Welcome everyone to the ACWA Financial Results Conference Call for the six-month period ending June 30th, 2026. My name is Lucy, and I'll be your coordinator today. If you wish to ask a question during the webinar, please use the raise hand button if you've joined the call via Zoom. If you've joined us on the phone, please press star followed by one on your telephone keypad. Alternatively, you can use the Q&A chat box to submit a text question. It is now my pleasure to hand over to Mr. Ozgur Serin, VP, Investor Relations and Corporate Strategy to begin. Please go ahead.
Thank you, Lucy. Good morning, good afternoon, and good evening, everyone, depending on where you're joining from today. Thank you for being with us in another quarterly earnings call of ACWA. Today, as usual, we will share with you our results as of and for the period ending 30 June 2026. We will be three hosts today, and we are joining from three different locations, and that's why we are not sitting together around one table in this call. Dr. Samir J. Serhan, who is our CEO, he's joining from Jakarta, Indonesia. Mr. Abdulhameed Al-Muhaidib, our CFO, he's in Riyadh, and he's joining from Riyadh. I, Ozgur Serin, as Lucy mentioned, Head of Investor Relations and Corporate Strategy. Today I'm in Dubai, the United Arab Emirates. As usual, we will start with our prepared remarks.
Dr. Samir will cover our overall business and strategic performance, while Abdulhameed will take us through the financial performance. Once these remarks are over, we will open the forum for Q&A. During these remarks, and subsequently in the Q&A session, we may be using some forward-looking statements. These must be taken within the framework of our disclaimer that is included in the presentation material. With this, over to you, Dr. Samir.
Thank you, Ozgur. Thank you for joining us today. I would like to begin by providing an update on the business before I pass it on to Abdulhameed to present the financial results. While our financial performance this quarter was impacted by timing shifts in project development milestones and a more dynamic geopolitical environment, the underlying fundamentals of the business remain strong. We continue to execute against one of the industry's largest project development pipeline. We maintain high operational performance across our portfolio, and we continue to make strategic decisions that strengthen our long-term sustainable profitable growth trajectory. This slide summarizes the story of the last six months. There has been significant strategic momentum across the business that reinforces our long-term growth outlook. From a business development perspective, we achieved certain important milestones.
We were granted by the Saudi Government the clean energy export mandate with exclusivity for green fuels export, which includes green hydrogen and its derivatives, such as green ammonia, green methanol, and green fuels. This reinforces our long-term strategic role in supporting the Kingdom's clean energy ambitions. I will cover this in a bit more detail in the following slides. We also identified the U.S. as a growth market, which represents an important step in diversifying our portfolio into one of the world's largest and most attractive infrastructure markets. We have signed power purchase agreements totaling 5.2 GW, water purchase agreements covering 600 cubic meters per day. We achieved financial close for a project representing SAR 3.7 billion in total investment cost.
We also brought three new plants into commercial operation, adding 0.8 GW hours of battery storage and 900,000 cubic meters per day of desalination capacity. Operational performance across the portfolio remained very strong. Overall plant availability remained robust, with overall power availability exceeding 92%, while renewable power availability reached more than 98%. Water availability remained above 98%. Safety remains our highest operational priority and the foundation of everything we do. During the first six months of the year, our team safely delivered more than 38 million hours across our global portfolio while maintaining a lost time injury rate of 0.018. We also recorded 80 potential fatality and permanent impairment, or what we call PFPI incidents. We view this as a positive indicator of a stronger reporting culture and improved hazard identification across the organization.
It demonstrates our people are proactively identifying and reporting potential risks before they result in serious incidents, reinforcing our commitment to continuous improvement and ensuring that everyone returns home safely at the end of each day. Turning to the financial performance, as we move our project from construction to operation, the distributions from our growing operational portfolio continue to strengthen operating cash generation. In the meantime, our leverage ratio has shown an increase versus the latest reported period as we continue investing in our committed growth pipeline. Following the geopolitical volatility that has impacted our operations and still affects the region and beyond, there is continual push of positive cautiousness in our business ecosystem. Accordingly, we experienced timing shifts into the second half of the year in several project development milestones that had otherwise been expected during the past six months.
