A Saudi power developer is heading to the US, betting that artificial intelligence will keep America's hunger for electricity growing for years.
Acwa and US investment firm EIG have formed Plenum Power, a venture that plans to launch with about $4 billion (SR15 billion) of equity, the companies said on Wednesday. It will buy and build power plants, renewable energy projects and battery storage across the US.
Samir Serhan, Acwa's chief executive, called the US "a significant opportunity" for the company.
Why now: Data centres and electrification are driving US power demand up after years of flat growth. Blair Thomas, EIG's chief executive, said the industry is "at an inflection point."
Sharing the load: EIG has committed more than $14 billion to power and energy-transition projects. Teaming up gives Acwa a way into a mature market without carrying the full cost. The $4 billion is the venture's total, not Acwa's alone.
The bigger picture: Acwa built its business on power and water plants in Saudi Arabia and emerging markets, and now runs 111 assets in 16 countries. In the US, buying existing plants could matter as much as building new ones.
What to watch: Which assets Plenum targets first. No deals have been announced, and the partners haven't said how much each will put in.
