EIG and Acwa Announce Plenum Power, a Strategic Partnership to Invest in U.S. Power Infrastructure

WASHINGTON & RIYADH, Saudi Arabia--(BUSINESS WIRE)--Oct 29, 2026--

EIG, a leading institutional investor in the global energy and infrastructure sectors, and Saudi-listed Acwa, one of the world's largest independent power producers, today announced that they have entered into definitive agreements to establish Plenum Power, a strategic partnership focused on investment opportunities in the United States.

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Building on an established relationship that includes prior collaboration on projects in the Middle East, EIG and Acwa are now partnering to pursue opportunities in the U.S. power sector through Plenum Power. The parties intend for Plenum Power to target a launch with an initial equity commitment of approximately $4 billion. The partnership combines Acwa's global capabilities in developing, financing, constructing, and operating large-scale infrastructure across conventional and renewable power generation and energy storage, with a track record of delivering projects at scale, driving competitive energy costs and maintaining strong operational performance, alongside EIG's experience in sourcing, establishing, financing and scaling energy infrastructure platforms.

Plenum Power is being launched at a time when rising electricity demand, driven by electrification and the rapid expansion of AI data centers, is expected to create significant investment opportunities across the U.S. power sector. EIG and Acwa believe that meeting this demand affordably and reliably will require new generation capacity, energy storage and investment in existing infrastructure, and that these conditions create opportunities to jointly pursue acquisitions, develop new capacity and support the next phase of growth in U.S. power infrastructure.

R. Blair Thomas, Chief Executive Officer of EIG, said:“The U.S. power industry is at an inflection point, with demand accelerating as AI, data centers and electrification reshape the market. At the same time, recent dislocation in renewable energy development caused by regulatory changes, supply chain inflation and interest rates in the U.S. creates an attractive entry point for a new entrant at scale in our view. We believe those dynamics will drive consolidation across the industry and that Acwa's global operating capabilities, combined with EIG's investment, financing and platform-building experience, position Plenum Power well in this evolving market environment. We’re also fortunate to have a deep relationship with Acwa and KSA to build upon as we pursue this new initiative.”

Dr. Samir J. Serhan, Chief Executive Officer of Acwa, said:“The United States represents a significant opportunity for Acwa to bring its global expertise in developing, financing, and operating large-scale power infrastructure to one of the world’s most dynamic energy markets. As electricity demand accelerates, meeting that growth is expected to require substantial investment, reliable generation capacity, and the ability to deliver projects efficiently and at scale. Our partnership with EIG combines complementary strengths in infrastructure investment, development, and operations, creating a strong foundation to pursue opportunities across conventional and renewable power generation and energy storage. This marks an important step in expanding Acwa’s international footprint and supporting the development of resilient, competitive energy infrastructure in the United States.”

Andrew Ellenbogen, President of EIG, said:“Our strategic investments business is built around high-conviction theses in sectors undergoing structural change. Plenum Power builds on a platform-creation playbook EIG has applied across prior strategic initiatives in oil & gas, LNG and battery storage, combining EIG’s investment origination, capital formation and M&A capabilities with Acwa’s global development and operating expertise. Together, we seek to create a scaled U.S. power platform that can grow through acquisitions and the development of new capacity.”

Dr. Samir J. Serhan, Chief Executive Officer of Acwa, added:“Our ambition is to identify investment opportunities that have the potential to become high-performing infrastructure assets and create long-term value. Acwa brings decades of experience in managing complex projects across their entire lifecycle, from development and financing through to operations and optimization. Together with EIG, we intend to apply that discipline to building a competitive and resilient power infrastructure platform that supports the United States’ evolving energy needs.”

For EIG, the partnership represents an extension of its strategy in U.S. power generation. EIG has committed more than $14.2 billion across power generation, renewable energy, energy storage and related energy-transition infrastructure globally, experience that informs the firm’s approach to building and scaling energy businesses.

For Acwa, the world’s largest private water desalination company, a leader in the energy transition, and a first mover into green hydrogen at scale, the partnership represents a strategic opportunity to expand its presence in a major global power market, building on its experience delivering large-scale infrastructure across the Middle East, Asia and other international markets. With a global portfolio of 111 assets across 16 countries, representing USD 127 billion in assets under management, Acwa brings extensive capabilities spanning development, investment, financing, construction, operations, and asset optimization. The partnership will draw on these capabilities as it evaluates acquisition and development opportunities in the United States.

This press release is for informational purposes only. This does not constitute an offer to sell or the solicitation of an offer to purchase securities. Any offering will be made only in accordance with applicable securities laws to eligible investors pursuant to confidential offering materials.

