ACWA Power - Business Update Presentation (July 2021) - July 2021
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ACWA Power – Business Update July 2021 Presentation (July 2021)
Disclaimer
This document and the information contained therein (the "Information") has been prepared by International Company For Water & Power Projects (the "Company") for background
purposes only and does not purport to be full, accurate or complete. No reliance may be placed for any purpose on the Information or its accuracy, fairness or completeness. The
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results of operations of the Company and its consolidated subsidiaries. Certain information contained in this presentation is based on management accounts, current financial
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presentation includes certain non-IFRS financial measures and other metrics which have not been subject to a financial audit for any period. Certain financial and statistical
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To the extent available, the industry, market and competitive position data contained in the Information come from official or third party sources. Third party industry publications,
studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or
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competitive position data contained in the Information come from the Company’s own internal research and estimates based on the knowledge and experience of the
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and assumptions about the Company and its subsidiaries and its investments, including, among other things, the development of its business, financial condition, prospects, growth,
strategies, as well as the trends in the industry and macroeconomic developments in Saudi Arabia and other countries in which the Company operates. Many of these risks and
uncertainties relate to factors that are beyond the Company's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other
market participants, the actions of regulators and any changes in applicable laws or government policies. In light of these risks, uncertainties and assumptions, the events in the
forward-looking statements may not occur and past performance should not be taken as a guarantee of future results. No representation or warranty is made that any forward-
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Information and the opinions contained herein are provided as at the date of the presentation and are subject to change without notice. Past performance of the Company
cannot be relied on as a guide to future performance. Nothing in this presentation is to be construed as a profit forecast.
THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE
BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE ANY SECURITY.
Information in this document was prepared as of June 2021.
1
Agile high growth contracted power & water champion
Platform of 64(1) assets across 13 countries, 3,500 employees with strong growth pipeline and leading the energy transition
Key current markets
Asset portfolio of ~USD 66bn(2)
Large world class assets with ~71% of capacity in projects with at least 1 GW of
capacity
Clean / low CO2 power technologies(3): ~77% of total gross capacity(1)
At the forefront of energy transition: Significant visible growth in renewables
Top I(W)PP platform
in GCC
Industry leading win ratio (68% from 2005-2020), capturing disproportionate
market share
KSA & wider GCC Asia Africa
Ground-breaking investment in the
Jazan combined cycle mega-
project producing industrial gases
Achieved world’s lowest power tariff
at DEWA V PV (at the time)
Commissioned world’s Successful and
then largest CCGT in accretive capital
KSA recycling - monetizing Recent Developments
stakes in select
41.6
International expansion renewable assets to Silk • Joint development
into Morocco, South Road Fund agreement for 70% of
Successful bids for 2 Successful bids Africa, Jordan
I(W)PPs in the KSA in the KSA Vision 2030 58.7 GW
22.6 renewables target
14.5
• One of the world's
6.5 6.4 largest green hydrogen
1.3 1.0 2.3 2.4 2.8 projects under planning
2006 2010 2014 2018 Jun-21 • World’s lowest solar tariff
($0.0104/kWh)
Gross Power Portfolio (GW) Gross Contracted Water (mm m3/ day)
(mn m3/day)
Source: Company information. Notes: Power portfolio and water portfolio shown on different scale. (1) Including under construction and advanced development projects as of June
2 2021. (2) Total project costs for operating, under construction, and advanced development assets. (3) Clean / low CO2 technologies include solar, wind and gas, but exclude coal
and oil.
Developer, investor and operator of critical power and water
assets, with embedded portfolio and capital optimisation
$
Develop 1 Invest 2 Operate 3 Optimise 4
Critical assets in Lead investor with Standardized Financial and
fundamentally strong significant stake & de- operating model operational initiatives to
growth markets facto control (NOMAC) further optimise the
portfolio
At the forefront of the ESG centric investment Operation of plants to
energy transition focus the highest global Efficient capital structure
standards through re-financings
Long-term P(W)PAs Scalable investment
with high-quality platforms in each Strong use of Capital recycling
counterparties and geography to digitalisation to strategy with sell-downs
resilient cash flows enhance returns & improve asset
efficiencies performance
Post P(W)PA
Focus on innovation, opportunities
cost leadership and Diversified across Economies of scale
turn-key EPC technologies and and synergies from
geographies replicable and
transferrable learnings
Premium economics and attractive total returns across the asset life cycle
Source: Company information.
3
Modern and highly diversified asset portfolio
Operating mix by gross capacity Average age of portfolio(1) Project split by geography(2) by project
cost
>10 Years 1% 1%
ACWA Power has a strong and highly visible growth pipeline
Expected growth in gross power capacity % Renewables Expected growth in gross water capacity
(GW) (mm m3/day)
14.9% 71.4% 100% 57.4% 62.2%(4)
Identified pipeline (~111.3 GW) 139.6 Identified pipeline
(~11.2 mm m3 /day) 17.0
Active bid
11.8 GW of projects identified
pipeline of 58.4
between ACWA Power and PIF 58.4 GW
(3)
scheduled for development by Active Active
across ~20 bid
Bid
2025 subject to MoE approval countries pipeline 10.5
including Pipeline
of
M&A Active
~4 GW NEOM Green 10.5mm
Bid
m3 /day(3)
Hydrogen Project with Air Pipeline
across 7
Products announced Jul- 70% of 58.7
countries
GW KSA
20 including
Renewables
81.2
Pipeline(1) 5.8
M&A
13.3 ex. 0.6
~4.0 Active 6.4
28.3 9.3 Bid UC 3.0
ex.
Pipeline
8.1 Active
UC
Bid
20.3 OP 2.8 Pipeline
OP
Operating & Adv. Dev. Vision 2030 Active Bid Pipeline Total Operating & Adv. Dev. Active Bid Total
(2)
Under Construction (Inc. NEOM) PIF SFA Under Pipeline
Construction
Potential of 1-2 mm m3 /day of additions of
Potential of > 10 GW p.a. of additions of Operational or Under Construction projects by 2025
Operational or Under Construction projects by 2025
Visible growth: existing under construction and advanced development projects doubling power and water capacity + additional PIF
Strategic Framework Agreement and compelling bid pipelines to drive robust growth
Source: Company information. Advanced Development projects defined as projects where ACWA Power has been awarded a preferred bidder status, has signed the long-term
Offtake Agreement, or for some negotiated deals has committed significant financial resources, and is working on achieving financial close. Notes: (1) Excludes 1.5GW Sudair PV Vision
5 2030 PIF Strategic Framework Agreement Project as captured under advanced development. (2) Strategic Framework Agreement. (3) Projects that are expected to be offered for
competitive bidding or are being negotiated in the next two years in markets that the Group would target. Excludes 9 projects being developed under the PIF Strategic Framework
Agreement which are captured within the Vision 2030 PIF SFA portion of pipeline. (4) Considers the entirety of the active bid pipeline.
