Acwa Power, the Saudi-listed developer, owner and operator of power generation and water desalination plants, has announced its financial results for the first quarter ended 31 March 2026. The company reported SAR 455 billion (around $121 billion) in assets under management, up 12.9% from SAR 403 billion at the close of Q1 2025, reflecting continued expansion of its global portfolio. Net profit for the quarter reached SAR 345 million.
During the first quarter, Acwa had 109 assets in operation, advanced development or under construction. Water desalination capacity reached 9.7 million cubic metres per day, and water desalination availability improved to 99%, reflecting strong asset reliability. Power plant availability remained robust at 89%.
Business development delivered Acwa's first greenfield project in Kuwait, the Az-Zour North Phase 2 & 3 Independent Water and Power Producer, which added a combined 2.7 GW of power generation and 0.6 million cubic metres per day of desalinated water to the company's development pipeline. Separately, the company achieved two commercial operation dates (CODs) during the quarter, adding 0.77 GWh of battery energy storage and a further 0.6 million cubic metres per day of desalinated water to its operating portfolio. Construction activity continued at scale, with 32 projects under construction representing 44.2 GW of power and 2.6 million cubic metres per day of water desalination capacity.
During the first quarter, Acwa had 109 assets in operation, advanced development or under construction
Gross power generation capacity increased to 95.7 GW, including 52.3 GW of renewable capacity, which now accounts for 54.7% of the total portfolio across 15 countries. The capacity of battery energy storage systems reached 5.6 GWh.
Financially, operating income before impairment loss and other expenses for the quarter stood at SAR 729 million, compared with SAR 870 million in the same period last year. Net profit attributable to equity holders of the parent was SAR 345 million, down from SAR 427 million in Q1 2025. The company attributed the year-on-year fall to a strong Q1 2025 comparator (lifted by higher business development and construction management income from larger projects), lower revenue from development and construction services, higher financing charges and foreign exchange losses. The operating portfolio's contribution to operating income included recent acquisitions in Bahrain and Kuwait and the increased stake in the Shuaibah Water and Electricity Company.
Executives highlighted continued focus on disciplined project execution, operational stability and portfolio growth. CEO Samir J. Serhan said the company was advancing its pipeline "with heightened caution and particular prudence" given the current external environment, while CFO Abdulhameed Al Muhaidib pointed to a "strong balance sheet and strong liquidity position to support future growth" as the company expands across power, water and new energy solutions.
