Acwa and EIG form $4 billion platform for US power

Saudi-listed Acwa and energy-infrastructure investor EIG have agreed to create Plenum Power, a joint venture aimed at U.S. power generation and energy storage. The partners are targeting about $4 billion in initial equity, with EIG owning 51% and Acwa 49%. Rather than financing one announced project, the vehicle will seek existing assets to buy and new projects to develop, across both conventional and renewable power. The bet is that AI data centers and wider electrification will keep lifting demand for reliable electricity and storage, while pairing Acwa’s experience building and operating large plants with EIG’s investment and financing capabilities.