EIG and Acwa have entered into definitive agreements to establish Plenum Power, a strategic partnership focused on investing in U.S. power infrastructure, with plans to launch the platform with approximately $4 billion of initial equity commitments.
The partnership will combine EIG’s investment, financing, and platform-building experience with Acwa’s capabilities in developing, financing, constructing, and operating large-scale energy infrastructure.
Plenum Power will target opportunities across conventional and renewable power generation, energy storage, and related infrastructure in the U.S.
The companies are launching the platform as electricity demand rises due to electrification and the rapid expansion of AI data centers.
EIG and Acwa said meeting that demand will require substantial investment in new generation capacity, storage, and existing infrastructure.
The partners plan to pursue both acquisitions and new development opportunities as they build the platform.
EIG has committed more than $14.2 billion across power generation, renewable energy, energy storage, and related energy-transition infrastructure globally.
The firm has also built and scaled investment platforms across oil and gas, liquefied natural gas, battery storage, and other energy sectors.
As of June 30, 2026, EIG managed approximately $27.1 billion in assets. Over its 44-year history, the firm has committed more than $55 billion across 429 projects or companies in 44 countries.
Acwa brings a global infrastructure portfolio spanning 111 assets across 16 countries and approximately $127 billion in assets under management.
The company’s portfolio includes 98.2 GW of power generation capacity, including 52.3 GW of renewable generation, along with large-scale water desalination infrastructure.
Acwa also has experience across project development, financing, construction, operations, and asset optimization.
The partnership builds on a prior working relationship between EIG and Acwa on Middle East projects.
The companies believe the U.S. market offers an opportunity to build a scaled platform as regulatory changes, higher interest rates, supply-chain inflation, and shifting renewable energy economics reshape the power sector.
Plenum Power is expected to use EIG’s capital formation, investment origination, M&A, and financing capabilities alongside Acwa’s operating and development expertise.
The companies said the goal is to build a competitive U.S. power platform capable of growing through acquisitions and the development of additional capacity.
KEY QUOTES:
“The U.S. power industry is at an inflection point, with demand accelerating as AI, data centers 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 U.S. creates an attractive entry point for a new entrant at scale in our view.”
R. Blair Thomas, CEO Of EIG
“The United States 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.”
Dr. Samir J. Serhan, CEO Of Acwa
“Plenum Power builds on a platform-creation playbook EIG has applied across prior strategic initiatives in oil & gas, LNG and battery storage, combining EIG’s investment origination, capital formation and M&A capabilities with Acwa’s global development and operating expertise.”
Andrew Ellenbogen, President Of EIG
“Our ambition is to identify investment opportunities that have the potential to become high-performing infrastructure assets and create long-term value.”
Dr. Samir J. Serhan, CEO of Acwa
