Acwa Power Names New Chief Executive
The board of Acwa Power has appointed Dr. Samir J. Serhan as its new CEO, effective March 1. Dr. Serhan, formerly the company's President for Saudi Arabia and the Middle East, was previously the COO of US-based industrial gas giant Air Products.
Dr. Serhan's appointment follows a planned leadership transition, with his predecessor, Marco Arcelli, having served as CEO since March 2023. Arcelli took the helm from Paddy Padmanathan, who led the company for 18 years and now serves on the board. The leadership change comes as Acwa Power aggressively expands its portfolio, aiming to triple its assets to over $250 billion by 2030. The company has seen significant growth, reporting a 5.74% increase in net profit to SAR 1.75 billion in 2024. A key focus for the company is green hydrogen. Acwa Power is developing major projects, including the NEOM Green Hydrogen Project, which will produce 1.2 million tonnes of green ammonia annually, and a new green hydrogen and ammonia facility in Yanbu. Dr. Serhan's background at industrial gas companies like Air Products and Linde Engineering aligns with this strategic push. Internationally, Acwa Power is expanding its footprint with significant renewable energy projects. This includes a $4 billion green hydrogen project in Egypt and a 5 GW renewable energy program in Türkiye. In late 2025, the company secured $5.9 billion in financing for seven new renewable energy projects in Saudi Arabia with a combined capacity of 15 GW. These initiatives are central to Saudi Arabia's Vision 2030, which targets generating 50% of its electricity from renewables by the end of the decade. Acwa Power is a key player in this transition, with over 75% of its planned power additions intended to come from renewable sources.
