Acwa Power Appoints New CEO
The board of directors at Acwa Power has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective immediately. Dr. Serhan was previously President of Saudi Arabia and the Middle East at the company and formerly served as COO of US-based Air Products. He replaces Marco Arcelli, who remains an advisor.
Dr. Serhan's background at Air Products is deeply rooted in the development of large-scale energy projects, including extensive work in the green hydrogen sector, a key area of future growth for Acwa Power. His experience aligns with Acwa's major investments in projects like the NEOM Green Hydrogen facility, positioning him to lead the company's expansion in this high-tech and capital-intensive market. The leadership transition is described as a planned and structured process by the company's board. Marco Arcelli, who became CEO in March 2023, will now serve as an advisor to the chairman to ensure a smooth handover. This move is intended to provide continuity and stability as the company continues its aggressive growth trajectory. Under Arcelli's leadership, Acwa Power's portfolio doubled in size. His tenure saw the company achieve significant milestones, including a sharp increase in adjusted net profit in the first half of 2025 and the securing of nine new Power Purchase Agreements totaling 20GW of new capacity. In 2025 alone, the company added 25 GW of power generation and 2 million cubic meters per day of water desalination capacity. Acwa Power is a central player in Saudi Arabia's Vision 2030, a strategic framework to diversify the kingdom's economy and reduce its dependence on oil. The company is tasked with leading the development of 70% of the nation's renewable energy program, with a goal of reaching a 50/50 split between gas and renewables for electricity production by 2030. The company is in a phase of rapid expansion, with a stated goal of doubling its business portfolio in the next five years, after having already doubled it in the previous three. This growth is supported by a strategic partnership with Saudi Arabia's Public Investment Fund and an ambitious expansion into new markets. Financially, the company has shown strong performance, reporting a 62% increase in adjusted net profit for the first half of 2025, driven by strong operational performance and a successful capital raise of $1.91 billion. As of February 2026, the company's overall portfolio is valued at approximately $115 billion, with 50% of that value in projects currently under construction.
