Saudi-headquartered  global developer of energy and water projects ACWA Power expects its asset portfolio to hit $230 billion by 2030 from $75 billion at present, Arab News reported, citing Vice Chairman and CEO Paddy Padmanathan.

The Tadawul-listed company’s power generation capacity currently stands at 42 gigawatts (GW), which could be increased up to three times to reach 150GW, the newspaper said, quoting CNBC Arabia.

The company is estimating to achieve 15 million cubic metres (m3) of desalinated water by 2030 from the current 6 million m3, Padmanathan added.

ACWA Power reported a third quarter 2022 profit of 324 million Saudi riyals ($91 million), up from a loss of 27 million riyals in third quarter 2021