NOMAC – Leading Scalable O&M provider 100% owned by
ACWA Power
NOMAC at a glance A key source of value creation for ACWA Power
Established in 2005, First National Operation and Maintenance
Company ("NOMAC") is a wholly owned ACWA Power
High visibility and secure
subsidiary with strong on-the-ground O&M execution
cash-flows / dividend with
• 2,163 employees
low capital commitment Cash flow
• Operates most of ACWA Power assets
stream
• Highest operational and quality standards
from project
• Major overhaul of high-tech plant equipment companies
Ensure the
• Development of plant-specific standard O&M procedures senior
health and
• Bidding / O&M proposals for long-term contracts
safety of our 01 to debt
people service
Select assets operated by NOMAC
07 02
Operating
the ACWA
Vertical
Power fleet
Rabigh IPP Qurayyah IPP integration
through 06 03 to high
standards
NMES(2)
preserving
unlocking
05 04 residual
additional
Shuaa Energy PV IPP Khalladi Wind IPP value
margins and
notably
competitive
through
edge for
digital tools
NOMAC
Bokpoort CSP IPP DEWA CSP IPP
Replicable operations Accumulated expertise in a
and learnings across wide range of technologies
the project portfolio and cost reductions through
(1) LTSAs(3)
Shuaibah Exp. IWP Carbon-neutral giga cities
Proven O&M capability across technologies and
Synergistic and scalable operating model
geographies
Source: Company information. Note: (1) NOMAC expected to provide operation and maintenance services to the Red Sea Project (2) NOMAC Maintenance Energy Services; (3) Long
Term Service Agreements.
6
C1 - Public Natixis
Water Gas Heavy Fuel Oil Tower CSP Parabolic CSP Solar PV Wind Smart grid
Proven track record of growth with continued momentum from
new projects coming online
Operating income before Adjusted profit / (loss) attributable to
Parent operating cash flow (SARmm)
impairment loss and other expenses equity holders of the parent (SARmm)(2)
(SARmm)(1)
1,949
1,818 1,842
1,694 Additional impact on
POCF from capital gain on
APREH of SAR 581mm
1,334
1,264
1,026 1,064
876
Driven by contributions towards
COVID 19 CSR, purchase of land
for Riyadh office & settlement prior
year tax assessment
2018 2019 2020 2018 2019 2020 2018 2019 2020
Source: Company information. Notes: (1) Includes share in net results of equity accounted investees, net of tax. (2) Excludes impairment loss of SAR 339mm, SAR 461mm, and SAR 67mm
in FY18, FY19, and FY20 respectively, and SAR 53mm of corporate social responsibility costs in FY20. Excludes provision for zakat and tax on prior year assessments, extraordinary provision
7 / (reversal) on project development cost, provision / discounting on due from related party (Kirikkale), gain on remeasurement of options the Group has on projects, discounting impact
on loan from shareholder subsidiary (loan from PIF), accelerated depreciation on revision of PP&E useful life, restructuring costs, gain on disposal of Bowerage IWP, loss due to loss of
control of Kirikkale, and results of discontinued operations of Kirikkale.
ACWA Power’s key pillars
Agile high growth contracted power and water champion at the forefront of the energy transition
Market: Leader in high growth attractive markets
1
ESG: Energy transition enabler with a strong ESG framework
2
De-risked Business Model & Strategy: Contracted, diversified, resilient and visible
cash flows 3
NOMAC: Accretive operational platform
4
Financials: Superior returns across the lifecycle
5
Source: Company information.
8
1 Sizeable growth opportunities in key target markets
Expected Additional Power Capacity by 2030(1) Expected Additional Water Capacity
(GW) (mm m3 / day)
In addition to the markets in which ACWA
Power already operates in, there are
targeted expansion markets in Asia which 219
are expected to add 136 GW by 2030
Additional expansion
10.1
markets in Asia: 9.3 Capacity
Capacity Growth by (5)
Capacity 95 Growth by 2.6
144 Growth 2025 1.5 2030
by 2030
Capacity
122
Growth
by 2030(2)
58 Capacity
Growth Installed
69 58 Capacity Installed
Capacity by 2030
2018A Capacity Capacity 2.2
Growth
Installed
7.6 2018A 7.5 Growth by
22 Capacity 124
Installed by 2030
Installed 2018A 2025 0.5
Capacity 86 Installed
2018A
Capacity 46
Capacity
2018A
64 Installed
Capacity
2018A 2018A 1.7
(3) (4) (4)
KSA GCC excl. KSA Asia Africa KSA UAE Oman
Operational Markets Operational Markets
~385 GW of total power generation pipeline(1)
Aggravating water scarcity situation,
220 GW of renewable generation pipeline(1) of which technological advances in desalination solutions
and declining production cost strengthen
58GW in KSA rationale for desalination to meet the growing
demand for water
ACWA Power active bid pipeline of 58.4 GW(6) across
20 countries ACWA Power active bid pipeline of
~11 mm m3/day across 7 countries
Source: Company information. Notes: (1) Based on selected operating and potential expansion countries for ACWA Power where target capacity additions by 2030 are publicly
available. Includes capacity additions by 2040 for Philippines, 2025 for Azerbaijan, Bahrain, Cambodia, Egypt, Indonesia, Oman. Excludes Turkey; (2) As of 2019, 0.4GW installed of
58.7GW 2030E target; (3) GCC excl. KSA includes Bahrain, Oman, and the UAE; (4) Asia countries of operation: Jordan, Uzbekistan, Vietnam. Expansion markets: Azerbaijan, Bangladesh,
9 Cambodia, Indonesia, Pakistan and Philippines. Africa countries of operation: Egypt, Ethiopia, Morocco, and South Africa. Excluding 12GW from expansion markets in Africa: Mauritania,
Ivory Coast, Kenya, and Tunisia. (5) 1.1 mm m3/day additions in Dubai by 2030, 0.8 mm m3/day in Abu Dhabi and 0.7 mm m3/day in Umm Al Quwain (UAE) by 2022. (6) Excludes 9 projects
which fall under KSA renewable generation pipeline.1 Leading the KSA energy transition
Vision 2030: Just under 60GW KSA renewables opportunity Diversification into the new frontiers of energy transition
KSA National Renewable Energy Programme – Renewable
energy targets (GW) In 2019, KSA announced Carbon Neutral Giga-cities
a 2030 target of 58.7 GW
of renewables capacity 58.7 Vision 2030 – carbon neutral
2.7
renewables powered giga-cities
Targets revised upward with fully integrated utility concept
in 2020 from initial target 16.0
set in 2016
ACWA Power – preferred bidder
27.3 for the first megaproject, the Red
7.0
0.3 Sea Tourism Megaproject
9.5 40.0
20.0 Green Hydrogen
2.4 1.2
5.9
~4 GW NEOM Green Hydrogen
2024E Initial 2024E Revised 2030E
Project with Air Products
announced in July 2020
Solar PV Wind CSP H2
ACWA Power Just under
Increased
allocated 70% 60GW of new
5 year
of renewables renewable
ACWA Power is a regional champion:
target Poised to capture value from the trends
pipeline opportunity
towards smart grids / distributed
ACWA Power and the PIF entered into a strategic framework generation
agreement for ACWA Power to, in addition to being a
shareholder, lead the development of 70% of KSA's Giga cities and green hydrogen projects
renewables target further strengthen ACWA Power’s
renewable position
Awarded the first 1,500 MW PV project from the PIF pipeline
and 800MW PV projects in the non-PIF pipeline Early mover advantage also enables value
11.8 GW of projects identified between ACWA Power and PIF, creation in other geographies
scheduled for development subject to MoE’s(1) approval
Source: Company information, KSA National Renewable Energy Programme. Note: (1) Ministry of Energy.
