How we have performed

Our portfolio

as at 31 December 2022

under construction
advanced development assets

Record additions within our operational, under-construction and advanced development portfolio

In 2022 only...

Signed 5 PPAs; ~+ MW, incl. 2,060 MW in PIF pipeline

Signed 1 WPA; +600 mn m3/ day

Completed 3 FCs; ~SAR 8 billion

Completed 7 ICOD/PCODs; 1,800 MW and 1.1 mn m3/ day brought online

Gross power capacity
44.4 GW
Water desalination capacity
6.2 million m3/day
17.4 GW
Renewable Assets
of the Gross Power Capacity
Solid decarbonisation actions
Renewable and low CO2

At 17.4 GW, renewable assets represented 39% of gross power capacity, and, including natural gas projects, the ratio of low CO2 emitting assets constituted 86% of ACWA Power’s gross power capacity. A pioneer in globally landmark at-scale initiatives such as green hydrogen and giga-cities together with its JV partners, ACWA Power is dedicated to reduce its carbon intensity gradually targeting to reach net zero emissions status by 2050.

  • All added capacity during 2022 was in the renewable space
  • Conversion from high- to low-carbon-emitting assets…
  • Hassyan IPP, UAE, saving 30 million tons of CO2 by 2030, by converting from coal to gas
  • Shuaibah IWP, KSA, offsetting 22 million barrels of heavy fuel oil and saving 9.5 million tons of CO2/year, by converting heavy fuel oil-fired co-generation plant to reverse osmosis water desalination plant
Portfolio value
at Total Investment Cost (TIC)

Significant milestones

Financial close (FC) for NEOM Green Hydrogen Project — USD 6.3 billion funding

NGHP is the largest at-scale green hydrogen under-construction project of its kind in the world. This mega-plant will integrate 4 GW of solar and wind energy to produce up to 600 tonnesper day of carbon-free hydrogen from 2026, to then convert to liquid green-ammonia to transport and export to the world. The NEOM Green Hydrogen Company (NGHC), an equal partnership between ACWA Power, Air Products and NEOM, has successfully reached a critical milestone early this year by completing the financial close of USD 6.3 billion of non-recourse project finance debt.

SAR 1.8 billion Sukuk

We submitted to the Capital Market Authority (CMA) of Saudi Arabia our application to issue the second tranche of Sukuk under the SAR 5 billion programme, which subsequently raised SAR 1.8 billion in February 2023 at a record pricing in double digits in the SAR market since 2017 with 2.24 times oversubscription.

Financial performance

Operating income before impairment loss and other expenses, SAR million
Adjusted net profit attributable to equity holders of the parent, SAR million
Parent operating cash flow (POCF), SAR million
Total parent net leverage
8,818 SAR million
Parent net leverage/POCF
2.12 times
Parent net leverage ratio
(Parent net leverage/net tangible equity attributable to equity holders of the parent)
0.64 times

Operational Performance

Heading to be green

Lost Time Incident Rate (LTI rate) Ratio includes both full-time employees of ACWA Power and temporary contractors.
In 2022, we accumulated 80 million manhours and a lost-time incident (LTI) rate of 0.02 at our 52 assets (construction and operational sites) across global operations

Plant availability

Power availability
Water availability