ACWA Power reached Rabigh 2 close: what it means for ACWA Power stock

ACWA Power (ISIN SA15CGS10H12) had reached financial close for the SAR 9.69 billion Rabigh 2 expansion project on October 1, 2026, according to Gulf Construction. The project gives ACWA Power a 40.00 percent stake in a 2,313.50 megawatt combined-cycle power plant in Saudi Arabia.

Rabigh 2 adds scale

The Rabigh 2 facility is being developed by Al Morjan Two Electricity Company in Saudi Arabia's Western Province. Its design is carbon-capture ready, giving the project an infrastructure role that extends beyond its initial power-generation capacity.

The financing includes a consortium of Saudi, regional and international lenders. Reuters reported on October 5, 2026, that the financing closed on October 1 with a tenor of nearly 34 years. The project is expected to begin contributing financially from the second quarter of 2029.

Profit remains the counterweight

ACWA Power reported SAR 653.20 million of profit in the first half of 2026, including SAR 308.40 million in the second quarter, according to Argaam. The second-quarter figure represents the latest reported period and gives investors a nearer-term earnings measure alongside the longer-dated Rabigh 2 project.

The project therefore combines a large financing package with a delayed earnings contribution. The 40.00 percent equity stake limits ACWA Power's direct ownership to part of the asset, while the 2029 timing means the financing close is primarily an execution milestone rather than an immediate profit event.

Tadawul quote and valuation

ACWA Power was trading at SAR 166.60 on Tadawul on October 8, 2026 at 1:57 p.m. AST. The 52-week range was SAR 149.40 to SAR 252.60, placing the quote SAR 17.20 above the low and SAR 86.00 below the high. Market capitalization stood at SAR 127.60 billion on the same date.

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