What we do

ACWA Power is fully engaged in the transition from carbon-emitting energy generation and desalination to renewable and sustainable energy sources.

Our growing portfolio

Successful bids for two I(W)PPs in KSA

Leading private developer by far in KSA, having won all but one IPP and IWPP tenders in KSA

Commissioned world’s then largest combined-cycle gas turbine (CCGT) in KSA

International expansion into Morocco, South Africa and Jordan

Established credibility in renewable energy by setting new benchmark tariff for CSP2 technology

Strategic partnership with China’s Silk Road Fund in select renewable energy projects in the international portfolio

First utility-scale renewable energy project in KSA Sakaka 300MW PV

Ground breaking investment in the first at-scale green hydrogen project in the world

Transfer of the Group A assets to Jazan Integrated Gasification Combined Cycle project

Signed 5 PPAs in renewables

Signed 1 WPA

Completed 7 ICODs/PCODs

Financial Close (FC) for NEOM Green Hydrogen Project

Sale of SqWEC

What we do
Our business model enables us to generate sustainable financial returns across the life cycle of a typical asset, all the while driving growth, building scale and leading the energy transition


  • Critical assets in fundamentally strong growth markets
  • At the forefront of energy transition
  • Long-term contracts with high-quality counterparties and resilient cash flows
  • Focus on innovation, cost leadership and turnkey engineering, procurement and construction


  • Lead investor with significant stake and de-facto control
  • Investment based on environmental, social and governance principles
  • Scalable investment platforms in each territory to enhance returns and efficiencies
  • Diversified across technologies and territories


  • Standardised operating model (through NOMAC, wholly owned subsidiary of ACWA Power)
  • Operation of plants to the highest global standards
  • Strong use of digitalisation to improve asset performance
  • Economies of scale and synergies from groupwide knowledge and resources


  • Efficient capital structure through refinancing
  • Capital recycling strategy with sell-downs or divestments
  • Operational optimisation through cost efficiencies, post-contract opportunities
Projects (at 31 December 2022)
Operational Under Construction Advanced development Total
# Assets 42 13 13 68
GW 25.182 8.890 10.373 44.445
M m3/day 4.084 2.142 0 6.226
Project cost (USD billion) 39.9 16.5 15.5 72
Project cost (SAR billion) 149.4 62.0 58.3 270
Water split by technology (M m3/day)
Power split by technology
Average age of portfolio