Acwa Power Appoints New CEO
The Board of Directors at Acwa has named Dr. Samir J. Serhan as its new Chief Executive Officer, effective immediately. Dr. Serhan previously served as President of Saudi Arabia and the Middle East for the company and was formerly the COO of US-based Air Products. He replaces Marco Arcelli, who had been CEO since March 2023.
Acwa Power is targeting a significant global expansion with the goal of tripling its assets under management to over $250 billion by 2030. This growth strategy is supported by a recent $1.9 billion rights issue and plans to increase annual capital deployment to between $2 billion and $2.5 billion. The company is a central player in Saudi Arabia's Vision 2030, a plan to diversify the kingdom's economy and increase renewable energy to 50% of the domestic energy mix. Acwa Power is developing major solar and wind projects, including a recent agreement for seven new projects totaling 15 GW with an estimated investment of $8.3 billion. Beyond Saudi Arabia, Acwa Power is expanding its footprint in the Middle East, Africa, Central Asia, and Southeast Asia. In 2024, the company added new projects in Egypt, Azerbaijan, Uzbekistan, and China. Green hydrogen is another key focus, with a target of producing one million tonnes annually from projects already in development. Dr. Serhan brings extensive experience from the industrial gases sector, having held leadership roles at The Linde Group and Praxair, Inc. before his tenure as COO at Air Products. His background aligns with Acwa Power's growing emphasis on green hydrogen and large-scale industrial projects. The leadership change follows a period of strong financial performance for Acwa Power. The company reported a 16% increase in net profit for the first nine months of 2024 and a 62% jump in adjusted net profit for the first half of 2025. Outgoing CEO Marco Arcelli held the position for approximately two years, since March 2023. During his tenure, the company secured 20GW of new power capacity through nine Power Purchase Agreements in the first half of 2025 alone.
