Acwa Power Appoints New CEO
The Board of Directors at energy and water company 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 at the company and was formerly the COO of US-based Air Products. The previous CEO, Marco Arcelli, will remain as an advisor.
Dr. Serhan steps in as Acwa Power targets a tripling of its assets under management to $250 billion by 2030. The company is a cornerstone of Saudi Arabia's Vision 2030, tasked with developing 70% of the nation's renewable energy program. His predecessor, Marco Arcelli, led a period of significant expansion since March 2023, doubling the company's portfolio and expanding into new markets like China, Azerbaijan, and Senegal. During his tenure, Acwa Power added 25 GW of power generation capacity and 2 million cubic meters per day of water desalination capacity in 2025 alone. The new CEO's recent experience as Acwa's President for Saudi Arabia and the Middle East saw the financial close of several giga-scale projects. These include five major solar projects and two wind farms in Saudi Arabia with a combined capacity of 15 gigawatts (GW) and an investment of $8.2 billion. Dr. Serhan's background as Chief Operating Officer for US-based Air Products is directly relevant to Acwa's growing focus on green hydrogen. At Air Products, he was instrumental in the execution of large, complex industrial gas projects globally, experience that aligns with Acwa's involvement in the $8.4 billion NEOM Green Hydrogen Project. This leadership transition is framed as a structured succession to ensure stability as the company continues its aggressive growth trajectory. Arcelli will remain as an advisor to the chairman to support a smooth handover.