We also remain focused about the likelihood that some milestones and recognition of associated financial impact may be delayed until next year. At the same time, we launched our High-Performance Organization program. This is a company-wide transformation initiative designed to improve organizational efficiency and normalize our expense base while supporting sustainable short and long-term growth. I will also dive a little deeper into this subject in the following slides. Looking beyond the quarter, we remain reasonably confident in the strength of our long-term growth trajectory and the value we are creating. Since our announced Growth Strategy 2.0 2023, our power portfolio has almost doubled from just over 50 GW to more than 98 GW today. Water desalination has grown from 6.8 million cubic meter per day to 9.7 million cubic meters per day. Assets under management have increased from $78 billion to approximately $127 billion.
These numbers demonstrate that we continue to scale rapidly while maintaining disciplined capital allocation. Today, we have 44 GW already in operation, more than 46 GW under construction, and almost 8 GW in advanced development. In water, more than 70% of our portfolio capacity is in operation as of today. This balanced portfolio creates multiple avenues for growth while providing visibility on a future recurring earnings profile. Our confidence in the long-term outlook is supported by one of the industry's strongest project pipeline, as I mentioned earlier. Within the immediate pipeline, we have projects that have already been awarded where we are the preferred bidder and are currently awaiting contract signing. This category includes 2.9 GW of power, 9.2 GWh of power storage, battery storage, and 600,000 cubic meters per day of water.
We have the projects where we have submitted our bids or tenders and are awaiting results. This category includes 4.2 GW of power and 1,200,000 cubic meters per day of water. What's really even more impressive, beyond this imminent pipeline, sits a much larger 18-month visible pipeline consisting of 120 GW of power opportunities, more than 995 GWh of battery storage, and 3 million cubic meters per day of water opportunities. Definitely very impressive project pipeline. We're also progressing the financial close of a portfolio of contracted and awarded project that's made of 13.4 GW of power, 6.0 GWh of battery storage, and around 3 million cubic meter per day of water capacity over the next 18 months. I want to assure you again that our objective is not simply to win projects. Our objective is to build a portfolio that creates sustainable long-term shareholder value.
Let me move to a subject that I mentioned earlier. One of the most significant strategic development during the period was that the Saudi government mandate supporting ACWA role in developing future clean energy exports. This represents an important extension of our existing developer, owner, and operator business model. It doesn't replace our existing strategy. It builds on it. The mandate grants ACWA the exclusive right to export Saudi-produced green hydrogen and its derivative, green ammonia, green methanol, green fuels, to international market. This mandate also assigns us responsibility for developing renewable electricity export opportunities, including generation and transmission. In green fuels, our focus remains on developing commercial export opportunities from projects within Saudi Arabia. In renewable electricity export, our near-term focus is on the GCC and Middle East, with Bahrain identified as the first export route. It's important to emphasize that our 2030 targets remain unchanged at this point.
Future opportunities arising from this mandate will be assessed carefully and disclosed as they mature. What this announcement demonstrates is the confidence placed in ACWA by the kingdom, reflecting our track record in developing financial, construction, and operating large-scale energy structure. We're, of course, thankful for that offer. Alongside portfolio growth, we're equally focused on strengthening how we operate as an organization. The High-Performance Organization program is our enterprise-wide transformation agenda. Its objective is straightforward: to build a leaner, more integrated, more agile organization capable of supporting next phase of ACWA growth. The program is built around six interconnected transformation workstreams that improve governance, strengthen performance management, enhance digital capabilities, simplify decision-making, and improve organization effectiveness. Ultimately, this is about increasing accountability, ownership, improving execution discipline, and creating sustainable long-term value.
Overall, while the near-term financial performance has been affected by timing shift, geopolitical volatility, we are still very focused on our momentum moving forward and our growth strategy. Our operating platform continues to perform well. Our development pipeline remains robust. We have secured important strategic opportunities that will shape the company future. We have launched a transformation program that will improve efficiency and profitability over the long- term. With that, I will pass it on to Abdulh ameed to go over the financial results. Abdulh ameed .
