Saudi-US venture to invest $4bn in American power sector
By
Pramod Kumar
October 29, 2026 5:57 PM
US power demand is likely to reach record highs, driven by data centres and wider electrificationCopyright:Acwa Power
Acwa, the Saudi sovereign fund-backed renewables company, and global infrastructure investor EIG have agreed to allocate $4 billion in capital to expand the US power sector.
The companies will launch Plenum Power, committing the money as an initial equity contribution. Acwa will own a 49 percent stake in the joint venture, while EIG will hold the rest.
US electricity demand is expected to reach record levels, driven by data centres and wider electrification. The deal marks a further expansion of Saudi investment in American infrastructure as Riyadh strengthens economic ties with Washington.
In November 2025 Saudi Crown Prince Mohammed bin Salman
increased his pledge for investment in the US economy to $1 trillion,
from the $600 billion he committed in January that year. The funds are mainly for energy, defence, aviation and technology.
The US Energy Information Administration projected this month that power demand will rise from a record 4,195 billion kilowatt-hours (kWh) in 2025 to 4,288 billion kWh in 2026 and 4,356 billion kWh in 2027.
Plenum Power will pursue acquisitions, develop new capacity and support the next phase of growth in US power infrastructure, Acwa said in a statement.
Further reading:
R Blair Thomas, chief executive of EIG, said the US power industry is at an inflection point, with demand accelerating as artificial intelligence, data centres and electrification reshape the market.
EIG has committed more than $14 billion globally across power generation, renewable energy, energy storage and related energy-transition infrastructure.
Acwa has 32 projects under development, with combined power-generation capacity of 47 gigawatts and water desalination capacity of 2 million cubic metres per day.
The Saudi
Public Investment Fund owns 44.1 percent of Acwa. The company’s shares were around 3 percent lower in late Thursday trading, and are down about 14 percent year-to-date.
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