• Kashif Rana, the company’s CFO, will also oversee portfolio management as Rajit Nanda, CPMO steps down
• Clive Turton and Abdulhameed Muhaidib appointed as CIO and Deputy CFO respectively

Riyadh, Kingdom of Saudi Arabia, 22 December 2021: ACWA Power, a leading developer, investor and operator of power generation, water desalination and green hydrogen plants, today announced executive changes at the C-suite level.

Rajit Nanda, the company’s Chief Portfolio Management Officer, is stepping down from his role in January 2022, to pursue other interests. Kashif Rana, ACWA Power’s Chief Financial Officer (CFO), who has held this position for over 8 years and steered the company through its successful public listing, will take over the portfolio management role, while remaining the CFO. Mr. Rana will be assisted by Mr. Nanda for a few months in an advisory capacity to help with the transition.

Simultaneously, the CFO office will be strengthened by Abdulhameed Muhaidib, currently the Executive Managing Officer of Noor Energy in the United Arab Emirates. Mr. Muhaidib will transition over the next three months to a newly created position of Deputy CFO, and formally commence this position on 1st March 2022. He is an experienced leader with over 13-years of experience within ACWA Power, including corporate finance as well as business positions and is currently managing one of the most technically complex and largest projects that the company has undertaken in its history.

Additionally, ACWA Power has also already brought on board Clive Turton as Chief Investment Officer. Turton joined ACWA Power from Vestas, where he served as President for the Asia- Pacific (APAC) region. During his tenure, he oversaw operations of 3,500 employees and grew Vestas’ operations in markets like India, Vietnam, Australia, Sri Lanka, Taiwan, and Japan.