Acwa Names Former Air Products Exec as New CEO
The board of energy and water company Acwa has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective immediately. Dr. Serhan was previously a regional president at Acwa and formerly served as COO of the U.S.-based industrial gases company Air Products.
Dr. Serhan's appointment is a strategic move, leveraging his extensive experience in executing large-scale industrial and energy projects globally. At Air Products, he was instrumental in winning and executing some of the largest and most complex projects in the company's history, a crucial skill set for Acwa Power's ambitious growth plans. His leadership at Air Products included overseeing the company's role in the NEOM Green Hydrogen Project, a joint venture with Acwa Power and NEOM. This transition in leadership comes as Acwa Power aims to triple its assets under management to $250 billion by 2030. The company is a global leader in water desalination and a key player in the shift to renewable energy, particularly in green hydrogen. This growth strategy includes significant expansion into new markets and a strong focus on sustainable and renewable energy solutions. The outgoing CEO, Marco Arcelli, leaves after a period of significant growth for the company, having doubled its portfolio over the last three years with a trajectory to double it again by 2030. The company has emphasized that the leadership change is a planned succession, ensuring continuity and stability in its long-term strategy. Arcelli will remain as an advisor to the Chairman to facilitate a smooth transition. Acwa Power's financial performance has been strong, with analysts forecasting significant revenue and earnings growth. The company's strategy is heavily focused on Power Purchase Agreements (PPAs) and Water Purchase Agreements (WPAs), which have recently added significant capacity to their portfolio. This model provides a stable revenue stream for their large-scale projects. Dr. Serhan's deep experience in the industrial gases sector, particularly in hydrogen, aligns with Acwa Power's pioneering role in the green hydrogen economy. His operational and project execution expertise will be vital as the company navigates the complexities of its massive expansion in renewable energy and water desalination projects across the Middle East, Africa, and Asia.
