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21-03-23

ACWA Power announces new CEO, Marco Arcelli, as Suntharesan 'Paddy' Padmanathan resigns

(MENAFN) On Monday, the Saudi Stock Exchange reported that Suntharesan 'Paddy' Padmanathan, CEO of ACWA Power, had resigned, and the board has accepted this resignation. The company has also announced that Marco Arcelli, an energy leader with over 30 years of experience, will be its new CEO. ACWA Power has said that Padmanathan will remain in the company serving as a member of the board of directors.

Arcelli was previously chairman at Europe’s seventh largest electricity producer Ep New Energy and has worked at Enel for 16 years where he was CEO of Enel North America and Slovenske Elektrarne. ACWA Power has assured that the new CEO has the necessary experience to lead the company.

In a statement, ACWA Power thanked Padmanathan for his 18 years of service and his dedication during that period towards making the company a leading global company in the field of renewable power generation, water desalination and green hydrogen production, culminating in its successful listing as a public company.

ACWA Power is Saudi Arabia’s leading utility service provider, and according to a bourse filing, it reported a net profit of SR1.5 billion ($411 million) in 2022. The company's financial results in 2022 were backed by higher operating income before impairment and other expenses. Furthermore, ACWA Power reported a 103 percent increase in profits from the previous year. In 2021, it reported a net profit of SR758.8 million. The bourse filing also highlighted that the company’s fourth quarter net profit after zakat and tax surged 94 percent to SR656.6 million, compared to SR338.85 million in the previous year. The profits were driven by higher contributions from development and construction management services for projects that achieved financial close last year, adequately supported by lower project development costs.

ACWA Power is a significant player in the field of renewable energy, and its new CEO, Marco Arcelli, is expected to lead the company to greater heights. The company's continued growth and success in the field of renewable power generation, water desalination and green hydrogen production are vital for global efforts towards achieving carbon neutrality. ACWA Power's positive financial results are a testament to the company's dedication to providing innovative and sustainable solutions to meet the world's energy needs.
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