ESG targets and 2022 performance

The total CO2e emissions of ACWA Power’s portfolio in 2022 were 
74.9 M t CO2e
The total CO2e emissions of ACWA Power’s share of the portfolio were 
31.8 M t CO2e

Although our absolute emissions increased in 2022 compared to 2021, the CO2e intensity of gross electricity generation decreased in 2022.

This is partly due to the fact our gross electricity production increased in 2022
146.1 M MWh

t CO2e/MWh

CO2e intensity of gross electricity generation of the total portfolio in 2022 was 
0.43 t CO2e/MWh

t CO2e/MWh

CO2e intensity of gross electricity generation of ACWA Power’s equity share in 2022 was 
0.42 t CO2e/MWh

ACWA Power’s energy transition

We are committed to …

  • Decarbonising our portfolio and focusing on renewables and transitional low CO2e emitting assets
  • The reporting standards recommended by the Task Force on Climate-Related Financial Disclosures (TCFD)
  • Developing a plan to achieve and monitor our climate change-related commitments

During 2022 …

  • 2,400 MW Hassyan IPP — conversion of operation from clean coal to natural gas — 30 M t CO2e emission saving by 2030Based on 55% capacity factor.
  • Sale of Shuqaiq IWPP (oil-fired asset) — permanently reducing the carbon footprint of our portfolio by c. 1.9 M t of CO2e per year ACWA Power’s equity share equivalent.
  • Conversion of Shuaibah 3 IWPP, an oil-fired asset into an RO desalination plant in line — reducing the carbon footprint of our portfolio by c. 3.5 M t of CO2e per year ACWA Power’s equity share equivalent. in line with the Kingdom’s energy transition plan under Vision 2030
  • Addition of five new renewable projects to our portfolio


No coal

39 %
Renewables % of total portfolio capacity in GW


50% reduction in emissions intensity

ACWA Power will reduce its emissions intensity by 50% compared to 2020

50+ %
Renewables % of total installed capacity, GW


Net Zero

Maximum use of up to 5% carbon capture credits

95+ %
Renewables % of total portfolio capacity in GW

Portfolio performance

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, ~5,440+ MW, incl. 2.06 GW in PIF pipeline

Signed 1 WPA, +600 M m/ day

Completed 3 FCs, ~SAR 8 billion

Completed 7 ICOD/PCODs, 1,800 MW and 1.1 M m/ day brought online

Gross power capacity
44.4 GW
Water desalination capacity
6.2 M m3/day
17.4 GW
Renewable assets
of the gross power capacity
Solid decarbonisation actions
Renewable and low CO2e

At 17.4 GW, renewable assets represented 39% of gross power capacity, and, including natural gas projects, the ratio of low CO2e 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 reducing 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 carbon to low carbon-emitting assets
  • Hassyan IPP, UAE, saving 30 M t of CO2e by 2030, by converting from coal to gas
  • Shuaibah IWP, KSA, offsetting 22 million barrels of heavy fuel oil and saving 9.5 M t of CO2e per year, by converting heavy fuel oil-fired co-generation plant to reverse osmosis water desalination plant

Renewable portfolio

Renewable capacity (GW)

ACWA Power’s net share
Total portfolio gross capacity

ACWA Power’s net share (GW)

In operations
Under construction
Advanced development phase

Total portfolio gross capacity (GW)

In operations
Under construction
Advanced development phase

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
SAR million
2019 2020 2021 2022
Revenue 4,115 4,829 5,235 5,276
Share in net income of associates and joint ventures 284 231 322 294
Other income 337 156 42 395
Cost of materials and services bought −2,029 −2,301 −2,384 −2,411
Employees remuneration −361 −438 −521 −579
Taxation −74 51 −80 −233
Dividends to minority shareholders −16 −83 −105 −62
Non-controlling interest paid −266 11 64
Financial charges paid −1,231 −1,088 −1,074 −1,281

Operational performance

Health, safety and environment performance

Lost Time Incident Rate (LTI rate) Ratio includes both full-time employees of ACWA Power and temporary contractors.

ACWA Power is developing our ESG performance metrics and this year we include in the appendices reference to the GRI index, SASB index and TCFD index. As a fast-growing, relatively young company, we have not yet completed the process of capturing and communicating all the data elements within these indices. It is our intention to grow our data collection and reporting such that we will align fully with GRI and in the interim our reporting is with reference to the GRI index. Furthermore, we intend to appoint an independent auditor to verify such data.

Plant availability

Power availability
Water availability