Acwa Names New Chief Executive
Acwa's board of directors has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective March 1. Dr. Serhan, previously the company's President of Saudi Arabia and the Middle East, is a former COO of US-based Air Products.
ACWA Power is a key player in Saudi Arabia's Vision 2030, a national strategy to diversify the economy and reduce dependence on oil. The company is the primary partner in the country's National Renewable Energy Program, aiming to generate 50% of its electricity from renewable sources by 2030. The company has an ambitious growth strategy, intending to triple its assets under management to over $250 billion by 2030. This expansion focuses on renewable energy, green hydrogen, and water desalination projects across the Middle East, Africa, and Asia. Dr. Serhan's predecessor, Marco Arcelli, took the CEO position in March 2023, succeeding Paddy Padmanathan, who had led the company for 18 years. Arcelli's tenure focused on global expansion and digital innovation. ACWA Power is involved in several giga-projects, including the NEOM Green Hydrogen Company, one of the world's largest green hydrogen projects. This facility will use 4 GW of renewable energy to produce green hydrogen, positioning Saudi Arabia as a potential global exporter. The company's portfolio includes massive solar and wind projects, such as the 1.5 GW Sudair Solar PV project and several multi-gigawatt solar developments recently securing financing. It also operates the world's largest single-site reverse osmosis desalination plant, Taweelah, in the UAE. Dr. Serhan's extensive experience in the industrial gases sector at Air Products, Linde, and Praxair aligns with ACWA's growing focus on green hydrogen. His background in engineering and managing large-scale, complex projects will be crucial as the company executes its large pipeline of projects.
