Saudi Arabia's Acwa Power said it has appointed Marco Arcelli as its chief executive amid plans to expand into new markets.
Paddy Padmanathan, who held the top role at the Riyadh-based utility for nearly 15 years, will remain on Acwa Power’s board, the company said in a statement on Tuesday.
Mr Arcelli, who has more than 25 years' experience in energy and infrastructure, has held senior roles in companies such as Italy’s Enel and European power producer EPH Group.
In his new role, Mr Arcelli will oversee Acwa Power’s global expansion efforts, and leverage his expertise in digital innovation to optimise operations and drive growth, the company said.
Acwa Power, which is present in 12 countries in the Middle East, Africa, Central Asia, and South-East Asia, has 68 projects in operation, advanced development, or construction ― with an investment of 256.5 billion Saudi riyals ($68.27 billion) and the capacity to generate 44.4 gigawatts of power and manage 6.2 million cubic metres per day of desalinated water.
This year, the company added 5.44 gigawatts of power generation and 600,000 cubic metres per day of water desalination capacity in Saudi Arabia, Egypt and Uzbekistan by signing new power or water purchase agreements, the largest capacity additions in a single year in the company’s history.
Acwa Power’s net profit for 2022 more than doubled to 1.54 billion riyals on higher operating income, as well as lower impairment charges.
The company’s vice chairman, Raad Al Saady, has also taken over the newly created position of managing director.
Having worked more than two decades in the financial services and automotive sectors, Mr Al Saady will oversee the expansion and progress of the business, offer advice on the company's tactics and workforce, supervise the connections with stakeholders, and push forward a range of strategic projects.
“Following a successful 2022, Acwa Power is well positioned to drive business expansion, both regionally and globally,” said chairman Mohammad Abunayyan.
“As part of our growth strategy, we are expanding our management structure with top-tier talent from diverse backgrounds.
“Their contributions will enable us to further strengthen our stakeholder relationships and lead the way in our home market of Saudi Arabia and beyond.”
Saudi Arabia, the Arab world’s largest economy, is developing several new renewable energy projects as it aims to boost its clean energy capacity and become carbon neutral by 2060.
In November, a unit of Saudi Arabia's Public Investment Fund and Acwa Power signed agreements to develop a solar plant in Makkah with a total capacity of 2.1 gigawatts.
The facility, which is expected to begin commercial operations in the fourth quarter of 2025, will be the "largest of its kind in the Middle East", the companies said at the time.
Saudi Arabia is also building the world’s largest green hydrogen-based ammonia production plant in Neom — the kingdom's planned futuristic city.
