EIG and Saudi-listed Acwa announced October 29 that they signed definitive agreements to establish Plenum Power, a partnership focused on U.S. electricity infrastructure.
The companies intend to launch the venture with approximately $4 billion in initial equity commitments. That is a target described in their announcement, rather than a statement that the full amount has already been invested in operating assets.
Plenum Power plans to pursue acquisitions and develop new capacity across conventional generation, renewable power and energy storage. The partners cited electrification and the expansion of artificial-intelligence data centers as reasons they see opportunities in the U.S. market.
Washington-based EIG will contribute investment sourcing, financing and experience building infrastructure platforms. Acwa will bring development, construction and operating capabilities from its international power business.
The firms have previously collaborated on Middle Eastern projects. The new agreements extend that relationship toward a U.S. power platform.
Their release does not identify an initial acquisition or construction site. Expectations about demand, investment returns and future expansion remain the companies’ assessments.
Sources EIG and Acwa announcement distributed by Business Wire: https://www.businesswire.com/news/home/20261028377569/en/