ACWA Power secures Rabigh 2 funding for ACWA Power stock

Published on 10/09/2026 at 13:55 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ACWA Power secured SAR 9.69 billion on October 1, 2026. ACWA Power stock reflects a 40.00 percent stake and SAR 308.40 million profit for June 2026.

Key points in brief

ACWA Power secured SAR 9.69 billion in financing for the Rabigh 2 expansion, with financial impact expected from the second quarter of 2029.
The company holds a 40.00 percent stake in the 2,313.5-megawatt project, which is designed to be carbon-capture ready.
ACWA Power reported SAR 308.40 million in net income for the second quarter of 2026, while its latest Saudi-listed price was SAR 164.90 on October 8, 2026.

ACWA Power, SA15CGS10H12, Illustration mit AI erstellt.

ACWA Power secured SAR 9.69 billion in financing for the Rabigh 2 expansion on October 1, 2026, giving the company a 40.00 percent stake in a 2,313.5-megawatt power project. The financing has a tenor of approximately 34 years, and commercial operations are expected to begin in the second quarter of 2029, according to Argaam on October 4, 2026.

Rabigh 2 adds long-term capacity

The project is being developed by Al Morjan Two Electricity Company in western Saudi Arabia and is designed to be carbon-capture ready. ACWA Power and Saudi Energy each own 40.00 percent, while the financing supports development, construction, ownership and operation of the combined-cycle gas plant, AGBI reported on October 5, 2026.

The financing follows an April 2026 power purchase agreement valued at SAR 11.50 billion. For ACWA Power, the key operating feature is the combination of a long contract framework and limited guarantees covering its share of reserve liquidity and reserve-account requirements.

Profit reached SAR 308.40 million

ACWA Power reported SAR 308.40 million in net income for the second quarter of 2026, compared with SAR 344.76 million in the first quarter. Revenue stood at SAR 2.09 billion in the second quarter, versus SAR 2.10 billion in the first quarter, while earnings per share fell to SAR 0.40 from SAR 0.45, according to the Argaam earnings overview.

What does the project mean for timing?

The financing provides a dated operating milestone rather than an immediate earnings contribution: the full plant is expected to begin commercial operations in the second quarter of 2029. ACWA Power's project pipeline also includes 32 developments with combined power-generation capacity of 47 gigawatts and water desalination capacity of 2 million cubic meters per day, according to AGBI.

Saudi-listed price and valuation

The latest Saudi-listed price was SAR 164.90 on October 8, 2026 at 3:19 p.m. AST, with a market capitalization of SAR 126.3 billion and a 52-week range of SAR 149.40 to SAR 252.60. The price stood below the 52-week high by 34.72 percent, calculated from the same Saudi market data.

Three milestones shape the project

On August 25, 2026, shareholders approved a SAR 352.59 million cash dividend for fiscal year 2025. On September 22, 2026, initial commercial operation covered 1,283 megawatts of the planned 1,896-megawatt Qassim 1 project. On October 1, 2026, Rabigh 2 secured SAR 9.69 billion in financing, with ACWA Power retaining a 40.00 percent stake, according to Simply Wall St.

Commercial operations at Rabigh 2 are expected in the second quarter of 2029, providing the next dated project milestone for the expansion, according to Argaam.