- 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: 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.
Commenting on the leadership changes, Paddy Padmanathan, President and Chief Executive Officer of ACWA Power said: “As a company, we have always believed in investing in exceptional people and seek talent who share our vision and passion to succeed. Rajit is certainly such a person who has played a pivotal role in driving ACWA Power’s growth and success during his tenure, initially as CFO, then as CIO and finally as CPMO. We wish him the very best for the future. I am also delighted to welcome Clive and Abdulhameed into the executive management fold. Both bring a wealth of experience spanning various disciplines to further strengthen the extraordinarily ambitious, talented and capable senior leadership team, who in turn lead the ACWA Power family comprised of over 3500 committed, passionate, entrepreneurial and enthusiastic professionals. I look forward to working with them as we execute our strategy of leading energy transition globally with both renewable energy and green hydrogen and deliver desalinated water to an increasingly thirsty world.”
About ACWA Power:
ACWA Power (TADAWUL:2082) is a developer, investor and operator of power generation, desalinated water and green hydrogen production plants. Registered and established in 2004 in Riyadh, Saudi Arabia; ACWA Power employs about 3,500 people and is currently present in 13 countries in the Middle East, Africa, Central Asia and Southeast Asia. ACWA Power’s portfolio includes 66 assets with an investment value of SAR 252 billion (USD 67.2), producing 42.8 GW of power and 6.4 million m3/day of desalinated water delivered on a bulk basis to address the needs of state utilities and industries on long term, off-taker contracts under utility services outsourcing and Public-Private-Partnership models.
ACWA Power’s mission is to deliver electricity and desalinated water reliably and responsibly at a low cost, thereby contributing effectively to the sustainable, social and economic development of communities.
