Acwa Appoints New CEO
Energy and water company Acwa has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective immediately. Dr. Serhan, formerly the company's President for Saudi Arabia and the Middle East, replaces Marco Arcelli, who will stay on as an advisor.
Dr. Serhan's appointment aligns with Acwa Power's significant investments in green hydrogen, a key component of Saudi Arabia's Vision 2030 to diversify its economy and reduce reliance on oil. The company is a primary partner in the nation's strategy to become a leading global exporter of green hydrogen and its derivatives. A cornerstone of this strategy is the $8.5 billion NEOM Green Hydrogen Project, an equal joint venture between Acwa Power, NEOM, and Air Products. This facility will be the world's largest utility-scale, commercially-based hydrogen plant powered entirely by renewable energy. Upon completion, it is expected to produce 1.2 million tonnes of green ammonia annually, mitigating 5 million metric tonnes of carbon emissions per year. Dr. Serhan brings extensive experience in the industrial gases and hydrogen sectors, having previously served as Chief Operating Officer at Air Products, a key partner in the NEOM project. His career also includes leadership roles at Linde and Praxair, where he was president of Global HyCO (hydrogen and carbon monoxide). His background in large-scale project execution and operational leadership in the hydrogen industry is directly relevant to Acwa's current portfolio. Beyond NEOM, Acwa is developing another major green hydrogen and ammonia facility in Yanbu, aimed at exporting to Europe, and a $4 billion green hydrogen project in Egypt. The leadership change comes as Marco Arcelli, who became CEO in March 2023, transitions to an advisory role. Arcelli's predecessor, Paddy Padmanathan, retired after 18 years with the company. Acwa Power's growth plan includes tripling its assets by 2030, with over 75% of new power additions coming from renewables. The company is central to Saudi Arabia's goal of generating 50% of its electricity from renewable sources by 2030. The company has also been expanding its international presence with significant planned investments in Malaysia and Turkey, focusing on renewable energy and green hydrogen. These global partnerships are aimed at establishing new energy corridors and supporting decarbonization efforts worldwide.
