ACWA Power
Sector: Power Generation, Renewable Energy and Water Desalination Country: Saudi Arabia
15 October, 2026
The company has grown from a Saudi utility developer into one of the kingdom’s most internationally active infrastructure companies, with operations spanning power generation, renewable energy, water desalination, battery storage and green hydrogen. Established in Riyadh in 2004, the company is chaired by Mohammad Abunayyan, while Dr Samir J Serhan became chief executive on March 1, succeeding Marco Arcelli as part of a planned
leadership transition. Serhan previously served as ACWA’s president for Saudi Arabia and the Middle East. The group entered 2026 following substantial expansion. Revenue rose to SAR7.41bn in 2025 from SAR6.30bn a year earlier, while gross profit increased to SAR3.76bn. Profit for the year reached SAR2.06bn and profit attributable to shareholders of the parent stood at SAR1.85bn.
Its operating scale has also expanded sharply. At the end of 2025, ACWA’s portfolio comprised 108 projects across 15 countries, representing 93GW of gross power-generation capacity and 9.2 million cubic metres per day of desalinated-water capacity. Of the power portfolio, 52.3GW was renewable capacity. The company reported SAR437.5bn in assets under management.
During 2025 alone, new projects added 25GW of power capacity and 2.1 million cubic metres per day of desalination capacity to the portfolio. ACWA also brought 13.2GW of power and 1.7 million cubic metres per day of water capacity into operation during the year.
Growth moderated in the first half of 2026. Net profit reached SAR653m, compared with SAR909m in H1 2025, as the timing of development activity, capital recycling and financial closes affected earnings. The company said its operating assets continued to generate recurring revenue and cash flow.
ACWA’s strategic importance increasingly extends beyond conventional utilities. The company is a major participant in Saudi Arabia’s renewable-energy programme and is developing large-scale green hydrogen and ammonia projects. More than two decades after its formation, ACWA has become a prominent example of Saudi infrastructure expertise being deployed internationally. Its next phase will depend on converting a rapidly expanding development pipeline into operating assets while maintaining returns, execution discipline and balance-sheet efficiency.