Thank you, Dr. Samir. [Foreign language] everyone, and good evening. Thank you very much for joining us this evening. I would like really to take you the next eight slides into a bit of details. There have been multiple announcements, as highlighted by Dr. Samir, during the first half of the year. We start with a quick outlook of the financial performance. We have seen and witnessed a very strong distribution from the operating companies, that has resulted really in a 7% increase in the total current operating cash flow compared to the same period of last year. This comes despite the fact that we had a very tough development period.
During that development period, we have lost quite a bit of our usual weight when it comes to the development fees and some of the services fees that usually comes into play after the project achieving financial closes. For that specific category, we do believe that most of the impact is timing, that timing will range between 6-12 months, depending really on how the geopolitical situation gets impacted or foreseeing the impact for the next coming period. We have also witnessed at the same period unfortunate outages. Some of them related to CSP and others related to CCGTs that we believe is an endemic outages, this has impacted us for the first half of 2026.
Taking both impacts combined together, there is a lower operating income and net income have been witnessed for this specific period. I will take you through the details at a later stage. We continue to execute our milestone and pipeline when it comes to development and projects under construction. Out of the full SAR 126 billion of assets under management, only 50% is full in operation. That give you a bit of perspective that there is another 50% that are actually in the pipeline, either partial operation, under construction or in advanced development. We announced in July 2026 the board recommendation for the cash dividends For around SAR 4,600 per share. We had announced the dividend distribution program for the next five years, which we will take you through it in the upcoming slides. Let's start first with the operating income.
This is a waterfall page that can take you from a similar period of last year between SAR 2.2 billion-SAR 1.4 billion, we'll take you through the components one by one. You can see the first positive component is the contribution from the existing assets, as well as the new project came into operation during the same period of first half of the year. That has contributed around SAR 250 million into our operating income. We announced earlier that we could continue to look at FEED opportunities, we have successfully closed two acquisitions last year. One is the Shuaibah IWPP additional shares, and the other one, the portfolio, specifically in Bahrain for one of our competitors. This has contributed around SAR 184 million for the same period of last year.
When it comes to the SAR 444 million drop, you can see it's purely on the development, procurement, and construction services that have been impacted us. I would say in this one, there is two really specific items here. One is that 2025 was exceptionally high for that specific fees. The second, that this year was also unexpectedly low when it comes to the development and procurement and construction services fee. We do believe that part of that SAR 444 impact is timing, for the clarity of the presentation, we show you the full impact in the operating income. You will see that there is a SAR 563 million lower or negative impact or negative variance for the same period of last year.
This is mainly related to a big settlement that we had in Q3 last year, as well as some of the impacts related to the CCGT assets. Finally, there is also SAR 155 million impact related to the same period of G&A expenses related to additional investment in the digital activities and other activities as well. Moving to the net income slide, you will see that there is a big variance impact from SAR 900 million-SAR 650 million for the same period of 2026. Item four is mainly what we have explained in detail just now, which is the operating income. You will see that there is a lower impairment that has been impacted us in this year. If you recall, last year we did a big assessment, we had recorded an impairment close to SAR 250 million.
That is now shown in item number one. You will see also there is SAR 130 million impact that is mainly related to one of the derivatives that we have terminated last year and had a negative impact on us. Here you can see it's a positive variance due to the impact of last year. The third item is mainly related to an NCI difference between this period and the same period of last year. That's also a positive variance of SAR 125 million. Together with all these positive variances, there is what we have explained just now, the SAR 763 million total negative variance for the operating income. This is one of the slides that we prefer always to put it in the half year to give you a perspective of the different building blocks of ACWA operating business model.
You will witness immediately that the development and construction services agreements has dropped significantly, almost 50%, and that has contributed only SAR 350 million to basically our net income. The positive impact you will see it combined between ACWA operation and the net income that came from the assets under operation. You will see almost in line, 20% increase in the other operating income, mainly related to better cash management for the same period of 2026 compared to 2025. The overall impact on expenses, which is item number F, it's almost the same. The only impact is 8% related to the same derivative that we just talked about, and that had a loss impact in 2025. Moving from the net income to the cash. We start with the current operating cash flow.
