EIG and ACWA Target $4 Billion Investment In U.S. Power Infrastructure

EIG, a global energy and infrastructure investor, and Saudi-listed ACWA have entered into definitive agreements to establish Plenum Power, a strategic partnership focused on investment opportunities in the United States power sector. The partnership is targeting a launch with an initial equity commitment of approximately $4 billion to support acquisitions, new power generation capacity and energy infrastructure development.

Announced on October 29, 2026, in Washington, D.C., and Riyadh, the partnership brings together EIG’s investment, financing and platform-building expertise with ACWA’s experience in developing, financing, constructing and operating large-scale power infrastructure. Plenum Power will focus on opportunities across conventional and renewable power generation, energy storage and existing power infrastructure in the United States.

The partnership comes as electricity demand in the U.S. is expected to increase due to electrification, the expansion of artificial intelligence (AI) applications and the rapid growth of data centres. EIG and ACWA believe these trends will create significant investment opportunities and increase the need for reliable, affordable electricity, additional generation capacity and energy storage solutions.

The companies intend to pursue both acquisitions and the development of new power projects to build a large-scale U.S. power infrastructure platform. The initiative will combine EIG’s capabilities in investment origination, capital formation and mergers and acquisitions with ACWA’s expertise in delivering and operating complex infrastructure projects.

R. Blair Thomas, Chief Executive Officer of EIG, said the U.S. power sector is experiencing a major shift as electricity demand accelerates. He noted that regulatory changes, supply chain inflation and higher interest rates have affected renewable energy development, potentially creating opportunities for new investors to enter the market and consolidate assets. He added that the combination of EIG’s investment capabilities and ACWA’s global operating experience could position Plenum Power to benefit from these changes.

Dr. Samir J. Serhan, Chief Executive Officer of ACWA, said the United States offers significant opportunities for the company to apply its international experience in large-scale power infrastructure. He highlighted the importance of reliable generation capacity, efficient project delivery and substantial investment to meet growing electricity demand. He added that the partnership would support ACWA’s international expansion while contributing to the development of competitive and resilient U.S. energy infrastructure.

Andrew Ellenbogen, President of EIG, said Plenum Power builds on the firm’s experience in establishing and scaling strategic energy platforms across oil and gas, liquefied natural gas and battery storage. The partnership aims to create a platform capable of expanding through acquisitions and the development of new power generation capacity.

For EIG, the initiative extends its strategy in U.S. power generation. The firm 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 expand its presence in one of the world’s major power markets. The company has a portfolio of 111 assets across 16 countries, representing $127 billion in assets under management. Its capabilities cover project development, investment, financing, construction, operations and asset optimisation.

Through Plenum Power, both companies plan to evaluate investment and development opportunities that can support growing U.S. electricity requirements while creating long-term value from power infrastructure assets.