ACWA Power’s Senior Leadership Changes

• ACWA Power's current Chief Portfolio Management Officer Rajit Nanda is set to leave the company
• The position will be covered by Kashif Rana who will continue to remain the group CFO
• Management has also announced appointments of Abdulhameed Muhaidib as deputy CFO and Clive Turton as CIO

Saudi Arabia's energy company ACWA Power has announced the departure of its current Chief Portfolio Management Officer (CPMO) Rajit Nanda from January 2022. His position will be filled by the company's CFO Kashif Rana who will continue to retain his current role as well.

Having worked in various capacities including as the CFO, Chief Investment Officer (CIO) and now CPMO, Nanda is leaving to pursue other interests, the management stated. He will continue to work for a few months in the capacity of an advisor to help Rana with the transition.

ACWA Power has also created a new position of Deputy CFO for which it is elevating the Executive Managing Officer of Noor Energy in the UAE, Abdulhameed Muhaidib. He will transition to the new role by March 1, 2022.

Another appointment is Clive Turton for the CIO job. Turton comes to the Saudi Arabian entity from wind power company Vestas where he was the president for Asia-Pacific region.

Welcoming both Muhaidib and Turton, ACWA Power's President and CEO Paddy Padmanathan said, "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."