At a glance

An agile high-growth contracted power & water
champion at the forefront of the energy transition

As a proud national champion, we play a central role in the Kingdom's energy transition, all the while carrying Saudi Arabia's flag globally in 13 countries on three continents.

As at 31 December 20201

41.7 GW

Gross power
generation
capacity

5.8 mn m3 per day

Gross water
desalination
capacity

1     Includes operational, under construction and advanced development projects

Decarbonisation (share in power generation capacity)

28 %

Renewable sources Share of solar and wind energy sources

77 %

Renewable and low CO2 Share of solar, wind and natural gas energy sources

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At a glance

What we do

We are a developer, investor and operator of critical power generation and
water desalination assets.

Our Develop, Invest, Operate, Optimise business model encompasses the entire lifecycle of an asset. We develop projects, invest in them and operate them, continually looking into how we can optimise their financial structures to allow us to allocate and extract returns across the lifecycle of the asset.

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At a glance

Where we operate

Reinforcing our leadership at home and expanding our international footprint.

Diversified asset portfolio

Project type

  • Advanced development
  • Power – Renewable
  • Power – Conventional
  • Water
  • Power & Water
  • 62

    Projects

  • 13

    Countries

  • 3

    Continents

  • 38

    Operational

  • 10

    Under construction

  • 14

    Advanced development

  • Average age of
    portfolio1

    • 0-5 Years
      81%
    • 6-10 Years
      8%
    • > 10 Years
      11%
  • Power split by
    technology

    • Renewable
      28%
    • Gas
      49%
    • Oil and coal
      23%
  • Water split by
    technology

    • SWRO2
      69%
    • MSF3
      17%
    • MED4
      14%
  • 1     Based on year of PCOD.
  • 2     SWRO – Seawater reverse osmosis.
  • 3     MSF – Multi-stage flash distillation.
  • 4     MED – Multiple effect distillation.
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Chairman’s message

Clean, economical and sustainable energy is the future.

Guided by the sustainability principles articulated in the Kingdom of Saudi Arabia’s (the Kingdom) Vision 2030, and the clear directives and enabled ecosystem set out by the Ministry of Energy, ACWA Power, as a national power generation and water desalination champion, continues to deliver tangible value to the Kingdom’s domestic energy diversification strategy and similarly across its global investment portfolio.

  • 50 %

    We reached another major Company milestone when the Public Investment Fund (PIF), the Sovereign Wealth Fund of the Kingdom of Saudi Arabia, increased its shareholding in ACWA Power to 50 percent in 2020.

  • 7 GW

    In 2020 we added 7 GW of renewable power capacity to our operational, under construction and advanced development portfolio.

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“With a strong track record in multiple technologies – CSP, solar PV, and wind – our focus is now increasingly on renewable-powered projects.”

  • 50 %

    We reached another major Company milestone when the Public Investment Fund (PIF), the Sovereign Wealth Fund of the Kingdom of Saudi Arabia, increased its shareholding in ACWA Power to 50 percent in 2020.

  • 7 GW

    In 2020 we added 7 GW of renewable power capacity to our operational, under construction and advanced development portfolio.

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Highlights of the year

  • Consolidated financial highlights1

    Operating income before impairment loss and other expenses

    1,949 SAR
    mn
    5.8
    2020
    1,949
    2019
    1,842
    2018
    1,818
  • Profit/(loss) (attributable to equity holder of the parent)

    883 SAR
    mn
    24.8
    2020
    883
    2019
    1,174
    2018
    (775)
  • Parent-level liquidity and leverage highlights1

    Parent operating cash flow (POCF)

    1,064 SAR
    mn
    20.2
    2020
    1,064
    2019
    1,334
    2018
    876
  • Parent net leverage ratio (Parent net leverage/net tangible equity attributable to equity holders of the parent)

    0.97  
    Times
    94
    2020
    0.97
    2019
    0.50
    2018
    0.10
  1. Refer to the financial review section on page 30 of the Annual Report for definition and further details.
Health, safety and environment performance
Lost Time Incident Rate (LTIR)1
0.05
0.03
2018
0.06
0.03
2019
0.03
0.03
2020

 Construction phase3

 Operation phase3

NOMAC achieved more than 20 million safe man-hours without LTI
Leading LTIR ratio of 0.03 for both under-construction and operational assets as of 2020, significantly below industry benchmarks2 of 0.70 and 0.10 respectively

Operational performance
Availability performance
Power availability
Water availability

Availability performance well above contractual threshold limits

Project split by geography by project cost
  • Saudi Arabia 58%

    UAE 16%

    Oman 6%

    Morocco 5%

    Egypt 4%

    Uzbekistan 4%

    Jordan 2%

  • South Africa 2%

    Bahrain 2%

    Turkey 1%

    Azerbaijan <1%

    Ethiopia <1%

    Vietnam <1%

Power split by technology by gross capacity
  • Gas 49%

    Heavy fuel oil 17%

    PV 12%

    CSP tower 1%

  • CSP parabolic 2%

    Green hydrogen (wind + solar)4 10%

    Wind 3%

  1. Ratio includes both full time employees of ACWA Power and temporary contractors.
  2. Refers to OSHA benchmark (US utility industry).
  3. Data on 200,000 man hours.
  4. NEOM Hydrogen JV includes solar and wind.
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CEO’s message

Notable achievements in a very different and difficult year.

Going through what may have been the toughest acid test in our history, we all truly lived up to our core values of safety, people and performance, our beacon to guide and navigate us through the year.

    • We thus concluded the year managing a portfolio with a total estimated project cost of SAR 245 billion, comprising 62 projects in 13 countries, representing 41.7 GW of gross power and 5.8 million cubic metres per day of gross water desalination capacity.

    • Innovation routinely underpins everything we do but, from the outset, we have always challenged cost, efficiency and performance.

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“We accomplished so much in such an unusual year at home and beyond.”

    • We thus concluded the year managing a portfolio with a total estimated project cost of SAR 245 billion, comprising 62 projects in 13 countries, representing 41.7 GW of gross power and 5.8 million cubic metres per day of gross water desalination capacity.

    • Innovation routinely underpins everything we do but, from the outset, we have always challenged cost, efficiency and performance.

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Performance review

A growing global force in renewable energy.

Market
review

Supporting the Kingdom’s full energy transition.

Financial
review

Demonstrating our financial resilience.

Operational
review

A year of value creation, achievement and safety.

People
review

Putting our people first.

Digital transformation at ACWA Power

Blending business with digital technology.

Risk management, strategy and sustainability

Maintaining our operational sustainability.

Sustainability at ACWA Power

Leading the energy transition

    • Net-zero emission by 2050
    • High standards of HSSE
  • Aligned with the UN SDGs
To support the Kingdom’s national health efforts to contain the impact of the COVID-19 pandemic, we contributed more than SAR 50 million to build an integrated mobile hospital.
  • Located in Al Madinah Al Munawarah

  • Initiative completed in 57 days

  • 100 bed
    capacity

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Corporate governance

Governance structure

Our governance framework

  • Interface with the group companies
  • Enterprise Risk Management
  • Internal Audit and Control
  • Continuous performance monitoring

Oversight and Management
Internal Code

  • Code of conduct and business ethics
  • Employee compliance
  • Internal Audit and Control
  • Whistle-blowing committee
Saudi Arabia's Legal and Regulatory Framework

  • Constitutional Documents - Articles, By-laws
  • External Audit
  • Annual Report
  • Sustainability Report
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