101 Leading track record of winning bids across key target markets
Compelling winning ratios since 2005(1) with 68% overall Award-winning global greenfield developer
success rate
Best EMEA Best EMEA Best
2018 2018 Solar Deal 2018
Restructuring Project
in CEE (Sakaka) Finance Deal
Egypt KSA RoW(2) 2018 EMEA Best 2018
EMEA Best
Renewable 2018
EMEA Best
Water Deal
Power Deal
Energy Deal (Salalah)
EMEA Best EMEA Best
2017 Water Deal 2017 Africa Best 2017 Project
(Shuaibah) Solar Deal Developer
3/4 21/29 24/35 67%
75% 72% MENA Solar MENA Export MENA Water
Won bids Won bids Won bids 2019 Deal of the 2019 Finance Deal 2019
Deal of the
Year of the Year Year
(DEWA IV) (Al Dur) (Taweelah
MENA Water MENA Solar PV IWP)
2018 Deal of the 2018 Deal of the 2018 MENA Sponsor
Year Year of the Year
(Salalah IWP) (Sakaka Solar)
Jordan Oman UAE 2019 Sponsor of 2019
Power Deal of
the Year 2018
ME Power
Deal of the
the Year
(DEWA) Year (Sakaka)
Independent
Gas Power Solar Power
2019 2019 2019 Power
Project of the Project of the
Producer of
4/6 67% 8/12 67%
6/11 55% Year (Al Dur 2) Year (DEWA)
the Year
Won bids Won bids Won bids Silver Gas Bronze Solar Independent
2018 Power Project 2018 Power Project 2018 Power
of the Year of the Year Producer of
(Salalah II) (Shuaa) the Year
Water Project
Renewable
2020 of the Year 2019 Developer of 2018 Company of
(Shuaibah 3 the Year
the Year
Expansion)
Agile developer of utility scale projects with established track record Power
Power
Generation
2019 2019 Generation
Project of the
Project of the
Year
Year (Shuaa)
Early mover advantage with leading market shares (Salalah II)
Project Project Bond/Sukuk
Finance Deal Finance Deal Deal of the
Continues to be at the forefront of new technologies and innovative solutions 2020
of the Year
2018
of the Year
2017
Year by Debut
(Taweelah) (Benban) Issuer
Source: Company information. Note: (1) Based on the total number of the Group's submitted bids since 2005G and ranked by winning ratios. Wins include where the Company was
11 awarded the project or where the Company is the lowest bidder. Bids submitted but not yet decided have been excluded. (2) Includes ACWA Power markets excl. KSA, Oman, UAE,
Jordan, Egypt.1
ACWA Power is a constant innovator in renewables and is able to
deliver competitive tariffs across geographies and technologies
Select Successful Bids
Tariff
(USDc/kWh for power assets and
USDc per m3 for water assets) Water
CSP Solar PV
49.49
41.30
18.90 16.31
15.67
7.30 5.99
2.75 1.70 1.04
Bid Year 2012 2014 2014 2017 2015 2018 2019 2020 2018 2019
Noor Shuaa Shuaibah
Asset NOORo I NOORo II NOORo III Kom Ombo DEWA V Taweelah Jubail 3A
Energy 1 Energy Solar PV
CSP IPP CSP IPP CSP IPP PV PV IWP IWPP
IPP PV IPP IPP
Country
(1) 909k m 3 600k m 3
Capacity 160MW 200MW 150MW 950MW 200MW 200MW 900MW 600MW
/ day / day
World’s largest CSP operating complex World’s Formerly the Lowest solar Achieved World’s World’s World’s
lowest CSP world’s tariff in the world’s lowest solar lowest water lowest water
tariff lowest solar African lowest power PV tariff tariff tariff
Notable PV tariff continent tariff at at the time at the time
Achievement(s) World’s CSP DEWA V PV
single site (at the time) Partially solar
plant under powered
development
Source: Company information. Note: (1) 950MW solar hybrid project (700MW CSP and 250 MW PV).
122 Net zero by 2050 and an ambitious set of intermediate targets
95%+ Renewables
% of total portfolio capacity in GW
50%+ Renewables
No coal
Targets share of renewables on
No capacity total capacity (% of total installed
development based on capacity, GW) 50%+
coal
Renewables represent 66% of the
total portfolio gross capacity (incl.
the PIF framework agreement) 2050
2030
Net Zero
50% reduction in Emissions Maximum use of up to 5%
carbon capture credits
Intensity
ACWA Power will reduce its emissions intensity
by 50% compared to 2020
Source: Company information.
