EIG and ACWA Establish Plenum Power to Invest in U.S. Power Infrastructure
EIG, a leading institutional investor in the global energy and infrastructure sectors, and ACWA, a Saudi-listed company and one of the world’s largest independent power producers, have announced definitive agreements to establish Plenum Power, a strategic partnership focused on investment opportunities in the United States power sector.
The partnership aims to capitalize on growing electricity demand and the evolving energy landscape in the U.S. by investing in power generation, energy storage, and existing infrastructure. EIG and ACWA intend to launch Plenum Power with an initial equity commitment of approximately $4 billion, establishing a strong foundation for acquisitions, new project development, and the expansion of power infrastructure across the country.
Building on an established relationship that includes previous collaboration on projects in the Middle East, the two companies will combine their complementary strengths to pursue opportunities in one of the world’s most dynamic energy markets.
Addressing Growing Electricity Demand in the United States
The establishment of Plenum Power comes at a time when electricity consumption in the United States is expected to increase significantly. The rapid expansion of artificial intelligence (AI), data centers, electrification, and other energy-intensive industries is creating new demands on the country’s power infrastructure.
Meeting this demand affordably and reliably will require substantial investment in new generation capacity, energy storage solutions, and improvements to existing power assets. EIG and ACWA believe these market conditions present opportunities to acquire established businesses, develop new infrastructure, and build a scalable power platform capable of supporting the country’s long-term energy requirements.
Through Plenum Power, the partners aim to combine investment expertise with large-scale project development and operational capabilities to help address these evolving needs.
R. Blair Thomas, Chief Executive Officer of EIG, said the U.S. power industry is experiencing a significant transformation as AI, data centers, and electrification accelerate electricity demand.
He noted that changes in the regulatory environment, supply chain inflation, and interest rates have created challenges for renewable energy development, potentially providing attractive opportunities for investors seeking to establish a large-scale presence in the market.
Thomas added that ACWA’s global operating capabilities, combined with EIG’s investment, financing, and platform-building experience, position Plenum Power to pursue opportunities in a rapidly changing industry. He also highlighted the importance of the companies’ established relationship and EIG’s existing connections with Saudi Arabia in supporting the new initiative.
Combining Global Expertise and Investment Capabilities
Plenum Power will bring together ACWA’s experience in developing, financing, constructing, and operating large-scale infrastructure projects with EIG’s expertise in sourcing investments, structuring transactions, raising capital, and scaling energy infrastructure businesses.
ACWA’s capabilities span conventional and renewable power generation, energy storage, and other major infrastructure projects. The company has developed an international track record of delivering projects at scale, maintaining operational performance, and pursuing competitive energy costs.
EIG, meanwhile, has extensive experience investing in energy and energy-related infrastructure worldwide. Its strategic investment approach includes identifying sectors undergoing structural change and establishing platforms that can grow through acquisitions, capital investment, and new project development.
Andrew Ellenbogen, President of EIG, said Plenum Power builds on the firm’s established platform-creation strategy, which it has applied across sectors including oil and gas, liquefied natural gas (LNG), and battery storage.
According to Ellenbogen, the partnership combines EIG’s investment origination, capital formation, and mergers and acquisitions capabilities with ACWA’s global development and operating expertise. Together, the companies aim to establish a scaled U.S. power platform that can expand through acquisitions and the development of additional generation capacity.
ACWA Expands Its International Energy Footprint
For ACWA, the partnership represents a strategic opportunity to expand its presence in the United States and apply its international experience to a major global power market.
Dr. Samir J. Serhan, Chief Executive Officer of ACWA, said the U.S. market offers significant opportunities for the company to contribute its expertise in developing, financing, and operating large-scale power infrastructure.
He emphasized that rising electricity demand will require reliable generation capacity, substantial investment, and the ability to deliver infrastructure projects efficiently and at scale. By partnering with EIG, ACWA expects to pursue opportunities across conventional and renewable power generation and energy storage.
Serhan added that the initiative marks an important step in expanding ACWA’s international footprint while supporting the development of resilient and competitive energy infrastructure in the United States.
With a portfolio of 111 assets across 16 countries and approximately $127 billion in assets under management, ACWA brings extensive capabilities across project development, investment, financing, construction, operations, and asset optimization. The company will draw on this experience as the partnership evaluates potential acquisitions and development opportunities in the U.S.
ACWA is also the world’s largest private water desalination company and a prominent participant in the global energy transition, with experience spanning renewable energy and green hydrogen development.
Building a Scalable U.S. Power Platform
For EIG, Plenum Power represents an extension of its investment strategy in U.S. power generation and the broader energy infrastructure sector.
As of June 30, 2026, EIG reported $27.1 billion in assets under management. The firm has committed more than $14.2 billion globally across power generation, renewable energy, energy storage, and related energy-transition infrastructure. This experience is expected to inform its approach to building and expanding the new platform.
The partnership’s investment strategy will focus on identifying opportunities that can develop into high-performing infrastructure assets and deliver long-term value. By combining acquisitions with new capacity development, Plenum Power intends to build a competitive and resilient business capable of responding to changing market conditions and increasing electricity requirements.
Both companies believe their complementary capabilities will support a disciplined approach to investment and project execution, while creating opportunities to expand their presence in the U.S. power sector.
The definitive agreements mark an important step in establishing Plenum Power, with the partners intending to pursue an initial equity commitment of approximately $4 billion. The partnership’s planned investments are expected to focus on infrastructure opportunities that support reliable electricity supply and the continued development of the U.S. energy market.
The announcement underscores the growing importance of strategic partnerships in meeting future power demand. By bringing together international infrastructure expertise and investment capabilities, EIG and ACWA aim to establish a platform positioned to participate in the next phase of growth in the United States power industry.
This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase securities. Any offering will be made in accordance with applicable securities laws and confidential offering materials.
About EIG
EIG is a leading institutional investor in the global energy and infrastructure sectors, with $27.1 billion in assets under management as of June 30, 2026. The firm specializes in private investments in energy and energy-related infrastructure worldwide.
Throughout its 44-year history, EIG has committed more than $55 billion to the energy sector through 429 projects or companies across 44 countries on six continents. Its clients include leading pension plans, insurance companies, endowments, foundations, and sovereign wealth funds in the United States, Asia, and Europe.
Headquartered in Washington, D.C., EIG also maintains offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong, and Seoul. For more information, visit www.eigpartners.com.
About ACWA
ACWA (TADAWUL: 2082) is a Saudi-listed company established in Riyadh in 2004. It is the world’s largest private water desalination company, a first mover in large-scale green hydrogen development, and a participant in the global energy transition.
The company employs more than 4,000 people and operates across 16 countries in the Middle East, Africa, Central Asia, and Southeast Asia. As of July 2026, its portfolio comprised 111 assets in operation, advanced development, or under construction, representing approximately SAR 475 billion, or $127 billion, in assets under management.
ACWA’s portfolio has the capacity to generate 98.2 gigawatts of electricity, including 52.3 gigawatts from renewable sources, and manage 9.7 million cubic meters of desalinated water per day. Its energy and water output supports utilities and industrial customers through long-term offtake agreements and public-private partnership models.
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