Saudi-listed ACWA has reported stable net income for the first nine months of 2026, supported by continued expansion of its development and operating portfolios, although financial performance was affected by delays in project development, construction, financial close, and operational milestones. The company announced its financial and operational results for the third quarter and nine months ended September 30, 2026.
As of September 30, 2026, ACWA managed 112 assets across 16 countries, with approximately SAR 478 billion in assets under management. Its portfolio included 98.2 GW of power generation capacity, comprising 52.3 GW of renewable energy, alongside 11.6 GWh of battery energy storage capacity and water desalination facilities with a combined capacity of 9.7 million cubic metres per day.
During the nine-month period, ACWA signed two power purchase agreements, one power and water purchase agreement, and three battery storage service agreements. These agreements added 5.2 GW of power generation capacity, 6 GWh of battery energy storage capacity, and 0.6 million cubic metres per day of desalination capacity to its development portfolio. The company also achieved financial close on four projects involving an aggregate investment cost of approximately SAR 19.2 billion.
Battery energy storage continued to emerge as a key growth area for the company. In Saudi Arabia, ACWA secured three of the four battery storage projects awarded through competitive tenders during the year, strengthening its position in the expanding energy storage market.
Projects that achieved initial or commercial operation during the first nine months added approximately 2.9 GW of power generation capacity, 2 GWh of battery storage, and 1.2 million cubic metres per day of desalination capacity to its operating portfolio.
Meanwhile, 29 projects remain under construction, representing 46.2 GW of power generation capacity, 3.5 GWh of battery storage, and approximately 2 million cubic metres per day of water capacity. These projects are expected to support recurring earnings and cash generation as they become operational.
ACWA reported average availability of 93.5% across its power generation assets and 98.6% across its water desalination facilities. The company also recorded 130.65 million man-hours during the nine-month period, with a lost-time injury rate of 0.012.
Financially, ACWA raised SAR 30 billion through non-recourse funding during 2026 to support new projects and refinance existing assets. International capital inflows into its GCC projects reached approximately SAR 10 billion. The company also completed its 2025 cash dividend distribution of SAR 0.46 per share.
On October 28, 2026, ACWA signed a joint venture agreement with EIG Management Company to establish a strategic partnership focused on acquiring and developing power generation and energy storage assets in the United States.
Looking ahead, ACWA remains focused on expanding its presence across energy, water, and infrastructure markets, while strengthening operational efficiency, managing costs, and advancing its project pipeline.
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