You will see the distribution from the projects has improved almost 50% to SAR 838 million. Whereas the contribution from the development and construction service agreements has dropped to SAR 982. That's around 11% lower compared to the same period of last year. Finally, you will see that there is almost a use of SAR 935 million for all the expenses and G&A, the CAPEX investments for that period, which give us an end POC or current operating cash flow of SAR 885 million. When it comes to the sources and uses of the cash for this period. We start from where we ended last slide, which is the SAR 885. Plus the opening cash balance of SAR 6.1 billion. You will see that there has been a total use of SAR 1.1 billion, mainly used was for the actual investments.
You will see 72% of the cash has been used for actual investments, whereas 17% of the cash was used for the financial charges on Sukuk and other instruments, and 11% was used for the share buyback, which was a continuation of the program announced almost one and a half year ago. When it comes to the net debt to leverage ratio or net debt to current operating cash flow ratio, I would really like to start from the SAR 32.3 billion, which is the total on-balance sheet financing and funding facilities. Out of that, the dark blue, which is the SAR 9.8 billion, is the recourse debt, where the rest of that debt is non-recourse.
If you pick up the SAR 9.8 billion, which is the recourse debt on the balance sheet and add the SAR 17.7 billion, which is the off balance sheet, but still recourse to ACWA Power, which is all the SPEs and the equity SPEs and so on, you will land at around SAR 27 billion. If you take out the cash, which is around SAR 5.8 million billion, your net leverage will be around SAR 21 billion. Taking the OCF that we explained earlier, the net debt to OCF will land at 6.6x multiple. This is in line with the guidance that we have given earlier, where most of, basically, the impact of that increase in leverage is related to additional investments into our pipeline.
In this slide, we are trying to explain what we have announced earlier when it comes to the dividends. The 2025 proposed dividend is a bit straightforward. We are talking about SAR 353 million, equivalent to SAR 0.46 per share. This is a 19% payout ratio for the year, subject to the general assembly by this month. It will be, basically, subject to later shareholder approval. We will be able to distribute that amount. When it comes after that meeting, we try to work extensively between the management and the board on what will be the best framework that we can continue the journey of ACWA Power for the next five years.
There is definitely a big emphasis on the growth factor. We continue to remain focused to invest between SAR 2 billion-SAR 2.5 billion of cash into the growth, while at the same time give a bit of guidance to the investors and the shareholders on what will be the distribution framework for the period at the same time. We have landed with a proposed 30%, basically, payout ratio. That payout ratio will start to kick in 2027 for the audited financials of 2026. At the same time, we try to maintain or give a priority for our cash to be used in the investments.
That's where we have proposed a hybrid solution between cash and non-cash, basically, dividends framework to maintain the priority for the growth definitely, Also to give a minimum 50% of the whole, basically, payout ratio to be distributed in cash. I will pause here. We'll hand it over to Ozgur to get into the Q&A session. Thank you.
Thank you. Thank you, Abdulhameed . Thank you, Dr. Samir. Lucy, I think we can open the forum for the Q&A now.
Thank you. If you would like to ask a question, please press the raise hand icon now if you've joined us on Zoom. If you've joined on the telephone lines, please press star followed by one on your telephone keypad. Alternatively, you can use the Q&A text box on Zoom. The first question today goes to Ricardo Rezende. Please go ahead.
Hello. Good afternoon. Thanks for taking my question. If I may, a couple questions. First one, on the interest on the U.S. market, how do you see competition there, and what would be the plan? Would you have any specific geographies within the U.S. that are rather focused on any specific technologies as well? The second question is on this announcement on the exclusivity on exporting the green fuels from Saudi Arabia. Would you be able to provide us a bit more information how would that work in practice? Would you take a fixed fee per unit of molecule exported? Would that be a percentage? How would that work? Thank you.
Let me start about the market entry into the U.S. The U.S. is the second largest electricity market in the world, definitely going through tremendous growth as we speak right now because of the electrification and also because of the data centers boom that's happening in the United States. It's a very good fit for us, and it's really that potential is really across all of our verticals. That means it's renewable wind, solar storage. It's basically gas to power, and it's also water desalination. We really see opportunities across all of these verticals that we're planning to pursue.
