Riyadh, Saudi Arabia: ACWA Power, the world’s largest private water desalination company and a leader in energy transition, has announced its consolidated financial results for the year ended December 31, 2024. Despite unprecedented business growth, the company maintained stable profits, with net profit attributable to equity holders reaching SAR 1,757 million, a 5.7% increase from the previous year.
The company achieved significant milestones, including nine financial closes, with a total investment of SAR 34.6 billion. ACWA Power’s portfolio expanded in 2024 with 10 new contracted capacity agreements, adding 14.3 GW of power and 0.4 million m³/day of desalinated water. By the end of the year, ACWA Power’s portfolio included 94 assets, totaling 69.2 GW of power generation capacity and 8.1 million m³/day of desalinated water production.
CEO Marco Arcelli highlighted the company’s progress towards its target of tripling its size by 2030 and emphasized the strategic expansion into China and the launch of its second green hydrogen project. CFO Abdulhameed Al Muhaidib expressed confidence in the company’s continued growth, noting that over SAR 100 billion is currently under construction, marking the largest portfolio in ACWA Power’s history.
The company’s 2024 results underscore its commitment to energy transition and sustainable development, positioning ACWA Power as a global leader in the sector. For more details, the full financial report is available on the company’s investor relations page.
