Saudi Arabia’s largest renewables firm expands into US
Washington-based investment firm EIG is forming a joint venture with ACWA to invest in US power projects.
Saudi Arabia's largest renewables firm, ACWA Power, has announced a strategic expansion into the US market by partnering with Washington DC-based investment firm EIG to launch Plenum Power. The $4 billion investment aims to bolster US power projects, particularly in areas such as data centers and electrification. This marks ACWA's first foray into the US, where the company has already established a strong presence in 16 countries across the Middle East, Africa, and Asia.
The partnership leverages EIG's investment expertise alongside ACWA's development capabilities, with EIG holding a 51% stake in the new Plenum Power entity while ACWA retains the remaining 49%. ACWA, founded in 2002 by prominent Saudi families, is now part-owned by the kingdom's sovereign wealth fund, making this expansion a notable example of a Saudi firm pursuing international growth.
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