When it comes to the mandate of the government, basically for a green hydrogen export. I think it's a little bit too early right now. As you know, we are doing the FEED for the Yanbu project, which is twice the size of the NEOM project. NEOM is 1.2 million tons of green ammonia, and we are currently finishing the FEED for Yanbu, which is twice the size, which is going to be done in phases. That really would be, when it goes into execution, will be a huge market for us to capitalize on this mandate to export the green hydrogen or its derivatives to the rest of the world.
Yeah. Maybe if you allow me, Dr. Samir, I would like to add on this specific second question. In reality, what we have witnessed in the green fuels in general is that the development cost is extremely high. Definitely as part of the Vision 2030 targets, there is a lot of emphasis on green fueling. Here, when it comes to the exclusivity being mandated to ACWA, really is to give ACWA the time and value to spend that development cost that is significant in value to allow us to build these large-scale projects as mentioned by Dr. Samir when it comes to the next in line is the Yanbu.
For us to be allowed as a company to continue investing heavily on the development of this project, this exclusivity give us a real comfort and real reward for all the spending that will end up before the period started. When it comes to your question about any specific fees or basically payments to ACWA, definitely this is not on the table. There is no specific fees that will be collected by ACWA for that. The real mandate is for ACWA to lead that specific development on the future, but not specifically to get any fees for others.
And-
Sorry, Dr. Samir, go ahead.
Yeah. I really want to emphasize this again, I mentioned it earlier. This really represents a strong vote of confidence in ACWA execution capability and our role in supporting Saudi Arabia long-term energy ambitions. Honestly, when you're into this business of green power export or green hydrogen export, competitiveness is a key. The kingdom really offer that by significant margin when it comes to wind, solar, storage. When it comes to really hydrogen, ammonia generation, shipping routes. We do believe that we have a very competitive solution that we really can capitalize on around the world. Ozgur?
Yeah. Dr. Samir, I was just going to respond to Ric's question in the U.S. about specific locations. Ric, it's at early stage, as Dr. Samir has mentioned, that we are in our exploratory stage for U.S. It's too early to talk about any specific locations. As we have material progress, of course, we're going to come to the market about our intentions going forward.
If I may just follow up, two things in the U.S. How would you compare the expected returns there versus your other geographies? As it could be a new market entry, would you follow sort of a similar strategy that you had in China with some acquisitions, or are you looking for something organically in a new project?
We definitely see the U.S. market offering us same returns that we do for other projects around the world and even better. We're definitely confident that this is going to be positive. This is not about volume, it's not about the quantity, it's really about the quality. We do see that this is going to really lead into more sustainable, profitable growth for ACWA. As Ozgur mentioned, it's really too early to start speculating, our preference would be really is to go for acquisition, basically for a platform, instead of building a green field at the beginning. That would be easier approach to really tackle.
Okay. Thank you very much.
Thank you.
Thank you. The next question comes from Anna Antonova of JPMorgan. Your line is now open. Please go ahead.
Yes, good afternoon. Thank you for the presentation. Just a couple of follow-up questions from our side. Just on the last one of the U.S. market opportunities, I wonder how do you view the U.S. versus China market opportunities, for example, and does this announcement of you looking, kind of currently you comment at early stages, into the U.S. imply that you are maybe shifting your geographical priorities in terms of project development pipeline? That's the first question.
Okay. Thanks, Anna. I guess let me respond to this. We currently have five regions where we operate. As you know, it's KSA, Middle East is one, Africa, Central Asia, China, and Southeast Asia. The U.S. would be number six. We really don't look at it one versus the other. We bring one, take one out. It really gives us more opportunity, more pipeline where we can be more selective and really deliver where we can have a lower risk profile, better returns, where we can add more value. It's really these regions will be competing for this selectivity, and it's not one versus the other.
That's very clear. Thank you. Our second question is following up on the green fuels topic. Could you please maybe comment on the current status of the NEOM Green Hydrogen project? Do you see any delays there? When can we expect it to start commercial operations?
