Energy investor EIG and Saudi Arabia’s Acwa Power have formed a partnership with an initial $4bn (€3.6bn) equity target to invest in US power infrastructure.
Building on their existing project collaboration in the Middle East, the pair have established Plenum Power to target acquisitions and developments across conventional power generation, renewables and battery storage.
R Blair Thomas, CEO of EIG, said: “The US power industry is at an inflection point, with demand accelerating as AI, data centres and electrification reshape the market. At the same time, recent dislocation in renewable energy development caused by regulatory changes, supply chain inflation and interest rates in the US creates an attractive entry point for a new entrant at scale in our view.
“We believe 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 this evolving market environment.”
Samir J Serhan, CEO of Acwa, said: “The US 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. As electricity demand accelerates, meeting that growth is expected to require substantial investment, reliable generation capacity and the ability to deliver projects efficiently and at scale.
“Our partnership with EIG combines complementary strengths in infrastructure investment, development, and operations, creating a strong foundation to pursue opportunities across conventional and renewable power generation and energy storage. This marks an important step in expanding Acwa’s international footprint and supporting the development of resilient, competitive energy infrastructure in the US.”
Andrew Ellenbogen, president of EIG, said: “Our strategic investments business is built around high-conviction theses in sectors undergoing structural change.
“Plenum Power builds on a platform-creation playbook EIG has applied across prior strategic initiatives in oil and gas, LNG and battery storage, combining EIG’s investment origination, capital formation and M&A capabilities with Acwa’s global development and operating expertise.”
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