132 ACWA Power – Delivering sustainable value…
…and driving the achievements of the UN SDGs(1)
• Best practice corporate governance • Leading role in KSA’s Vision 2030
energy transition
• Independent board members
• No further investments in
and management team
coal: focus on cutting-
edge climate-relevant
• State-of-the art ESG 3 1 technologies, e.g. green
reporting & disclosure EMBODYING LEADING THE hydrogen
CORPORATE WAY TO DE-
EXCELLENCE CARBONISATION • Pioneering innovative,
renewable-fuelled water
desalination
2
CREATING SHARED • Minimising environmental
LONG-TERM VALUE impact by enhancing
• Key economic enabler in the portfolio efficiency
regions in which it operates
• Fostering local opportunities and Contributing to UN Sustainable
Development Goals 6, 7 & 13
employment is central to the
company’s overall mission
Contributing to UN Sustainable Development Goal 8
Source: Company information; Note: (1) UN Sustainable Development Goals.
142 Corporate governance framework
Interface with the group companies
ACWA Power Intends to be a Role Model in MENA Enterprise Risk Management
Internal Audit & Control
Proactive recognition of the value brought by a Continuous performance monitoring
robust corporate governance framework - ACWA
Power adopted a Code of Corporate Governance in
2009
The code was modelled on the best practices rather
than on a minimum compliance philosophy - Saudi Oversight and
Management
CMA, Companies Law, DIFC, the UK Corporate
Governance Code (formerly the Combined Code)
and SEBI(1)
Based on principles of transparency and
fair administration
Internal
A governance structure in which: Code
– Shareholders have direct influence and voice
– Board of directors have been formally
empowered through Board Committees Saudi Arabia’s
Legal & Regulatory
– Board of directors includes independent directors Code of conduct Framework
and business ethics
Shareholders have forgone their operational Employee
involvement and have taken reliance in ACWA compliance
Power’s management reporting and Whistle-blowing
governance structures committee
It is a demonstration of the benefits of an approach
Constitutional Documents – Articles, By-laws
based on legitimate enthusiasm as opposed to External Audit
mechanical compliance to a code of corporate Annual Report
governance and a set of best practice Sustainability Report
High level of accountability, transparency, responsibility and fairness in all aspects of the ACWA Power's operations
Source: Company information. Note: (1) Securities and Exchange Board of India.
152 Corporate Social Responsibility
ACWA Power recognises the necessity for the ultimate consumer to benefit beyond the reliable supply of electricity and
desalinated water at the lowest costs
Corporate Social Responsibility (CSR)
The Group aligns its community investment and engagement strategies with issues that are important not only to the management of its assets,
but also to the benefit of the surrounding communities. These practices build a strong, long-term foundation for the creation of shared value for
ACWA Power and the local economies of its target geographies
Drive Socio-economic Champion a Sustainable
Surpass Legal and Regulatory
Development by Creating Future for the Power and
Compliance Requirements
Shared Value Desalination Sectors
During 2020, ACWA Power committed SAR 52.5m to support national health efforts to contain the impact of COVID-19 in Saudi Arabia and built
an integrated mobile hospital with a 100-bed capacity in cooperation with a local construction company
Examples of CSR Initiatives
Higher Institute for Water & Power ACWA Power’s CSR approach in Bokpoort CSP Renewables IPP
Technologies Morocco programme in South Africa
Self-funding vocational training ACWA Power’s CSR approach is Bokpoort CSP has redefined the
institute for the power and water designed to meet the needs of local Renewables IPP programme in South
sector, opened in Sep 2011 with 100 communities through participatory and Africa, where it is not exclusively about
trainees decentralised activities, and is based on Power, but equally focused on the
partnerships with official platforms development and improvement of
Provides on-job-training and
Work with local communities to build social wellbeing of the surrounding
employment on graduation to address
long-term agricultural infrastructure and communities
regional unemployment and technical
skills shortage capacity Partnerships with the community
Partnership with local associations to focusing on high-impact project in
offer programmes to build children’s consultation with local government and
capacity to pursue future opportunities constituencies, focusing on skills
through events, activities and exposure development, Enterprise Development,
to new places and Infrastructure Projects
Source: Company information.
163 Fully contracted portfolio underpinned by long-term P(W)PAs
Remaining contract life (years) - Top 20 assets(1) by project cost
Capacity Water KSA and the UAE represent 75%(1) of ACWA
Geography Remaining contract life by project (years) (MW) (‘000 m3/day)
Power projects by project cost
Noor Energy 1 35 950 --
Taweelah IWP 30 -- 909
Top 5 countries represent 92%(1) of total
Jazan IGCC 25 3,800 --
project cost
Hassyan IPP 25 2,400 --
Karakalpakstan Wind IPP 25 1,500 --
The Red Sea Project 25 210 33 Predominance of large-scale strategic
Sirdarya CCGT IPP 25 1,500 -- assets in key target markets
Sudair PV IPP 25 1,500 --
NOORo CSP 22 510 -- Sovereign ratings of the top 5 countries by
project cost
Petro-Rabigh IWSPP 20 520 188
Al Dur Phase II IWPP 20 1,500 227 Country S&P Moody’s Fitch
Redstone CSP IPP 20 100 --
KSA A- A1 A
Mourjan IPP 17 2,060 --
Hajr IPP 15 Top 5 water only 3,927 --
Oman B+ Ba3 BB-
projects weighted
Sohar 3 IPP 13 1,710 --
avg. remaining
Ibri IPP 13 term of ~28 years(3) 1,509 -- UAE(4) AA Aa2 AA-
Rabigh IPP 12 1,204 --
Shuqaiq IWPP 10 Offtake agreements 850 212 Egypt B B2 B+
with weighted avg. 2,744 800
Marafiq IWPP 10
remaining term of ~22 Uzbekistan BB- B1 BB-
Shuaibah IWPP 9 900 880
years(2)
Source: Company information. Gross capacities shown. Notes: (1) Includes operating, under construction and advanced development projects. (2) Excludes Kirikkale as it is a Merchant
17 offtake model and was fully written down and deconsolidated in 2018. Remaining term weighted by project cost. Includes term for advanced development assets. (3) Includes Taweelah
IWP, UAQ IWP, Rabigh 3 IWP, Jubail 3A IWP, and KSA RO. (4) Abu Dhabi only.3 Backed by a solid investment approach
To ensure long-term success, ACWA Power aims to minimise costs that contribute to tariffs and maximise efficiency whilst
keeping delivering electricity and desalinated water at an optimised cost
6
5
4
3 Reliable Return
Revenue Covers Generation Approach
Costs and Returns
Reliable Generation Throughout the duration
2 Capital Intensive of Revenue The income generated of the contracts, ACWA
is then used to cover Power’s formula of
Business Once complete, operating costs, repay reliably delivering power
Significant ACWA Power uses the non-recourse loans at and water while keeping
invested capital facilities to reliably project company and the tariffs low, ensures
upfront to produce and sell water recover the capital
Long-term client loyalty as well as
construct a power and energy over investment with a
P(W)PA timely payment
1 generation and/or decades, while return commensurate
Long-term desalinated water generating revenues with the risk taken
contracts to plant at the contracted rate
purchase a of a few US$ cents per
fixed capacity KWh or m3
Focus on Renewables of electricity /
For ACWA Power, the focus desalinated
is predominantly on water
renewables and transitional
low CO2 projects
Source: Company information.
