• Marco Arcelli, joins as CEO to steer regional and global expansion
• Raad Al Saady, joins as Vice Chairman and Managing Director
• Paddy Padmanathan continues to serve on the Board of ACWA Power

Riyadh, KSA: March 20, 2023: ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, today announced the appointment of Marco Arcelli as Chief Executive Officer. Raad Al Saady also recently joined the organisation’s senior leadership team in February 2023, in a newly created position as Managing Director in addition to the role of Vice Chairman. The changes are a part of the company’s strategy to be well equipped to achieve its ambitious growth goals across the markets it operates.

Marco Arcelli, a seasoned C-level executive with over 25 years of international experience in energy and infrastructure, brings a wealth of expertise in growth of multinational companies and digital innovation. In his previous positions, he played a crucial role in the strategic positioning and growth of Enel Trade, Enel’s North American operations, and EP New Energy as Chief Executive Officer and Chairman.

Arcelli’s role as CEO of ACWA Power will involve providing strategic and operational leadership, overseeing global expansion efforts, and leveraging his expertise in digital innovation to optimise operations and drive growth

Paddy Padmanathan, Arcelli’s predecessor, who steered the company’s strategic growth and expansion as President and CEO for over a decade and a half, steps out of his current role, however, he will remain active as a member of ACWA Power’s board.

Raad Al-Saady, who has recently joined as Vice Chairman and Managing Director will focus on directing business growth and development, providing guidance on organisational strategy and human capital, managing stakeholder relationships, and driving various strategic initiatives.

A strategic management veteran, Raad has over 20 years of experience in the financial services and automotives industry. He has held several key leadership roles across Abdul Lateef Jameel’s business sectors including Vice President of Mobility.

“Following a successful 2022, ACWA Power is well positioned to drive business expansion, both regionally and globally. As part of our growth strategy, we are expanding our management structure with top-tier talent from diverse backgrounds. We are proud to welcome Raad Al-Saady and Marco Arcelli, distinguished leaders with exceptional experience, to our 4000-strong family. Their contributions will enable us to further strengthen our stakeholder relationships and lead the way in our home market of Saudi Arabia and beyond. We are immensely grateful to Paddy Padmanathan for his tremendous contributions to the company since its inception, and we look forward to continuing to benefit from his insights and expertise as he continues as a board member.” Mohammad Abunayyan, ACWA Power Chairman

“We are ready to lead the way in creating a cleaner, greener future, and are excited to take on this next phase of growth with unwavering confidence”. he concluded.

ACWA Power, publicly listed on Tadawul since 2021 is currently in 12 countries in the Middle East, Africa, Central Asia and Southeast Asia., The company’s portfolio comprises 69 assets, with an investment value of USD 72.6 billion.