Saudi Arabia’s Acwa Power is moving into the United States for the first time. It is doing so through Plenum Power, a new joint venture with Washington-based investor EIG. The partners plan to start with about $4 billion in equity. They want to buy and build power assets in a market where AI data centres are using more and more electricity.
The two companies signed definitive agreements on 29 October 2026. EIG will own 51% of Plenum Power and Acwa Power the other 49%.
What Plenum Power will invest in
The platform will look at conventional power generation, renewable generation and energy storage. It will grow in two ways: by buying existing plants and by building new capacity. That pairing is deliberate. EIG brings the US deal-making and capital. Acwa Power brings two decades of experience developing, financing and running large plants.
The partners say new generation, more storage and upgrades to ageing infrastructure will all be needed to meet rising US demand at a reasonable cost.
Why now: AI is reshaping US power demand
The argument behind the deal is simple. Electrification and the rapid build-out of AI data centres are pushing US electricity demand up after years of little growth. Utilities and grid operators are struggling to add capacity fast enough.
EIG chief executive R. Blair Thomas said the US power industry is “at an inflection point.” He added that recent disruption in renewable development is likely to speed up consolidation across the sector. That is the kind of environment where a well-funded buyer can pick up assets.
EIG president Andrew Ellenbogen said the aim is a large-scale US power platform that grows through both acquisitions and new projects. He noted that EIG has used the same platform model before in oil and gas, LNG and battery storage.
A first for Acwa Power in the US
This is a big step for Acwa Power. Until now, its growth has been in the Middle East, Africa and Asia. As of July 2026, the Riyadh-based company had 111 assets across 16 countries, either operating, under construction or in advanced development. It manages about $127 billion (SAR 475 billion) in assets, with 98.2 GW of power capacity, of which 52.3 GW is renewable, plus 9.7 million cubic metres a day of desalinated water.
Chief executive Dr Samir J. Serhan described the US as a significant opportunity to bring the company’s expertise to one of the world’s most dynamic energy markets. He called the partnership an important step in expanding Acwa’s international footprint.
The company was founded in 2004 by a group of Saudi business families and is now part-owned by the Public Investment Fund. Its US move is a rare case of a Saudi company going after growth abroad on this scale.
EIG and Acwa: not a new relationship
The two firms have worked together before. In October 2023, at the Future Investment Initiative in Riyadh, they signed a $500 million heads of terms covering power, desalination, green hydrogen and green ammonia projects, mostly in the Gulf and Uzbekistan.
EIG manages $27.1 billion as of 30 June 2026. Over 44 years it has committed more than $55 billion to energy across 429 projects and companies in 44 countries, including over $14.2 billion in power generation, renewables and storage.
Gulf capital follows the data centre boom
Acwa Power is not the only Gulf player chasing this trend. In March 2025, Abu Dhabi’s ADQ and Energy Capital Partners announced a more than $25 billion partnership to power US data centres. Dubai’s Damac has also put billions into US data centre land and power capacity.
Investors increasingly see electricity, not capital, as the main limit on how fast AI infrastructure can grow. Plenum Power is Acwa Power’s bet on owning the generation that sits upstream of that boom.
FAQ
What is Plenum Power?
A US power investment platform owned by EIG (51%) and Acwa Power (49%), launching with about $4 billion in initial equity.
What will Plenum Power invest in?
Conventional and renewable power generation and energy storage across the US, through both acquisitions and new development.
Is this Acwa Power’s first US investment?
Yes. It is the company’s first expansion into the US market.
Why are data centres driving the deal?
The rapid build-out of AI data centres, along with wider electrification, is pushing US electricity demand sharply higher and creating a need for new generation and storage.
