ACWA Power Company, a Saudi joint-stock company listed on the Saudi Stock Exchange 'Saudi Tadawul', was founded on July 5, 2008. Headquartered in the capital, Riyadh, it is a developer, investor, and operator of a portfolio of power generation and water desalination plants.
It was listed on 'Saudi Tadawul' on October 11, 2021, and its shares are traded on the main market within the public utilities sector under the name 'ACWA Power', symbol '2082', and International Securities Identification Number (ISIN) (SA15CGS10H12). The company's capital is SAR7.31 billion.
ACWA Power's business portfolio includes seventy-seven stations, and the company employs over four thousand staff in twelve countries across the Middle East, north and south Africa, and southeast Asia. The investment value of the company's project portfolio amounts to USD82.8 billion, generating 53.7 GW of electricity and 7.6 million m³ of desalinated water daily.
ACWA Power history
The beginning dates back to 2004 when Abdullah Abunayyan Trading Company, Abdulkadir al-Muhaidib and Sons Co. (founders of the Arabian Company for Water and Power Development or ACWA Holding Company, now known as Vision Invest), and the Mada Group (now known as al-Rajhi Holding Group), established the Arabian Company for Water and Power. This came in response to the opportunities that emerged in the electricity and water desalination markets in the Kingdom of Saudi Arabia as a result of the decision made by the Saudi government in 2002 under Resolution No. 5/23 of the Supreme Economic Council dated June 3, 2002, allowing private sector companies the opportunity to gradually enter the electricity and water desalination production sectors with the aim of owning and operating assets. Arabian Company for Water and Power Projects won the Shuaibah Water and Power Project tender in 2005, a Petro Rabigh project. Additionally, in 2006, the Arabian Company for Water and Power Projects won the Shuqaiq project and Marafiq project. In 2008, al-Rajhi Holding Group, Vision Invest, Mohammed Abdullah Rashid Abunayyan, Suleiman Abdulkadir al-Muhaidib, and Ahmed Suleiman al-Rajhi established the company to acquire Arabian Company for Water and Power Projects and to expand the group's strategy to include its operations in high-growth markets outside the Kingdom. Since 2008, the company has been the holding company for the group.
ACWA Power Company activity
The company's core activity lies in developing and operating power and water desalination plants both domestically within the Kingdom and internationally. This includes electricity generation, electricity distribution and wholesale, desalination of water, construction of power plants and transformers, repair and maintenance of power plants and transformers, and wholesale sale of desalinated water.
The company engages in projects involving the following activities: development, construction, ownership, and leasing of power generation plants, desalination plants for seawater and steam, and related, associated, or complementary activities. It also includes electricity and desalinated water generation and sales activities, along with related, associated, or complementary activities. This comes in addition to maintaining and operating power, steam, and seawater desalination plants, purchasing power generation plants and seawater desalination plants, and purchasing real estate and movable property necessary to fulfill the company's purposes.
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