The plan is basically commercial operation will be next year. I don't want to be too specific, but that is really the target. We currently have the consortium, basically the joint venture there. We have like 9,500 people at the job site. It's basically construction is finished. It's really more now into commissioning and the target to go into commercial operation next year. We would love to invite you all to visit the site because it's really a very impressive facility. I've been around the plants all over the world. This is really very unique and we definitely would love to invite you to come and to see this marvel.
We would love to actually.
Is there any other question, Anna?
-at the in-depth scale. Yeah, thank you. Final question from our side is on the operating trends of your assets and the portfolio. If you could comment on the power and water availability trends going into the second half of this year, maybe in comparison to H1. I understand that Q1 and especially Q2 was a quite challenging quarter. Do you see any normalization in Q3, or it will be a bit more of the same? How should we think about it? Thank you.
I think for the first half, our numbers for availability, I believe they were better than the comparable half for last year. We do expect it's going to be the same or even better for the second half, Anna.
Thank you.
Thank you. The next question comes from Prateek Bhatnagar of Jefferies. Your line is now open. Please go ahead.
Yeah. Hi, thanks for taking my question. I have two. The first is on the timing shift you talked about in the project development milestones. Could you quantify it a bit so that it's easier for us to kind of forecast what the development and construction revenues might be and how much they have shifted from the first half into the second half or maybe into 2027? That's number one. The second question is on the outages you talked about in the CSP and CCGT. Could you give some color on that? What are they? How long they may last? Thanks.
Yeah. Should I go ahead? Maybe for the first question, I think when it comes to the development, if you look at basically some of the projects that we have submitted the bid for it during the first half, most of it have not been moving to the stage two of development, which means announcing the preferred bidder. Except for one, there has been none of them that have been moved to that phase. Similarly, also, if you look at the project that has been awarded and we have signed the PPA, we have not yet signed all these financial closes. It's a very minimum, less than SAR 4 billion of financial closes that we have achieved during the first half. I think given multiple reasons for that. We do believe that during this upcoming six months, we will be able to achieve some of these milestones.
I can see in the pipeline there is at least two financial closes we are clearly targeting to achieve in the next two to three months. Similarly, also on the refinancing of specific projects. In overall, the trend is really moving positively towards closing several of these milestones before the end of the year. This is the current status quo. What we have seen unique this year, unfortunately, is the geopolitical escalations continue to go on a vulnerable dynamic. You see it up and down. With that, really, the prediction for the remaining of the year become extremely difficult. When we say 6-12 months, really, this is based on what we have seen and what we expect based on the current basically standing of the tension.
Of course, this will be reviewed, and we will update you on the next quarter in case if there is any basically other further development.
That's on the development side. You have specifically asked a second question.
I think the question was about the outages, the CSP and CCGT.
Yes.
In your end. Yeah, go ahead, please.
Yes. I don't want to go to the specific assets details, but let me give you a general perspective. For example, there is two of our assets, one is CSP and one is CCGT, that they had a unique outage or non-force outage that we have built and invested additional CapEx to bring them back to operation. One of them in October, it will be, inshallah, full in operation, and we have built a resiliency into the new kind of operation model for that specific asset. The same thing on another asset that we have where we have dedicated an additional investment based on which we believe that this should solve the issue with a longer- term. The rest of the assets, As Samir has already highlighted, if you look at the numbers, power availability is 92% compared to 91% last year.
That's definitely better, and we are committed to deliver the same. Renewable is 98.1% compared to 96% of the same period of last year. Water is also 98.4% compared to 98.3%. Overall, the trend is definitely positive compared to the same period of last year.
Thanks a lot. If I just may follow up. Curtailment in the Saudi two projects, which was announced earlier this year. What's the update on that?
If you recall, we announced the curtailment at that time, and the availability of the power was around 10% for each of the two assets. There is progress. I will not say it's a high-trust progress, but it is moving in the right direction. Today, one of the assets is around 60% back into operation, the other one is 45%. It is moving step by step into that. Hopefully, we are continuously working with the larger stakeholders to ensure bring these assets back into full operation. That's one part, which is the part of how we look at it going forward.
