Saudi Arabia-based ACWA and U.S. investment firm EIG Management Co. plan to commit approximately USD 4 billion in initial equity to a joint venture targeting acquisitions and new developments across U.S. power generation and energy storage. The venture, named Plenum Power, aims to capitalise on rising electricity demand driven by data centres, artificial intelligence and electrification.
The companies signed the joint venture agreement on 28th October 2026. Under the arrangement, ACWA will hold a 49% stake in Plenum Power, while EIG will own the remaining 51%, according to a filing on the Saudi Exchange.
The planned equity commitment represents the ventureโs initial funding target rather than capital already deployed. The U.S. power investment decisions will be subject to agreed governance arrangements, investment criteria and approval of individual transactions.
Plenum Power Targets U.S. Generation and Storage
Plenum Power will evaluate acquisition opportunities and develop new projects across U.S. power infrastructure. Its intended investment scope includes conventional and renewable power generation, as well as energy storage.
The partnership comes as electricity consumption in the United States is projected to increase significantly over the second half of the decade. The International Energy Agency forecasts that U.S. electricity demand will rise by more than 420 terawatt-hours between 2025 and 2030, with data centres expected to account for approximately half of that growth.
Samir Serhan, CEO of ACWA, said the U.S. market offered opportunities for the company to apply its experience in developing, financing and operating large-scale power infrastructure.
โAs 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,โ Serhan said.
He added that the partnership would combine capabilities in infrastructure investment, project development and operations to pursue opportunities across different power generation technologies and energy storage.
ACWA stated that the agreement was not expected to have a material financial impact on the company. The financial effects of future transactions will be assessed and disclosed separately in accordance with applicable regulations.
EIG Sees Opportunities in Changing Power Markets
EIG CEO R. Blair Thomas said increasing demand from artificial intelligence, data centres and electrification was reshaping the U.S. power industry.
โThe U.S. power industry is at an inflection point, with demand accelerating as AI, data centers and electrification reshape the market,โ Thomas said.
He also pointed to changes in renewable energy development, which he attributed to regulatory changes, supply-chain inflation and interest rates, as factors creating opportunities for a new investor operating at scale.
โWe believe those dynamics will drive consolidation across the industry and that ACWAโs global operating capabilities, combined with EIGโs investment, financing and platform-building experience, position Plenum Power well in this evolving market environment,โ Thomas added.
The joint venture will assess both acquisitions and organic development opportunities, according to the Saudi Exchange filing. This structure is intended to provide a platform for investment across the U.S. electricity sector as demand growth increases the need for generation capacity and supporting infrastructure.
ACWA and EIG Bring International Energy Experience
ACWAโs portfolio comprised 111 assets across 16 countries as of June 2026, spanning operating projects, construction and advanced development. According to the companyโs first-half financial results, its portfolio included 98.2 gigawatts of power generation capacity and desalination capacity of 9.7 million cubic metres per day.
The proposed U.S. power investment would expand ACWAโs presence in the American market and provide a platform to pursue power infrastructure opportunities linked to growing electricity consumption.
EIG reported USD 27.1 billion in assets under management as of 30th June 2026. Over its 44-year history, the firm has committed more than USD 55 billion to the energy sector across 429 projects and companies in 44 countries.
Headquartered in Washington, DC, EIG also maintains offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul.