Saudi Arabian energy company ACWA Power signed multiple documents, including MOUs (Memorandum of Understanding) with international partners, on Sunday to create a framework for exporting renewable and hydrogen energy to Europe, as per a Power Technology report.
The firm signed an MOU with multiple European companies: Edison, TotalEnergies Renewables, Zhero Europe, and EnBW.
The agreements in question will provide better connectivity for a clean energy chain focused on bringing electricity to Europe through an assessment of viable large-scale projects. The initiative is in line with Saudi Arabia Vision 2030, which of which energy forms a big part.
In terms of financial performance, ACWA Power’s latest quarterly report shows an improvement in revenues.
According to Argaam, company revenues in Q1 2025 were SAR 1,967.24 million, up by 57.2% from 1,251.76 million SAR in Q1 2024. Net income jumped across the same period to SAR 427.15 million, an increase of 44.2%. The positive performance was mainly driven by revenue from development and construction management services, operation and maintenance earnings, and revenue from the sale of electricity.
Source: Google Finance
At the time of reporting, ACWA Power was trading at SAR 232.40 per share, down by 1.78%.