ACWA Power has made an application for an initial public offering of over 81 million new shares accepted on June 30, 2021 by the Capital Market Authority (“CMA”).
This application represented 11.1% of the company‘s enlarged share capital.
The final price at which all subscribers to the Offering will purchase Shares will be determined at the end of the bookbuilding period.
ACWA Power leader in water desalination projects
The company’s operational capacity in all markets currently supplies 20.3 GW of electricity and 2.8 million m3 per day of desalinated water.
Once existing projects under construction and advanced development are completed and commissioned over the next four years, the company will double its operational power generation capacity to 41.6 GW.
It will also more than double its desalinated water production capacity to 6.4 million m3 per day.
49% of Saudi Arabia’s water desalination capacity
As a local company, ACWA Power’s portfolio in the Kingdom of Saudi Arabia, including assets currently under construction or advanced development, represents around 24% of Saudi Arabia’s gross power generation capacity.
And 49% of the country’s water desalination capacity.
With a pioneering mindset and mastery of the most sophisticated technologies, the company is focused on activating and driving the energy transition through the expansion of investments in greenfield and brownfield projects in renewable energies andgreen hydrogen.
Short-term pipeline of over 58.7 GW
In addition to its existing portfolio of assets in operation, under construction or at an advanced stage of development, the company’s growth opportunities include a near-term pipeline of over 85 identified projects.
Representing a potential global capacity of 68 GW of electricity and 9.5 m3 per day of water from desalination assets currently out to tender or under negotiation.
Another growth driver is the development of 70% of Saudi Arabia’s 58.7 GW renewable energy target for 2030 under the National Renewable Energy Program, which ACWA Power is developing with the Public Investment Fund (PIF), the company’s majority shareholder, as part of a strategic framework agreement.
Overall, there are future growth opportunities in the company’s target markets of around 385 GW.
77% low-carbon gross energy capacity
Of the company’s gross energy capacity, including assets in operation, under construction or in advanced development, 77% uses low-CO2 energy technologies.
These include solar, wind and gas.
The share of renewables in ACWA Power’s total gross electricity capacity is currently 33%, which is expected to rise to 50% by 2030, as the company progresses towards its goal of net zero emissions by 2050.
The Company believes that the PIF Strategic Framework Agreement will accelerate the achievement of its 50% renewable energy target.
