ACWA Power explores 4.5 GW Mongolia project: what it means for ACWA Power stock

Published on 10/16/2026 at 09:06 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ACWA Power signed a 4.5 GW Mongolia memorandum on October 14, 2026. ACWA Power stock's H1 net profit was SAR 653 million versus SAR 909 million.

Projects shape the next phase

ACWA Power signed a memorandum on October 14, 2026, covering 4.5 GW of potential renewable projects in Mongolia.
First-half 2026 net profit was SAR 653 million versus SAR 909 million in the same period of 2025.
Rabigh 2 secured SAR 9.69 billion in financing on October 1, 2026, with operations expected in the second quarter of 2029.

ACWA Power, SA15CGS10H12, Illustration mit AI erstellt.

ACWA Power (ISIN SA15CGS10H12) signed a memorandum on October 14, 2026, to explore renewable power projects in Mongolia with a potential capacity of 4.5 GW. The agreement gives ACWA Power stock a fresh project-development angle as the company expands its international pipeline.

SolarQuarter reported that ACWA Power and Mongolia-based Sun Steppe Power will assess renewable generation and electricity exports to China. The memorandum was signed in Riyadh during the World Petroleum Congress.

What does 4.5 GW mean?

The project discussion adds to a large existing platform. In its first-half 2026 results, ACWA Power said its portfolio covered 98.2 GW of power generation capacity and 9.7 million cubic meters per day of desalination capacity across 16 countries. The Mongolia memorandum therefore represents 4.59 percent of that power capacity figure, although it remains an exploration project rather than an operating asset.

The earnings backdrop is more demanding. ACWA Power reported SAR 653 million of net profit for the first half of 2026, compared with SAR 909 million in the first half of 2025. Operating income before impairment loss and other expenses was SAR 1,444 million, versus SAR 2,207 million a year earlier, according to the company release.

Three dated project milestones

On August 6, 2026, ACWA Power reported first-half net profit of SAR 653 million. On October 1, 2026, Rabigh 2 reached financial close with SAR 9.69 billion of financing. On October 14, 2026, the company signed the Mongolia memorandum covering 4.5 GW of potential renewable capacity.

When does Rabigh 2 matter?

The Rabigh 2 project provides the clearest dated operating milestone. Reuters reported that the 2,313.5 MW plant is expected to have a financial impact when full commercial operations begin in the second quarter of 2029. ACWA Power holds a 40 percent stake, matching the stake held by Saudi Energy Company.

Project pipeline and earnings

The combination of new development rights and delayed cash conversion is central to the stock story. Mongolia adds potential scale, while the first-half figures show that project timing can affect reported earnings before new assets contribute fully.

ACWA Power's last available Tadawul closing price was SAR 160.10 on October 14, 2026. The company is listed under ticker 2082 on Tadawul, operates in utilities, and develops power generation, water desalination and green hydrogen projects.