2023 HIGHLIGHTS

ACWA Power is now the largest private power producer in the Middle East, the largest private water desalination company in the world (based on total gross capacities in GW and m³/day), a world class leader in energy transition, and first mover in green hydrogen.

Our portfolio Based on gross capacity. as at 31 December 2023

81 assets
12 countries
317.8
55.1
7.6
1.2+
6.5
24.5
30
5.5
44.5%
A record year
12 financial closes
SAR 59 billion
largest in the company’s history

Signed

13 PPAs
2 WPAs
1 HPA

Net additions during 2023 (change vs. 2022)

+13 assets
AUM
+SAR 48 billion
Power
+10.7 GW
Renewable power
+7.1 GW
(of + 10.7 GW)
Water
+1.4 million m³/day
Key events
Key events

Broke ground for the 3,000 tonne per year green hydrogen project, the second in our portfolio, in Uzbekistan.

Key events

Inaugurated Noor Energy 1 in UAE, the world’s largest single-site CSP plant with a total capacity of 950 MW (CSP + PV).

Key events

Sudair PV IPP, one of the largest single-site solar PV plants in the world at 1,500 MW, achieved commercial operations for 75% of its capacity during 2023, and for full capacity subsequently in January 2024.

Key events

Inaugurated Jazlah Water Desalination Company, the first large-scale integrated water desalination – Solar PV project in Saudi Arabia, with a capacity of 600,000 m3/day.

Some of our awards in 2023
Sustainable Energy Company of the Year

Sustainable Middle East Excellence Awards
ACWA Power

Desalination Plant of the Year

Global Water Summit Al Taweelah IWP

Hydrogen Impact Investment Awards

The Neom Green Hydrogen Project

Desalination Project of the Year

MEED Project Awards Al Taweelah IWP

The Sustainability Award

The Global Green Project Finance

Global Green Deal of the Year

PFI Awards 2023

ARC Foundation Gold Award Honor Award

Annual Report 2022

ESG Programme of the Year

Saudi Capital Market Awards 2023

Background

Key figures

Financial results for 2023
Operating income Before impairment loss and other expenses. ,
SAR million
SAR 2,984 million14%
Net profit Attributable to equity holders of Parent.
SAR million
SAR 1,662 million8%
Parent Operating Cash Flow (POCF)
SAR million
SAR 2,453 million41%
Equity commitments The Company’s equity commitments are based on successful bidder announcement, or where a bid is negotiated based on project award agreements (collectively “Advanced Development Projects”) and represent ACWA Power’s share of base equity and EBLs for each project, as approved by the Board Executive Committee (BEC) of the Company. The equity commitment amount does not represent the amount of equity invested but what the Company is committed to contribute. Please note that equity commitments are subject to change until underlying projects achieve their respective financial closes, which may take longer than a full financial year in some circumstance.
SAR million
SAR 5,787 million30%
Parent net leverage/POCF
5.50x 3.4x
Safety
Lost Time Injury Rate (LTIR)
0.01

The Group accumulated 72 million man hours during 2023 with no fatalities and a Lost Time Injury rate (LTIR) of 0.014 (rounded up to 0.01 in reporting), which was 22% lower versus 0.018 (rounded up to 0.02 in reporting) in 2022, due to lower number of lost time injuries

Emissions
CO2e intensity of gross electricity generation, t CO2e / MWh
0.44
Note: emissions data have been restated based on new methodology (see About this report section)
Employees
At year-end we had
3,701 employees
(up from 3,199 in 2022)
We have increased the proportion of women in our workforce from 7.2% in 2022 to
10.1 %
in 2023
and ended the year with
2,074 local employees
(56% of our total workforce).
Power and water availability
Power availability, %
92 %
Water availability, %
96 %
Innovation
Filed
15 patents filed
36 live projects Project levers include pilot and demo plants, collaborative R&D, start-ups and internal innovation.
Environmental projects
We planted
200,000 trees
in the Kingdom
3,280 trees
in other countries