98.6 percent. Management said it remains focused on operational efficiency, disciplined capital allocation and resolving outstanding commercial matters.