ACWA POWER Co. Announces Resignation and Appointment of a CEO

Element List	Explanation
Introduction	ACWA POWER Co. announces that its Board of Directors discussed during its meeting held on (28/08/1444 Hijri) corresponding to (20/03/2023 G) Mr. Suntharesan Padmanathan desire to retire and the Board accepted Mr. Suntharesan Padmanathan’s request to resign from his role as a Chief Executive Officer effective from (28/08/1444 Hijri) corresponding to (20/03/2023 G). Further, the Board of Directors is delighted that Mr. Suntharesan Padmanathan agreed to continue to serve as a member of the Board of Directors. The Board of Directors agreed to appoint Mr. Marco Arcelli as the CEO for the Company, effective from (28/08/1444 Hijri) corresponding to (20/03/2023 G). In this occasion, the Board of Directors and all Company employees extend their thanks and gratitude to Mr. Suntharesan Padmanathan for his extensive efforts during his 18-year tenure as CEO for the Company and his dedication during that period to elevate the Company’s status as a leading global company in the field of renewable power generation, water desalination and green hydrogen production which culminated by its successful listing as a public company. Additionally, the Board of Directors welcome Mr. Marco Arcelli to ACWA Power, and wish him success in leading the Company in its mission to lead the energy transition on a global scale.

Element List

Explanation

Introduction

ACWA POWER Co. announces that its Board of Directors discussed during its meeting held on (28/08/1444 Hijri) corresponding to (20/03/2023 G) Mr. Suntharesan Padmanathan desire to retire and the Board accepted Mr. Suntharesan Padmanathan’s request to resign from his role as a Chief Executive Officer effective from (28/08/1444 Hijri) corresponding to (20/03/2023 G). Further, the Board of Directors is delighted that Mr. Suntharesan Padmanathan agreed to continue to serve as a member of the Board of Directors.

The Board of Directors agreed to appoint Mr. Marco Arcelli as the CEO for the Company, effective from (28/08/1444 Hijri) corresponding to (20/03/2023 G).

In this occasion, the Board of Directors and all Company employees extend their thanks and gratitude to Mr. Suntharesan Padmanathan for his extensive efforts during his 18-year tenure as CEO for the Company and his dedication during that period to elevate the Company’s status as a leading global company in the field of renewable power generation, water desalination and green hydrogen production which culminated by its successful listing as a public company.

Additionally, the Board of Directors welcome Mr. Marco Arcelli to ACWA Power, and wish him success in leading the Company in its mission to lead the energy transition on a global scale.

Element List	Explanation
Name of the Resigned CEO	Mr. Suntharesan Padmanathan.
Resignation Acceptance Date	2023-03-20 Corresponding to 1444-08-28
Resignation Effective Date	2023-03-20 Corresponding to 1444-08-28
Reasons for Resignation	Retirement from Executive positions and responsibilities associated with his position as CEO.

Element List	Explanation
Appointment Type	Appointment
Name of the CEO	Mr. Marco Arcelli.
Date of Board Resolution	2023-03-20 Corresponding to 1444-08-28
Date Work Commencement	2023-03-20 Corresponding to 1444-08-28
Brief Resume	Mr. Marco Arcelli is an energy leader with over 30 years of experience. He was the Chairman of Ep New Energy, in charge of the entry and growth in renewables of Eph, the seventh largest electricity producer in Europe. Previously he spent 16 years at Enel where, among others, he was CEO of Enel North America and Slovenske Elektrarne. Before, he held executive positions at General Electric Power Systems and in projects and construction management. He is a professor of leadership in energy transition at IESE, the leading Spanish business school, and a peer reviewer of IEA.