EIG and Acwa Announce Plenum Power, a Strategic Partnership to Invest in U.S. Power Infrastructure

Partnership combines EIG’s platform-building, investment and financing expertise with Acwa’s large-scale power development and operating capabilities and is targeting a launch with approximately $4 billion of initial equity commitment

EIG, a leading institutional investor in the global energy and infrastructure sectors, and Saudi-listed Acwa, one of the world's largest independent power producers, today announced that they have entered into definitive agreements to establish Plenum Power, a strategic partnership focused on investment opportunities in the United States.

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Dr. Samir J. Serhan, Chief Executive Officer of Acwa (left), and R. Blair Thomas, Chief Executive Officer of EIG (right)

Building on an established relationship that includes prior collaboration on projects in the Middle East, EIG and Acwa are now partnering to pursue opportunities in the U.S. power sector through Plenum Power. The parties intend for Plenum Power to target a launch with an initial equity commitment of approximately $4 billion. The partnership combines Acwa's global capabilities in developing, financing, constructing, and operating large-scale infrastructure across conventional and renewable power generation and energy storage, with a track record of delivering projects at scale, driving competitive energy costs and maintaining strong operational performance, alongside EIG's experience in sourcing, establishing, financing and scaling energy infrastructure platforms.

Plenum Power is being launched at a time when rising electricity demand, driven by electrification and the rapid expansion of AI data centers, is expected to create significant investment opportunities across the U.S. power sector. EIG and Acwa believe that meeting this demand affordably and reliably will require new generation capacity, energy storage and investment in existing infrastructure, and that these conditions create opportunities to jointly pursue acquisitions, develop new capacity and support the next phase of growth in U.S. power infrastructure.

R. Blair Thomas, Chief Executive Officer of EIG, said: “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. 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. We’re also fortunate to have a deep relationship with Acwa and KSA to build upon as we pursue this new initiative.”

Dr. Samir J. Serhan, Chief Executive Officer of Acwa, said: “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. 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 United States.”

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 & gas, LNG and battery storage, combining EIG’s investment origination, capital formation and M&A capabilities with Acwa’s global development and operating expertise. Together, we seek to create a scaled U.S. power platform that can grow through acquisitions and the development of new capacity.”

Dr. Samir J. Serhan, Chief Executive Officer of Acwa, added: “Our ambition is to identify investment opportunities that have the potential to become high-performing infrastructure assets and create long-term value. Acwa brings decades of experience in managing complex projects across their entire lifecycle, from development and financing through to operations and optimization. Together with EIG, we intend to apply that discipline to building a competitive and resilient power infrastructure platform that supports the United States’ evolving energy needs.”

For EIG, the partnership represents an extension of its strategy in U.S. power generation. EIG has committed more than $14.2 billion across power generation, renewable energy, energy storage and related energy-transition infrastructure globally, experience that informs the firm’s approach to building and scaling energy businesses.

For Acwa, the world’s largest private water desalination company, a leader in the energy transition, and a first mover into green hydrogen at scale, the partnership represents a strategic opportunity to expand its presence in a major global power market, building on its experience delivering large-scale infrastructure across the Middle East, Asia and other international markets. With a global portfolio of 111 assets across 16 countries, representing USD 127 billion in assets under management, Acwa brings extensive capabilities spanning development, investment, financing, construction, operations, and asset optimization. The partnership will draw on these capabilities as it evaluates acquisition and development opportunities in the United States.

This press release is for informational purposes only. This does not constitute an offer to sell or the solicitation of an offer to purchase securities. Any offering will be made only in accordance with applicable securities laws to eligible investors pursuant to confidential offering materials.

About EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors with $27.1 billion in assets under management as of June 30, 2026. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 44-year history, EIG has committed over $55 billion to the energy sector through 429 projects or companies in 44 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.

About Acwa

Acwa (TADAWUL: 2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, Acwa employs over 4,000 people and is currently present in 16 countries in the Middle East, Africa, Central Asia, and Southeast Asia. As of July 2026, Acwa's portfolio comprises 111 assets in operation, advanced development, or under construction, representing SAR 475 billion / USD 127 billion of assets under management and the capacity to generate 98.2 GW of power (of which 52.3 GW is renewables) and manage 9.7 million m³/day of desalinated water. The energy and water capacity generated by Acwa's assets is delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models. For more information, please visit www.acwapower.com.

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