Saudi Arabia’s ACWA Power announces full year 2021 financial results

ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants, today announced its full-year 2021 financial results, demonstrating strong operational and financial performance in line with expectations.

ACWA Power achieved an operating income before impairment loss and other expenses - a key financial performance indicator for the company, of SAR 2,193 billion, which was 12.5% higher than 2020. The upsurge was mainly driven by higher development and construction management services fees from projects achieving financial close, in addition to higher operation and maintenance income from projects achieving their commercial operation dates and commencing revenue generation.

Commenting on the occasion, Mohammad Abunayyan, Chairman, ACWA Power, said, "As a proud Saudi company that is leading energy transition globally, we are delighted to present our first ever full-year financial results to our investors after our successful initial public offering (IPO). ACWA Power’s strong operational performance and financial results in 2021 reflect the trust and confidence that our major shareholders including the Public Investment Fund (PIF), our partners and the investment community have in our contracted, diversified and optimised business model, and our track record of winning and developing large scale projects across technologies including green hydrogen. Our substantial development pipeline leaves us well-positioned to continue to deliver robust, sustainable returns for all stakeholders."

ACWA Power recently signed a $5bn hydrogen-based plant deal to be located at the planned $500bn NEOM development on the Red Sea Coast of the kingdom, one of the kingdom’s Public Investment Fund (PIF’s) key megaprojects planned to diversify the country’s economy away from a dependence on oil.

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