EIG and Acwa Form Plenum Power to Invest $4B in U.S. Infrastructure

The shifting landscape of the U.S. power sector has attracted the attention of global energy giants, leading to a significant partnership aimed at tackling the increasing demand for electricity. EIG and Acwa have formalized an agreement to launch Plenum Power, a venture targeting investments in U.S. power infrastructure with an initial equity infusion of approximately $4 billion.

Combining Forces for a Dynamic Future

Plenum Power represents the synergistic alliance of EIG’s extensive experience in investment, financing, and platform development with Acwa’s expertise in the full lifecycle of energy infrastructure ventures, from development to operation. The focus will be on both traditional and renewable power generation, energy storage solutions, and associated infrastructure projects across the United States.

This collaboration comes at a time when electricity demand is surging, driven by technological advancements like AI and the growing number of data centers. According to EIG and Acwa, addressing this demand requires significant investments in new power generation, storage, and the modernization of existing infrastructure.

Strategic Objectives and Market Opportunities

The strategic venture will seek acquisitions and promote new developments to build a robust platform. EIG has historically committed over $14.2 billion to similar sectors globally, managing approximately $27.1 billion in assets by mid-2026. Acwa complements this with a diverse global infrastructure portfolio valued at around $127 billion.

The partnership builds on past collaborations between EIG and Acwa, particularly in the Middle East. The executives of both firms view the U.S. market as ripe for development amid regulatory adjustments, economic influences, and the fluctuating dynamics of renewable energy.

Leveraging Expertise and Vision

Plenum Power aims to harness EIG’s prowess in capital formation, investment origination, and mergers and acquisitions, coupled with Acwa’s operational proficiency, to establish a competitive power platform in the U.S. The companies aim to grow this platform through acquisitions and capacity expansion.

Key Insights from Leadership

“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