Acwa Power’s $2bn capital top-up approved

Saudi Arabia’s market regulator has approved Acwa Power’s capital top-up request to support its global expansion.

The agreement will allow the renewables major, which is backed by Saudi Arabia’s $925 billion Public Investment Fund, to increase capital through a rights issue worth SAR7.2 billion ($1.9 billion).

The offering price and the number of shares will be finalised following an extraordinary general meeting, on an undisclosed date.

Last June, Acwa Power’s board recommended increasing capital through a rights offering to support its growth strategy of tripling the assets under management by 2030.

This month, the company said revenue jumped almost 60 percent year on year to SAR1.97 billion ($525 million), which supported a 44 percent annual surge in net profit to SAR427 million in the first quarter of 2025.

Acwa Power is in an advanced stage of concluding the next wave of major projects in Saudi Arabia, CEO Marco Arcelli said in its first quarter 2025 result statement.

The company has submitted a bid for the Al-Zour North IWPP, a 2.7 GW, 540,000 cubic metres per day cogeneration facility in Kuwait, he said.

Acwa Power is 44 percent owned by PIF, according to stock exchange data. The share was trading 1.4 percent lower at SAR286.60 on Wednesday morning but has increased 29 percent year to date.