183 De-risked business model with fully contracted cash flows
Price and volume production Offtaker profile Inflation and currency exposure Fuel supply and resources
Contracted nature of the portfolio Project jurisdictions by credit risk(3) Contracted capacity by Pass-throughs or customer
per project cost per project cost currency(1)(4) provided fuel
(1) (1)
Non-Investment Investment Floating Currency USD Indexed / Pass
Not (6,7)
Contracted Grade Grade 7% Pegged Through
Contracted
100% 24% 76% Currency Mechanisms
0%
93% 100%
Long-term take-or-pay P(W)PA with predominantly Contracts predominantly Typical full fuel pass-through
P(W)PAs protect against investment grade and / or indexed to USD(5) mechanisms for contracted
demand or price risk(2) sovereign-linked off-takers Embedded inflation thermal assets and/or off-
P(W)PAs contractually Overall off-taker risk protection takers supplying their
protected against potential mitigated given the critical own fuel(7)
Contracted assets financed
changes in regulation nature of the assets in respective tariff currencies Extensive and bankable
Offtake agreements with Sovereign guarantees resource studies for
weighted avg. remaining life renewables assets mitigate
of ~22 years resource risk, CSP technology
with storage offers around the
clock baseload power
Source: Company information. Percentages based on project cost. Notes: Figures based operating, under construction and advanced development projects. (1) Excludes Kirikkale (fully written down
and deconsolidated in 2018). (2) For Hassyan, there is supply risk – pass through on the price not the supply. (3) Investment grade: countries with at least one investment grade from S&P, Moody’s or Fitch.
19 (4) Floating currency includes Khalladi, Ben Ban 1, 2, 3, Kom Ombo, Redstone, Bokpoort, Sirdarya, Bash, Dhankeldy, Azerbaijan IPP; pegged currency includes projects where tariff is indexed to USD. (5)
Remaining indexation is to Euros (3 Total ACWA Power solution to deliver winning tariffs
Win / win partnering approach to EPC, off-taker, Development
OEM, lending institutions Deep engagement with stakeholders to deliver the “total ACWA Power
solution” to ensure sustainable cost leadership
Highly experienced team with a track record of ingenuity and
entrepreneurship
Development EPC and Equipment
EPC &
Equipment Extensive supply chain partner relationships to obtain most competitive
O&M
pricing
Technology Turnkey solutions with experienced EPC/OEM providers
Financing
Technology
Dedicated technical in-house team focusing on optimal tailored and
innovative solutions during the bidding stage unlike conventional "off-
the-shelf" solutions.
Focus on renewables / low CO2 generation
Financing
Comprehensive project finance expertise and strong relationship with
lenders
Proven access to local and international capital markets backed by
best-in-class operational leverage
O&M
Winning tariffs Synergies from standardized, large scale operations
NOMAC’s scope & know-how reduces cost and improves bid
Adding value pre and post-bidding by unlocking competitiveness
technologies & providing a total solution
Source: Company information.
203 Overview of a typical P(W)PA’s main conditions
Conventional Power and Water Assets Renewables Assets
Tenor Long term, usually 15 to 35 years. ACWA Power’s contracts have average remaining life of 22 years
Resource Structure Usually pass through to offtaker or tolling contracts Variable and estimated on prudent basis
Capacity payments (remuneration per MW or MIGD of Long-term take or pay contracts i.e. the offtaker is
capacity) based on a set of performance parameters obliged to purchase all electricity produced by the
(e.g. net heat rate/efficiency factor, availability, etc.) – project company at a fixed/indexed price
take or pay basis Fixed O&M payment
In addition, the project receives energy/output
Payments payments which are based on actual amount of
electricity produced or water desalinated (pass
through)
Moreover, payments are made for ancillary services
(frequency control, black starts) when relevant
Fixed O&M payment
Sunset date of P(W)PA by which construction has to be Sunset date of PPA by which construction has to be
Performance
completed completed
Construction Asset delivered has to meet set specifications which will Asset delivered has to meet specifications set by the
be tested by the offtaker offtaker
Contracted performance parameters (e.g. availability Variable and estimated on prudent basis using
O&M and efficiency) have to be sustained over the life of the reputable technical consultants/experts, obligations
P(W)PA pass through to the O&M contractor
Prolonged non-payment of the offtaker
Termination Prolonged non-payment of the offtaker
Prolonged underperformance of the asset
Events (eg. fire, floods, earthquakes, tsunami, sandstorms, explosions, acts or terrorism or other events outside of
Force Majeure the control of the company), additional termination event or time relief provided under the P(W)PA
Tripartite Direct Assign the P(W)PA to lenders in order to ensure project financeability
Agreement
Govt. Guarantee with Protection clauses in all of its offtake agreements (except one merchant market) against changes in law, such
Change in Law Protection as new taxes, increase in tax rates, etc.
Residual risks (property damage & business interruption) through insurance and reinsurance, over and above
Insurance potential liability amounts
Source: Company information.