Definitely, there is the other part which was all the basically curtailed energy that's being still under discussion with the off-taker on the outcome of that basically revenue that has been generated, where we believe that this is definitely part of our off-take rights. This is still a journey that we have to take with the comfort, basically, with the off-taker in this case.
Thanks a lot.
Thank you.
Thank you.
The next question comes from Ildar Khaziev of HSBC. Your line is now open. Please go ahead.
Thank you so much. Hello. I have another question about the exclusive rights to export green fuels. Is this arrangement affecting the existing off-take arrangement at NEOM, where I think Linde was an off-taker?
The agreement between the project company and Air Products, the off-taker, basically, there is no impact to that. 1.2 million tons of green ammonia a year, basically no change to that.
It's still an off-taker, the export rights for that output will still be with ACWA at the same time?
I'm not really sure if I understand. Air Products is the 100% off-taker for this 1.2 million tons of green ammonia.
Would that be the party which will also export the green ammonia, or it was going to be ACWA?
There is a joint venture between NEOM, ACWA, and Air Products to produce the product. That's the generation joint venture. They're going to be producing that ammonia and basically put it in the tanks, and the off-taker basically will take the product from Saudi Arabia and ship it around the world where it's going to be used. That's the off-taker basically taking the product.
I see. Thank you. Just coming back to the outages at CCGTs. Are these new units or are they old ones?
Really, when it comes, you do have plant outages for these plants because you need to do regular maintenance. At the same time, you do have sometimes these forced outages that basically take you because an instrument or a device or a rotating equipment. You have these things, please understand, in what I mentioned before, our availability is 92% for all our power portfolio, 98% even for our renewables. This is pretty high, standard-wise. Also the same thing on the water is 98%. Really, we're proud of ACWA operation team, basically that do the O&M for these facilities. Operating these machines, heavy rotating equipment, you do have sometimes a hiccup here and there.
This is very clear. Thank you so much.
Thank you.
Thank you. The next question is a text question from Ambereen Jiwan of Ajeej Capital. He says, "Thank you. Is there any update on the solar power projects that were facing dispatch issues? How do you manage interest payments in such situations?
I think we already covered this question because it was the same question as asked earlier. I think when it comes to specifically on the interest, so far, these two projects had cash positions that have already allowed them to pay their interest. There is no issues when it comes to that in the past. Of course, as I have highlighted, there is a gradual increase on their dispatch ability. We will continue to assess on a quarterly basis their ability to maintain their payments of the interest and of course, the principal.
Thank you. The next question is from Hamad Al-Babtain of stc, who asks, "Is there a plan to adjust the dividend rules?
Can we get a bit of more explanation? What do you mean by adjust the dividends rules?
Whilst we wait for that, as a reminder to ask a question, please press the raise hand icon now if you've joined us on Zoom. If you've joined us on the telephone lines, please press star followed by one on your telephone keypad. Alternatively, you can submit a text question via the Q&A box on the bottom of your screen.
Yeah. Maybe while he can add an explanation to the question, I can explain generally that the dividends for 2025 is subject to the shareholder approval. That's definitely up to the shareholders. They will approve it during this month. The dividends framework for the upcoming five years, as a framework, has been already approved by the board. Of course, we will continue to view it, based on the financial position of the company, the direction of the growth, and so on. It's just a framework where ultimately for each single year, the dividend distribution itself will be subject to the shareholders to approve.
Thank you. As a final reminder to ask a question, please press the raise hand icon now. Press star followed by one on your telephone keypad, or you can submit a text question via the Q&A button on your browser. We have no further questions at this time, I'd like to hand back to Mr. Ozgur Serin for closing remarks.
Thank you very much, Lucy, and thank you very much all participants as well as the speakers at the company side. As you very well know, if you have any follow-up questions or new questions, you know where to reach us at, and please do not hesitate, and as usual, we will get back to you. With that, I would really like to thank everyone, including the operator, and wish you a good evening or a good day in front of you. Thank you.
Thank you.
This concludes today's call. Thank you all for joining. You may now disconnect your lines.