Financial and operational highlights
- As at and for the financial years ended December 31, 2018, 2019 and 2020
- (CAGR 2018-2020)
-
Consolidated financial highlights
Operating income before impairment loss and other expenses
(Operating income before impairment loss and other expenses which also includes share in net results of equity accounted investees)1,949 SAR
mn3.5 ↗ -
Parent-level liquidity and leverage highlights
Parent operating cash flow (POCF)
(Distributions received from subsidiaries and associates / JVs, after non-recourse debt service, plus other cash inflows at parent level and cash generated by sell-downs and / or disposals of the Group’s investments, less parent-level expenses (e.g. G&A costs, taxes))1,064 SAR
mn10.2 ↗
-
Profit/(loss) attributable to equity holders of the parent
(The net profit/(loss) for the year for all operations of the Group including discontinued operations)883 SAR
mn- -
Parent net leverage
(Borrowings with recourse to the parent, plus off-balance sheet guarantees in relation to Equity Bridge Loans (EBLs) and Equity LCs in addition to the equity-related guarantees on behalf of its JVs and subsidiaries, net of free cash and cash equivalents)7,051 SAR
mn195.4 ↗
-
Adjusted profit attributable to equity holders of the parent
(Adjusted profit attributable to equity holders of the parent after adjusting and/or normalizing profit attributable to equity holders of the parent for non-routine and non-operational items)1,264 SAR
mn11.0 ↗ -
Parent net leverage ratio
(Net leverage as a percentage of net tangible equity attributable to equity holders of the Parent)0.97
Times-
-
Health, safety and environment performance
Lost Time Incident Rate (LTIR)1
NOMAC achieved more than 20 million safe man-hours without LTI
Leading LTIR ratio of 0.03 for both under-construction and operational assets As of 2020, significantly below industry benchmarks2 of 0.70 and 0.10 respectively1. Ratio includes both full time employees of ACWA Power and temporary contractors.2. Refers to OSHA benchmark (US utility industry).3. Data on 200,000 man hours. -
Availability performance
Power availability
Water availability
Figures might have been reported only for NOMAC in some other Company reports with immaterial difference to above.
Portfolio highlights
- As at September 30, 2021
-
251.8
SAR Bn
Average age of
portfolio1-
0-5 Years81.5%
- 6-10 Years7.5%
- > 10 Years11.0%
-
0-5 Years
-
Operating mix by project cost
- Operating 39.9%
- Under construction 23.4%
- Advanced development 36.7%
- Operating
-
6.4
mm3/day
Water split by
technology2- MSF4 15.2%
- MED5 12.5%
- SWRO3 72.3%
- MSF4
1 Based on year of PCOD.
2 Based on gross capacity.
3 SWRO – Seawater reverse osmosis.
4 MSF – Multi-stage flash distillation.
5 MED – Multiple effect distillation.
Project split by geography by project cost
251.8
SAR Bn
Top 5 Countries represents 90 percent of total estimated project cost
-
Saudi Arabia 58.3%
UAE 15.1%
Uzbekistan 6.8%
Oman 5.5%
Morocco 4.7%
Egypt 2.2%
South Africa 2.0%
Bahrain 1.6% -
Jordan 1.6%
Turkey 1.4%
Azerbaijan 0.4%
Ethiopia 0.3%
Vietnam 0.1%
Power split by technology (gross capacity) - Detailed
Renewables represent 33 percent of gross capacity
42.7
GW
Low CO2 generation represents ~77 percent of installed capacity
-
Natural Gas 42.7% Oil 17.0% Coal 5.6% PV 12.8% Wind 9.3%
-
CSP parabolic 2.4% CSP tower 0.8%
Green Hydrogen (includes solar and wind) 9.4%
Asset portfolio of
SAR 251.8 bn1
Large world-class assets
with ~71 percent in projects
with 1 GW+ individual power generation capacity
Clean/low CO2 power
technologies2:
~77 percent
of total gross capacity
Significant growth in renewables
with (14.8 GW2 of renewable assets;
90 percent of capacity in projects with 200 MW+
Industry leading win ratio (68 percent from 2005-2020), capturing disproportionate market share
- 1 Total project costs for operating, under construction, and advanced development assets.
- 2 Including under construction and advanced development projects as of September 2021.
De-risked business model
1
Developer, investor and operator of critical power and water assets
2
Highly, diversified portfolio across technology and geography
3
100% contracted business model underpinned by long-term P(W)PAs with investment grade and/or sovereign off-takers
4
93% of contracts hard currency indexed with embedded inflation protection
5
Average remaining contracted life of all assets: 22 years
Contracted and resilient cashflows protected against a multitude of risks1
Volume and PriceContracted portfolio1
- Long-term take-or-pay P(W)PAs protect against demand or price risk.
- P(W)PAs contractually protected against potential changes in regulation.
- Offtake agreements with weighted avg. remaining life of ~22 years.
100%
Infilation and currenct exposureUSD Indexed/Pegged Currency
- Hard currency indexed contracts with embedded inflation protection.
- Contracted assets financed in respective tariff currencies.
93%
Offtaker profileinvestment grade2
- P(W)PA with predominantly investment grade and/or sovereign-linked off-takers.
- Overall off-taker risk mitigated given the critical nature of the assets.
- Sovereign guarantees.
76%
Fuel supply and resourcesPass-through3,4
- Gas, oil, coal: Typical fuel pass-through mechanisms for contracted thermal assets and/or off-takers supplying their own fuel.
- Renewables: Extensive and bankable resources studies; CSP technology with storage offers around the clock baseload power.
100%
1 Analysis based on portfolio as of June 2021 and excludes Kirikkale IPP in Turkey which was fully written down and deconsolidated in 2018.
2 Investment grade: countries with at least one investment grade from S&P, Moody’s or Fitch
3 As percentage total project cost of conventional assets excluding Kirikkale IPP (which is deconsolidated and fully written down)
4 Except Hassyan IPP in UAE where there is partial fuel price exposure.
Innovation: breakthrough accomplishments 2020 - 2021
Leading the consortium to power The Red Sea Project with 100% renewable energy
World's largest CSP plant in the UAE
Worlds's lowest CSP tariff in the UAE
World's largest RO plant, and lowest desalinated water tariff in KSA
Largest PV plant in Saudi Arabia and one of the world’s largest single-contracted PV plants
World’s Lowest PV Tariff in Saudi Arabia, breaking our own record set in 2020
Largest wind farm in the Central Asian region in Uzbekistan
Early move in Green Hydrogen; Saudi Arabia project to be powered by ~4GW of renewable energy