Acwa Taps New Chief Executive
Saudi Arabia-based Acwa has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective immediately. Dr. Serhan, formerly the COO of U.S.-based Air Products, steps into the role as Marco Arcelli, CEO since March 2023, transitions to an advisory position.
The leadership change occurs as Acwa Power aggressively expands its portfolio, aiming to triple its assets under management to $250 billion by 2030. The company's growth is central to Saudi Arabia's Vision 2030, which targets generating 50% of its electricity from renewables by that year. Acwa Power is a key developer in the Kingdom's plan to add 58.7 gigawatts of green energy capacity. Under the leadership of outgoing CEO Marco Arcelli, who served for approximately three years, Acwa Power's portfolio doubled in size. During his tenure, the company secured significant agreements, including a deal worth $8.3 billion for seven solar and wind projects in Saudi Arabia with a combined capacity of 15,000 megawatts. Arcelli will now advise the Chairman of the Board. The company is also expanding its international footprint and its focus on green hydrogen. Acwa is a co-developer of the $8.4 billion NEOM Green Hydrogen Company, which is expected to produce 600 tonnes of carbon-free hydrogen per day by 2026. Recent agreements also aim to establish a green hydrogen and renewable energy export chain between Saudi Arabia and Europe. New CEO Dr. Samir J. Serhan brings extensive experience from his previous role as COO at Air Products, a major industrial gases company. At Air Products, he was responsible for winning and executing large, complex projects and had profit and loss accountability for the Americas, Asia, Europe, Africa, the Middle East, and India. His background includes leadership roles at Praxair and The Linde Group.
