With the Saudi privatization of the desalinated water production and power generation sector in 2004, ACWA Power Projects was founded as a limited liability company. Over the course of the following four years ACWA Power Projects won tenders to build, own and operate five plants (with the Project Companies detailed in brackets); Shuaibah IWPP (SWEC) and its expansion (SEPCO), Rabigh IWSP (RABEC), Shuqaiq IWPP (SqWEC), Marafiq Jubail IWPP (JWAP). Bowarege was established as the owner and operator of two self-contained floating desalination plants and NOMAC was formed to provide operational and maintenance services to water and power generating facilities across the Kingdom.

The establishment of ACWA Power International took place in 2008 structured as a joint stock company which in turn acquired ACWA Power Projects and all its assets. The establishment of ACWA Power International and the integration of the subsidiary created a stronger entity capable of competing in regional and global markets. ACWA Power’s first win as the new entity was the Rabigh IPP (RABEC) in Saudi Arabia which was followed by the acquisition of a 58% stake in the Barka 1 IWPP in Oman.

Today, with a capital base in excess of US$ 1.2 Billion, ACWA Power holds equity ownership in a portfolio of contracted assets made up of 6,485 MW of power generation plants and 2.31 million m³/day of desalinated water production plants, all with a cumulative value in excess of US$ 12 Billion.  It is expanding into regional markets by qualifying to tender for projects in Kuwait, Jordan, Egypt and Morocco. The company has recently signed an MoU to develop an 800MW Natural Gas Fired Combined Cycle Power Plant in Turkey. It is participating in bidding for tenders in Syria, Oman, Abu Dhabi, and South Africa.

These opportunities combined with the leadership of its executive management and efforts of its multi-disciplinary staff is enabling ACWA Power is steadily moving towards achieving a portfolio of 30,000 MW gross contracted capacity of power by 2014 with a 5% contribution from renewable power and five million cubic meters per day of gross desalinated water.