EIG and Saudi-listed Acwa say they have signed definitive agreements to form Plenum Power, a partnership intended to pursue investment opportunities in the United States power sector, with an initial equity commitment of about US$4 billion.
The companies said the venture is designed to combine EIG’s investment and financing capabilities with Acwa’s experience in developing and operating large-scale power and energy storage projects. The announcement said the partners expect rising electricity demand—linked to electrification and the growth of AI data centres—to drive investment opportunities across U.S. power generation, storage and existing infrastructure.
In a statement, EIG chief executive R. Blair Thomas said the company sees the U.S. power market at an “inflection point” and cited recent regulatory changes, supply chain inflation and higher interest rates as factors that have disrupted renewable development. Thomas said EIG expects consolidation in the sector and that the partnership is intended to support the creation of a scaled platform.
Acwa chief executive Dr. Samir J. Serhan said the United States is a significant opportunity for the company to apply its development, financing and operating experience in what he described as a dynamic energy market. Serhan said the partnership aims to pursue conventional and renewable generation and energy storage opportunities.
EIG president Andrew Ellenbogen said Plenum Power follows what he described as EIG’s “platform-creation” approach, combining capital formation and M&A capabilities with Acwa’s development and operations experience, with the goal of growing through acquisitions and new capacity development.
The companies said the partnership extends EIG’s broader activity in power generation, noting EIG has committed more than US$14.2 billion across power generation, renewable energy, energy storage and related energy-transition infrastructure globally.
The release also positioned the venture as part of Acwa’s plans to expand internationally. Acwa said it has a global portfolio of 111 assets across 16 countries, representing US$127 billion in assets under management.
This press release is for informational purposes only. This does not constitute an offer to sell or the solicitation of an offer to purchase securities. Any offering will be made only in accordance with applicable securities laws to eligible investors pursuant to confidential offering materials.