213 A history of diversified growth primarily from development
Operating portfolio Under construction and advanced development
Gr o ss Gr o ss A C WA A C WA
P C OD P C OD Gr o ss C o n t r a c t e d Gr o ss C o n t r a c t e d
Te c hnol ogy C ont r a c t e d C ont r a c t e d P o we r Te c hnol ogy P o we r
P r oj e c t N a me ( A c t ua l / P r oj e c t N a me ( A c t ua l / P o we r Wa t e r
C a t e gor y P o we r Wa t e r St ake C a t e gor y 1Ex p e c t e d ) St ake
Ex p e c t e d ) ( M W) ( 0 0 0 ’ m3 / da y )
( M W) ( 0 0 0 ’ m3 / da y ) ( %) ( %)
S a udi A r a bi a S a udi A r a bi a
Shuaibah IWPP Oil 2010 900 880 30% Rabigh 3 IWP Wat er Q12022 -- 600 70%
Shuaibah Expansion IWP Elect ricit y 2009 -- 150 30% Jubail 3A IWP Wat er Q4 2022 -- 600 40%
Pet ro-Rabigh IWSPP Oil 2008 360 134 99% S uda i r P V I P P PV Q4 2 0 2 4 1, 5 0 0 -- 35%
Pet ro-Rabigh (Phase 2) Jazan IGCC Oil Q3 2021 3,800 -- 25%
Oil 2018 160 54 99%
IWSPP The Red Sea Project PV, Wind, BESS Q4 2023 210 33 35%
Maraf iq IWPP Nat ural Gas 2010 2,744 800 20%
Neom Green Hydrogen PV+Wind 2025 4,000 -- 33%
Shuqaiq IWPP Oil 2011 850 212 32%
Shuaibah PV IPP PV Q3 2023 600 -- 50%
Rabigh IPP Oil 2013 1,204 -- 40%
KSA RO Wat er Q2 2024 -- 600 40%
Hajr IPP Nat ural Gas 2016 3,927 -- 22%
Qurrayyat PV IPP PV Q4 2022 200 -- 50%
Mourjan IPP Nat ural Gas 2018 2,060 -- 50%
Om a n
Shuaibah 2 IWP Wat er 2019 -- 250 100%
Ibri 2 PV IPP PV 2021 500 -- 50%
Sakaka PV IPP PV 2020 300 -- 70%
U n i t e d A r a b Em i r a t e s
Om a n
Hassyan IPP Coal Q12023 2,400 -- 27%
Barka 1IWPP Nat ural Gas 2003 427 91 42%
Noor Energy 1 CSP + PV Q4 2022 950 -- 25%
Barka 1Expansion IWP Wat er 2014 -- 45 42%
Taweelah IWP Wat er Q4 2022 -- 909 40%
Barka 1Phase II Expansion IWP Wat er 2016 -- 57 42%
UAQ IWP Wat er Q3 2022 -- 682 40%
Salalah 2 IPP - Exist ing Nat ural Gas 2003 273 -- 27%
DEWA V PV PV Q12023 900 -- 24%
Salalah 2 IPP - Greenf ield Nat ural Gas 2018 445 -- 27%
B a hr a i n
Ibri IPP Nat ural Gas 2019 1,509 -- 45%
Al Dur Phase II IWPP Nat ural Gas Q2 2022 1,500 227 60%
Sohar 3 IPP Nat ural Gas 2019 1,710 -- 45%
Eg y p t
Salalah IWP Wat er 2021 -- 114 50%
Kom Ombo PV Q4 2022 200 -- 100%
U n i t e d A r a b Em i r a t e s
A z e r ba i j a n
Shuaa Energy PV IPP PV 2017 200 -- 25%
Azerbaijan Wind IPP Wind Q2 2023 240 -- 100%
J or da n
Et h i o p i a
CEGCO Asset s Nat ural Gas 1995 692 -- 41%
Et hiopia PPP Phase 1 PV Q4 2023 250 -- 100%
Zarqa IPP Nat ural Gas 2018 485 -- 60%
S out h A f r i c a
Maf raq PV IPP PV 2018 50 -- 51%
Redst one CSP IPP CSP - Tower Q4 2023 100 -- 49%
Risha PV IPP PV 2019 50 -- 51%
U z b e k i st a n
M or oc c o
Sirdarya CCGT IPP Nat ural Gas Q3 2023 1,500 -- 100%
Noor I CSP IPP CSP - Parabolic 2016 160 -- 73%
Bash Wind IPP Wind Q4 2023 500 -- 100%
Khalladi Wind IPP Wind 2018 120 -- 26%
Dzhankeldy Wind IPP Wind Q4 2023 500 -- 100%
Noor II CSP IPP CSP - Parabolic 2018 200 -- 75%
Karakalpakst an Wind IPP Wind Q3 2026 1,500 -- 100%
Noor III CSP IPP CSP - Tower 2018 150 -- 75%
T o t a l - U n d e r C o n st r u c t i o n 8,050 3 , 0 18
NOOR PV1IPP PV 2018 135 -- 75%
Eg y p t Tot a l - A dv a nc e d D e v e l opme nt 13 , 3 0 0 633
BenBan 1 PV 2019 50 -- 33% T o t a l - I n c l u si v e 4 1, 6 2 3 6,438
Ben Ban 2 PV 2019 50 -- 33%
Ben Ban 3 PV 2019 20 -- 18%
S out h A f r i c a
Bokpoort CSP IPP CSP - Parabolic 2016 50 -- 20% Part of Vision 2030
Vi e t n a m PIF Strategic Renewables represent 66% of gross capacity
Vinh Hao 6 PV IPP PV 2019 41 -- 60%
Framework when including the PIF programme
Agreement
Tur k e y
Kirikkale CCGT IPP Nat ural Gas 2017 950 -- 70%
T o t a l - Op e r a t i n g 20,273 2,788
Source: Company information. Note: ACWA Power ownership information is updated as of 1-Jun-21.
224
NOMAC, a key source of value creation for ACWA Power thanks
to a synergetic operating model
Significant degree of stability and
High visibility and secure cash-flows and dividend predictability: majority of revenues being
1 with low capital commitment fixed (as contracted revenues for services
provided)
Payment to NOMAC by a Project Company is
Cash flow stream from project companies
2 senior to debt service
senior to debt servicing (as they are key to
the operations)
Operating the ACWA Power fleet to high In-House advanced digitalisation capabilities
3 standards preserving residual value for maximizing operations efficiency and
notably through digital tools mitigating maintenance risks
Accumulated expertise in a wide Increased risk mitigation capabilities: holistic
4 range of technologies and cost coverage of the entire value chain, from
sourcing of spares to engineering and quality
reductions through LTSAs(1) control
Systematically capture synergies from
5 Replicable operations and learnings
across the project portfolio
portable and transferrable experience
operating the Group's Projects across its full
range of technologies and geographies
Vertical integration through NMES(2) NMES is a key differentiator to capture
6 unlocking additional margins, value additional margins and increase NOMAC
creation and competitive edge for NOMAC competitiveness in new bids
Uncontested leader when it comes to
7 Ensure the health and safety of our people
standards of health, safety, security and
environmental protection operating at levels
far above global industry standards
Source: Company information. Note: (1) Long Term Service Agreements. (2) NOMAC Maintenance Energy Services
234 NOMAC contribution and value creation over the project lifecycle
NOMAC fees contribute at each stage of the project… …through a strategic value creation platform
1 Enabler for ACWA Power to secure
Development
remarkable hit ratio in bids as it is involved Standardized operational model guaranteeing
at the early stage of the projects superior control and understanding of operating
stage assets through their life cycle
Engineering, operability review and plant
design services
Economies of scales: systematically reduces costs
2 across the supply chain without ever
Construction supervision services compromising quality
Construction &
Initial mobilisation and project
mobilisation
commissioning Monitoring and prediction digital platforms
mitigating operations and maintenance risks: big
data advanced pattern recognition capabilities
3 to enhance performance
Technical and engineering services as well
as maintenance services preserving plant
availability and limiting potential outages Continuous push towards vertical integration
Operation and while maintaining residual value provides an in-house platform for OEM level
maintenance Fixed or variable fees paid by the project quality services for the generating portfolio, also
company as well as incentives payments enabling better pricing and premium economics
depending on the performance of the for future projects
plant
4
Optimise process Economies of scale and synergies from
across assets replicable and transferrable learnings
NOMAC aims to create value through a standardized operational model that seeks to ensure superior control and
understanding of operating assets through the life cycle
Source: Company information.
