ACWA Power Appoints New CEO
ACWA Power's Board of Directors has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective today. Dr. Serhan, formerly the company's President for Saudi Arabia and the Middle East, previously served as COO of U.S.-based Air Products. He replaces Marco Arcelli, who will remain an advisor.
Marco Arcelli's tenure as CEO, which began in March 2023, lasted approximately three years. During his leadership, ACWA Power's portfolio doubled, and the company is on a trajectory to double again by 2030. In a notable achievement under his guidance, the company secured financial closure for 10 projects valued at over $14 billion within a 12-month period. The leadership change occurs as ACWA Power experiences significant growth, with 26 projects currently in its construction portfolio, the largest in its history. The company reported a 6% increase in net profit for 2024, reaching SAR 1.75 billion. This growth is supported by major projects like the $8.5 billion NEOM Green Hydrogen project, the world's largest utility-scale green hydrogen facility currently under construction. Dr. Serhan brings extensive experience from the industrial gases sector, a key area for green hydrogen production. Before joining Air Products, he held leadership roles at The Linde Group and Praxair, Inc., where he was President of Global HyCO. At Air Products, he was instrumental in securing and executing the company's largest and most complex projects. ACWA Power is aggressively expanding its renewable energy footprint, in line with Saudi Arabia's goal to achieve 50% renewable energy in its power mix by 2030. The company recently commenced full commercial operations of the 2 GW Al Shuaibah 2 solar PV power plant and has several other large-scale solar projects set to come online. This transition is a significant shift from its portfolio, which was 100% fossil fuels just seven years ago and now stands at 46% renewables.
