Saudi-listed Acwa and US energy investor EIG have signed definitive agreements to form Plenum Power, a partnership to invest in US power infrastructure, the two companies said on Thursday.
The partners intend for Plenum Power to launch with an initial equity commitment of about $4 billion, according to a joint statement.
The venture will pursue acquisitions, develop new generation capacity and invest in energy storage and existing infrastructure across conventional and renewable power.
The companies said rising electricity demand, driven by electrification and the rapid expansion of artificial intelligence data centers, is expected to create significant investment opportunities in the US power sector.
Entry point
R. Blair Thomas, chief executive officer of EIG, said recent dislocation in US renewable energy development, caused by regulatory changes, supply chain inflation and interest rates, created an attractive entry point for a new entrant at scale.
“We believe those dynamics will drive consolidation across the industry,” Thomas said.
Samir J. Serhan, chief executive officer of Acwa, said the partnership was an important step in expanding the company’s international footprint.
“The United States represents a significant opportunity for Acwa to bring its global expertise in developing, financing, and operating large-scale power infrastructure to one of the world’s most dynamic energy markets,” he said.
Andrew Ellenbogen, president of EIG, said the partnership aims to build a scaled US power platform that can grow through acquisitions and new capacity.
The partners
The two companies have previously worked together on projects in the Middle East.
Acwa, the world’s largest private water desalination company, has 111 assets in 16 countries, representing $127 billion of assets under management, according to the statement. Its portfolio has the capacity to generate 98.2 gigawatts of power, of which 52.3 gigawatts is renewable.
Washington-based EIG had $27.1 billion in assets under management as of June 30, 2026. It has committed more than $14.2 billion globally to power generation, renewable energy, energy storage and related infrastructure.