244
Additional value creation and competitive edge thanks to
NOMAC Maintenance Energy Services
Background
In April 2018G, NOMAC incorporated NOMAC Maintenance Energy Services ("NMES"), a wholly-
owned subsidiary, whose objective is to provide turn key maintenance requirements and 54 44 98
specialised maintenance services for the entire fleet of steam turbines, combustion turbines,
generators, large pumps and other rotating equipment
Potential additional opportunities for the provision of field services through NMES include: Gas Steam Electric
Turbines Turbines Generators
– Carrying out life time extensions:
– NMES has signed a life time extension agreement with the Barka 1 IWPP for the upgrade
of two of its units
– Initial spare parts identification and sourcing (“ISPs”):
– Two initial spare parts agreements have been executed by NMES (Barka 1 IWPP, Al Dur
Phase 2 IWPP)
Gas turbine Steam turbine
– Long-term services and parts supply ("LTSA/LTPA"):
services services
– NMES has entered into 13 LTSAs, two LTPAs as well as an LTPA with the Barka 1 IWPP for
parts necessary in connection with the life time extension
– NOMAC's intention is that all LTPAs (including ISPs) for relevant major equipment, to
which any NOMAC company is currently a party, will be handled by NMES
– Centralised warehousing and inventory procurement opportunities and corresponding benefits:
– NMES has established a procurement team, which is currently focusing on organising Generator
Pump services
procurement under LTPAs and procurement of materials for operational requirements services
– Provision of services to third parties as an additional income stream.
Potential additional Price advantages of
Eliminate intermediaries
opportunities through economies of scale and
in the supply chain
field services LT business opportunities
Workshop Spar erosion
Additional margins and value creation for NOMAC to be unlocked with the solid services services
scalability of the platform
Other on-site services: machining,
combustion/welding repair, compressor
Increased competitive edge translating into more competitiveness in future bids coating; valve overhauling & repair, on-line
safety valve testing, rope access
Source: Company information.
254 Consistent operational excellence and culture of safety
Health, safety and environment performance
Key Highlights
Lost Time Incident Rate (LTIR)(1)(2) Recordable Incident rate
OSHA industry average 0.50
ACWA Power and NOMAC relentlessly
of 0.70 for construction pursues operating excellence and is an
phase and 0.10 for 0.40 uncontested leader when it comes to
operation phase(2)(3) standards of health, safety, security and
0.30 environmental protection operating at levels
0.15 0.15
0.10
far above global industry standards
0.20
0.05 0.05
0.03
0.15
0.12 Management system ISO certified to 5
0.03
standards on a global basis:
0.03 0.03
2018 2019 2020 2018 2019 2020 1. ISO 9001:2015 - Quality Management System
NOMAC - Operation
ACWA Power overall - Actual 2. ISO 14001:2015 - Environnemental Management
ACWA Power overall - Target System
Zero Harm Campaign – Launched in 2015 – One of the First 3. ISO 27001:2013 - Information Security
Management system
GCC-based organisation to adopt this global safety maxim.
4. ISO 45001:2018 - Occupational Health & Safety
Management System
Operational performance(4)
5. ISO 22301:2019- Business Continuity Management
Availability Performance System
Power Availability Water Availability
Leading LTIR ratio of 0.03 for both ACWA
Power overall and NOMAC (operation
phase) as of 2020, significantly below
94% 95% 94% 94%
industry benchmarks(5) of 0.70 (construction
90% 90% phase) and 0.10 (operation phase)
NOMAC achieved as achieved 20 Million
safe man-hours across 24 plant sites in 9
countries as of May 2020
2018 2019 2020 2018 2019 2020
Availability performance well above
contractual threshold limits
Source: Company information,. Note: (1) ACWA Power overall: ratio includes both full time employees of ACWA Power and temporary contractors. (2) Data on 200,000 Man Hours.
(3) OSHA benchmark. “OSHA” refers to the Occupational Safety and Health Administration agency of the United States and OSHA LTIR measures recordable lost time incident rates
26 on the basis of labour hours so that they are comparable across any industry or group. Based on the 2019 report for days away from work case injuries and illnesses from the bureau
of labor statistics. (4) ACWA Power overall; (5) Refers to the OSHA benchmark (US Utility Industry).5
Attractive growth-focused total shareholder return, driven by
expanding portfolio of contracted assets
De-risked contracted earnings growth across the IPP value chain (developer,
investor, operator)
Efficient capital structure and sound financial profile, with opportunities for
further optimisation
Capacity to continue significant investment in greenfield growth and the energy
transition
Best-in-class project returns generated through the “ACWA Power Total Return”
Efficient tax structure with operations in low tax / Zakat countries
Attractive growth-focused total shareholder return
Source: Company information.
