ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, announced changes at the executive leadership level.
Kashif Rana, formerly the company’s Chief Financial Officer, has assumed the role of Chief Portfolio Management Officer. An energy industry veteran with over two decades of experience in the sector, Mr. Rana has been with ACWA Power for 13 years, and led the CFO function since 2014. As CFO, he oversaw the company’s public listing on the Saudi Stock Exchange (Tadawul) in 2021, as well as managing the transition towards operating as a listed company. His new mandate will include driving the development and implementation of an effective portfolio-management strategy for the company’s expanding global portfolio of 60+ projects in 13 markets; further enhancing the asset management function; and achieving optimal assets performance while maximising return on investment; ensuring value creation while managing risk; and maintaining adherence to contractual and regulatory commitments.
Meanwhile, the Chief Financial Officer responsibilities, will be overseen by Abdulhameed Al Muhaidib. He has functioned as the Deputy CFO for the company since January of this year. Al Muhaidib has also been with ACWA Power for 13 years, initially serving in corporate finance positions, before taking on project leadership roles in managing two projects under the Company portfolio. His new remit as CFO will involve all finance activities along with, investor relations, insurance, and shared services.
Paddy Padmanathan, Vice Chairman and Chief Executive Officer at ACWA Power, said: "As we journey onwards in contributing to the realization of a carbon free greener future, having a diversely experienced, passionate, committed, and forward-thinking leadership team is critical to achieving our ambitious growth and expansion goals.
“Both Kashif Rana and Abdulhameed Al Muhaidib have an impressive track record of success across our business, and their contributions to ACWA Power in these new roles will continue to be unique and valuable to our shareholders, partners, employees and to the communities we serve.” he added.
ACWA Power has over 3,900+ employees in 13 countries across diverse geographies, including the Middle East, Africa, Central Asia and Southeast Asia.