ACWA Power’s net profit up 36% to $251.19m in H1

A number of projects went online in the past months.

Saudi-based ACWA Power has reported a 36% increase in its net income to reach $251.19m (SAR927m) in the first half (H1) of the year as it added over 10 gigawatts (GW) of renewable energy generation in its portfolio.

In the same period, ACWA Power said its operating income before impairment losses and other expenses reached $375.27m (SAR1,389m) in the same period, with an increase of $27m (SAR100m).

The company added a total of 10.5 GW of renewable power generation capacity in the first six months of the year. These are the power purchase agreement (PPA) for the 5 GW Aral Wind with battery energy storage project in Uzbekistan, and three PPAs for large-scale solar projects in Saudi Arabia with a combined capacity of 5.5GW.

Meanwhile, ACWA Power said it has reached financial close on three major projects, the Taiba and Qassim Combined Cycle Gas Turbine projects in Saudi Arabia, and the Hassyan IWP project in the UAE, with a total investment of $4.86b (SAR18b) for all three.

Its other new projects are also coming online, such as the 1,500 megawatt (MW) Sudair solar PV plant in Saudi Arabia, the 200 MW Kom Ombo solar PV plant in Egypt, and the 909,000 cubic metre per day Al Taweelah water desalination plant in the UAE.

$1 = SAR3.75