27
C1 - Public Natixis5 Key financial metrics
Metric Description Relevance
Operating income
Consolidated Operating income before impairment
before impairment loss •
loss and other expenses which also includes share in
• Management KPI used to track the overall operating
and other expenses net results of equity accounted investees
results of the business from year to year
(“Operating income”)
Adjusted profit / (loss) • Adjusted profit / (loss) attributable to equity holders
• Captures all four parts of the business cycle i.e.
develop, invest, operate and optimise
attributable to equity of the parent represent profit / (loss) after adjusting
• Reflects ACWA Power’s ownership stakes in its
for non-routine & non-operational items
holders of the parent projects
• Distributions received from subsidiaries and • Captures all relevant cash flow streams and costs of
associates / JVs, after non-recourse debt service and ACWA Power at parent level, before debt service of
Parent Operating Cash amortisation, plus other cash inflows at parent level recourse borrowings
Flow (POCF) and cash generated by sell-downs and / or disposals
• Distributions reflect ACWA Power’s ownership stakes
of the Group’s investments, less parent-level
expenses (e.g. G&A costs, taxes) in its projects
• Parent level net leverage consists of borrowings with
recourse to the parent, plus off-balance sheet • Reflects recourse debt and debt-like items to which
Total parent net guarantees in relation to Equity Bridge Loans (EBLs) ACWA Power has exposure
leverage and Equity LCs in addition to the equity-related
• Excludes non-recourse project finance debt
guarantees on behalf of its JVs and subsidiaries, net
of cash on hand
Parent-level leverage ratio represents net leverage
Parent net leverage •
as a percentage of net tangible equity attributable
• Additional indication of the recourse leverage
ratio to owners of the Company
exposure of the parent
Source: Company information.
28
C1 - Public Natixis5 ACWA Power’s financial building blocks
Develop Invest Operate Optimise
Future Income
Under
Lead Operating Advanced Other Lead Operator Financial
Construction
Developer Projects development Pipeline(1) (NOMAC) optimisation
Projects
Operational optimisation
captured within the Invest &
Operated categories
Sources of Income / Cash flow
A B Share of Net Income of Projects before C E
NOMAC profit
Development impairment
attributable to owners of
and (Refer to Appendix for asset by asset financial the Company Capital recycling
construction information) and debt
management D refinancing
services(2) Other operating income and Other income(3)
-
Debt refinancing
proceeds have an
impact on cash flow only
F G
ACWA Power Holding Entities Operating and Adjustments and certain
=
Financing Costs normalisations
Adjusted ACWA Power's Profit / (Loss) attributable to equity holders of the parent
Notes: (1) Includes PIF renewable programme, greenfield growth, KSA M&A and other potential future development opportunities. (2) Includes project management and advisory and
29 cost reimbursement as well, where some fees are earned and collected during construction phase. (3) Other income includes finance income and ACWA Power Reinsurance profits.
C1 - Public Natixis5
ACWA Power’s Profit / (Loss) attributable to equity holders of the
parent – building blocks
(SARmm) 2018 2019 2020 Near-term future drivers
• Driven by (i) already contracted fees from existing projects, (ii) yet-to-be-contracted fees from
Development and existing projects, and (iii) fees from new projects expected to be won by ACWA Power
A construction 312 538 461 • SAR 505mm, SAR 361mm and SAR 228mm of fees currently contracted for 2021, 2022 and 2023,
management services respectively, with upside from the additional projects to be contracted
• Driven by share of income from (i) operational projects, (ii) existing under-construction and
advanced development projects coming online, and (iii) new projects expected to be won by
Share of Net Income ACWA Power (once operational)
B of Projects before 427 523 802 • Income from operational projects is expected to increase due to inflation and deleveraging
impairment(1) • Potential of > 10 GW and 1-2 mm m3 /day p.a. of additions of operational or under
construction projects by 2025
• NOMAC’s net income is driven by fees received from projects less NOMAC operational cost
NOMAC profit • Fees received by NOMAC are expected to grow due to (i) inflation indexation of existing
C attributable to owners of 203 236 337 contracts, (ii) O&M for under-construction and advanced development projects coming
online, and (iii) O&M for new projects expected to be won by ACWA Power
the Company
• NOMAC margins expected to remain stable medium-term, with potential longer-term upside
• Driven by long-term contracted fees (TSA, MSA, SSA) from projects and profit from ACWA
Other operating income Power Reinsurance
D 335 421 435
and Other income • Additional TSA fees of SAR 79mm p.a. are already contracted, and further fees are expected
to be contracted from remaining advanced development projects and new projects won
Capital recycling gains / • Driven by ongoing capital recycling activities, similar to the renewables sell-down transaction
E 387 765 20
(loss)(2) to SRF in 2019
Corporate and Holding • Includes corporate SG&A costs, development costs written off, financial charges, FX costs and
F Entities Operating and (639) (789) (790) tax / Zakat at corporate level, and all other intermediary HoldCo related expenses and
consolidated adjustments. Expected to evolve in line with the growth of the business
Financing Costs and FX
Adjusted Profit / (Loss) attributable to
equity holders of the parent 1,026 1,694 1,264
Source: Company information. Notes: (1) Figures based on ACWA Power’s effective share of underlying projects’ audited net income which may differ from the audited consolidated
30 financial statements. (2) Include Kirikkale, APREH, RAWEC, Hajr and Karad Gain / (Loss).
C1 - Public NatixisNear-term evolution of Adjusted Profit / (Loss) attributable to
5
equity holders of the parent
(SARmm)
• Expected to be higher than LTM June 2020 and FY
2020A
• Key drivers include: Full year contribution by “Project A”:
• ACWA Power’s share of EBITDA c. SAR 300mm in Driven by all other items
Gross capacity: 3,800MW Driven by incremental fees from
2021 subject to completion of Group I asset transfers including other income,
ACWA Power ownership share: 25% new projects under construction or
of Project A in early July 2021 G&A expenses, other
ACWA Power’s share of EBITDA in FY 2022G development, partially offset by
• Growth in NOMAC’s power portfolio under expenses, financial
expected to be c. SAR 860 million provided the the impact of fees ending due to
management charges, Zakat and
asset transfer is completed as expected projects becoming operational
• Additional fee income generated by projects accounting adjustments
achieving financial close such as Sudair, Red Sea,
Shuaibah PV and KSA RO projects
• Partially offset by accelerated depreciation at (SAR
195mm)
Expected to be in line with FY 2020A.
Further details will be provided with
the 1H-2020 results update in August
Incremental net income from other projects
1,264 Growth in NOMAC’s net income due to due to full year contribution, operational
double digit growth in the power improvements and efficiencies
portfolio under management & Part-year contribution from projects
desalinated water portfolio growth due expected to become operational in 2022
to commencement of certain water
projects e.g. Jubail 3A, UAQ, Taweelah
Elimination of 2020 normalizations and
and Rabigh 3
addition of normalization for LTIP (see
previous slide for details)
FY 2020A LTM June 2021 FY 2021 Incremental Incremental NOMAC Incremental Additional development Other items FY 2022
contribution profit attributable to contribution and construction
from Project A (excluding owners of the Company from other projects management fees
NOMAC)
Source: Company information.
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