BAKU, Azerbaijan, October 30. EIG, a leading institutional investor in the global energy and infrastructure sectors, and Saudi-listed ACWA have signed definitive agreements to establish Plenum Power, a strategic partnership targeting investment opportunities in the United States, ACWA said on October 29.
The partnership builds on the companies' existing relationship, which includes previous cooperation on projects in the Middle East. Plenum Power is expected to launch with an initial equity commitment of approximately $4 billion.
"The partnership combines ACWA's global capabilities in developing, financing, constructing, and operating large-scale infrastructure across conventional and renewable power generation and energy storage, with a track record of delivering projects at scale, driving competitive energy costs and maintaining strong operational performance, alongside EIG's experience in sourcing, establishing, financing and scaling energy infrastructure platforms," the statement said.
The partnership comes amid growing electricity demand in the United States, driven by electrification and the rapid expansion of artificial intelligence (AI) data centers.
"EIG and ACWA believe that meeting this demand affordably and reliably will require new generation capacity, energy storage and investment in existing infrastructure, and that these conditions create opportunities to jointly pursue acquisitions, develop new capacity and support the next phase of growth in U.S. power infrastructure," the statement said.
For EIG, the initiative expands its strategy in U.S. power generation. The company has committed more than $14.2 billion globally across power generation, renewable energy, energy storage and related energy-transition infrastructure.
For ACWA, the partnership represents an opportunity to strengthen its presence in the U.S., building on its experience in delivering large-scale infrastructure projects across the Middle East, Asia and other international markets.
ACWA operates a portfolio of 111 assets across 16 countries, representing approximately $127 billion in assets under management. Its activities span power generation, water desalination and green hydrogen, supported by capabilities in project development, financing, construction and operations.
