EIG, a leading institutional investor in the global energy and infrastructure sectors, and Saudi-listed Acwa, 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.

The announcement, issued from Washington, D.C., and Riyadh, Kingdom of Saudi Arabia, is dated October 29, 2026.

A Partnership Built on Prior Collaboration

The two firms said the new venture builds on an established relationship that includes prior collaboration on projects in the Middle East.

They are now partnering to pursue opportunities in the U.S. power sector through Plenum Power. According to the announcement, the parties intend for Plenum Power to target a launch with an initial equity commitment of approximately USD 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 EIG's experience in sourcing, establishing, financing, and scaling energy infrastructure platforms.

The companies pointed to Acwa's track record of delivering projects at scale, driving competitive energy costs and maintaining strong operational performance.

Responding to Rising U.S. Electricity Demand

Plenum Power is being launched at a time when rising electricity demand, driven by electrification and the rapid expansion of AI data centers, is expected to create significant investment opportunities across the U.S. power sector.

EIG and Acwa said they believe that meeting this demand affordably and reliably will require new generation capacity, energy storage, and investment in existing infrastructure.

They said those conditions create opportunities to jointly pursue acquisitions, develop new capacity, and support the next phase of growth in U.S. power infrastructure.

EIG Sees U.S. Power Market Consolidation Opportunity

R. Blair Thomas, Chief Executive Officer of EIG, described the U.S. power industry as being at an inflection point, with demand accelerating as AI, data centers, and electrification reshape the market.

He said recent dislocation in renewable energy development, caused by regulatory changes, supply chain inflation, and interest rates in the U.S., creates what EIG views as an attractive entry point for a new entrant at scale.

Thomas said EIG believes those dynamics will drive consolidation across the industry and that Acwa's global operating capabilities, combined with EIG's investment, financing, and platform-building experience, position Plenum Power well in the evolving market environment.

He added that EIG is fortunate to have a deep relationship with Acwa and the Kingdom of Saudi Arabia to build upon as it pursues the new initiative.

Acwa's View of the U.S. Opportunity

Dr. Samir J. Serhan, Chief Executive Officer of Acwa, said the United States represents a significant opportunity for the company 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 meeting accelerating electricity demand is expected to require substantial investment, reliable generation capacity, and the ability to deliver projects efficiently and at scale.

Serhan said the partnership with EIG combines complementary strengths in infrastructure investment, development, and operations, creating a foundation to pursue opportunities across conventional and renewable power generation and energy storage.

He characterized the move as an important step in expanding Acwa's international footprint and supporting the development of resilient, competitive energy infrastructure in the United States.

In additional remarks, Serhan said Acwa's ambition is to identify investment opportunities that have the potential to become high-performing infrastructure assets and create long-term value.

He said Acwa brings decades of experience in managing complex projects across their entire lifecycle, from development and financing through to operations and optimization.

Together with EIG, he said, the company intends to apply that discipline to building a competitive and resilient power infrastructure platform that supports the evolving energy needs of the United States.

EIG's Platform-Creation Approach

Andrew Ellenbogen, President of EIG, said the firm's strategic investments business is built around high-conviction theses in sectors undergoing structural change.

He said Plenum Power builds on a platform-creation playbook that EIG has applied across prior strategic initiatives in oil and gas, LNG, and battery storage.

That approach combines EIG's investment origination, capital formation, and M&A capabilities with Acwa's global development and operating expertise. Ellenbogen said the partners seek to create a scaled U.S. power platform that can grow through acquisitions and the development of new capacity.

What Each Partner Brings

For EIG, the announcement describes the partnership as an extension of its strategy in U.S. power generation. The firm has committed more than USD 14.2 billion across power generation, renewable energy, energy storage, and related energy-transition infrastructure globally; the experience the companies said informs its approach to building and scaling energy businesses.

For Acwa, the announcement describes the company as the world's largest private water desalination company, a leader in the energy transition and a first mover into green hydrogen at scale.

The partnership represents a strategic opportunity to expand its presence in a major global power market, building on its experience delivering large-scale infrastructure across the Middle East, Asia, and other international markets.

Acwa has a global portfolio of 111 assets across 16 countries, representing USD 127 billion in assets under management. The company said it brings extensive capabilities spanning development, investment, financing, construction, operations, and asset optimization, and that the partnership will draw on these capabilities.

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