About EIG

EIG is a leading institutional investor in the global energy and infrastructure sectors with $27.1 billion in assets under management as of June 30, 2026. EIG specializes in private investments in energy and energy-related infrastructure on a global basis. During its 44-year history, EIG has committed over $55 billion to the energy sector through 429 projects or companies in 44 countries on six continents. EIG’s clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the U.S., Asia and Europe. EIG is headquartered in Washington, D.C. with offices in Houston, London, Sydney, Rio de Janeiro, Hong Kong and Seoul. For additional information, please visit EIG’s website at www.eigpartners.com.

About Acwa

Acwa (TADAWUL: 2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, Acwa employs over 4,000 people and is currently present in 16 countries in the Middle East, Africa, Central Asia, and Southeast Asia. As of July 2026, Acwa's portfolio comprises 111 assets in operation, advanced development, or under construction, representing SAR 475 billion / USD 127 billion of assets under management and the capacity to generate 98.2 GW of power (of which 52.3 GW is renewables) and manage 9.7 million m³/day of desalinated water. The energy and water capacity generated by Acwa's assets is delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models. For more information, please visit www.acwapower.com.

Dr. Samir J. Serhan, Chief Executive Officer of Acwa (left), and R. Blair Thomas, Chief Executive Officer of EIG (right)

DENVER (AP) — An Egyptian man faces an additional life sentence after pleading guilty Thursday to federal hate crime and other charges for a deadly firebombing attack on demonstrators in Boulder, Colorado, last year.

Mohamed Soliman is already serving life in prison after pleading guilty to state charges last spring. Federal prosecutors, who previously said they would not seek the death penalty against Soliman, said at his change-of-plea hearing they would seek a life term plus 50 years in prison for the dozen counts.

Soliman spoke through an interpreter at the hearing and said little besides “yes” and “no” responses to the judge’s questioning, such as whether he understood the consequences of pleading guilty. Wearing a brown shirt and khaki-colored pants, Soliman was led out of court in handcuffs and shackles without looking at the victims in the courtroom.

Yelling “Free Palestine,” Soliman lit and threw two Molotov cocktails at the demonstrators who were marching in support of hostages taken in the Oct. 7, 2023, Hamas attack on Israel.

Federal prosecutors accused Soliman of attacking in June 2025 because the demonstrators were Jewish. The flames badly burned Karen Diamond, 82, and injured a dozen others.

Diamond died three weeks later. Her family says she suffered “indescribable pain.”

In all, Soliman pleaded guilty to nine federal counts of hate crimes, including one resulting in Diamond’s death and eight for attempting to kill other demonstrators. Three additional counts were federal weapon charges.

“The defendant violently used the explosives to cause permanent and life-threatening injuries to several of these victims and cause the death of Karen Diamond,” Assistant U.S. Attorney Melissa Hindman said in court shortly before Soliman pleaded guilty.

A group of victims sat stoically in the courtroom, some taking notes as the judge asked Soliman if he understood the proceedings. Several victims intended to make statements at Soliman’s sentencing but declined to do so in court Thursday, Hindman told the court.

Colorado U.S. District Judge John Kane said he would review sentencing guidelines before deciding whether to accept or reject prosecutors’ sentencing recommendation. He noted the guidelines are not binding.

“I have not made up my mind about the sentence,” Kane said. “Sometimes I follow that advice and sometimes I don’t.”

Soliman's federal sentencing was set for Jan. 7.

Boulder residents, particularly the Jewish community, described being unnerved by the attack in their city northwest of Denver that’s home to the University of Colorado.

The group “Run for Their Lives” had been demonstrating weekly downtown. Soliman got near the demonstration on Pearl Street, a pedestrian mall lined with shops and restaurants, by posing as a gardener.

Federal authorities alleged Soliman planned the attack for a year. After his arrest, Soliman told police he sought “to kill all Zionist people,” a reference to the movement to establish and protect a Jewish state in Israel, according to an FBI affidavit.

Federal officials said he was in the U.S. illegally. He entered in 2022 on a tourist visa that expired the following year, then filed for asylum.

He was granted work authorization, but it too expired, federal officials said

Soliman was living with his wife and their five children in an apartment in Colorado Springs at the time of the attack. He worked a series of low-paying jobs.

The couple divorced in April. Soliman recently dropped his opposition to removing his family from the U.S.

Prosecutors in Soliman’s state case argued he planned for more harm than he carried out. He tried twice to buy a gun and was denied, they said.

He brought 18 Molotov cocktails — bottles filled with flammable liquid that are lit, thrown and burst into flames when they shatter — to the demonstration in a box, but only two were thrown.

Of the 29 attack victims identified by state prosecutors, 13 were physically injured. Prosecutors considered the rest victims because they could have been hurt.

An injured dog led to a state animal cruelty charge.

While in court to plead guilty to the state charges in May, Soliman said he has known and respected Jewish people but questioned the deaths of innocent people in Israeli attacks on Gaza.

“Yes, I am against Israel and I can’t deny that. And that is my right,” Soliman said.

Gruver reported from Fort Collins, Colorado.

FILE - This image provided by the Boulder Police Dept. shows Mohamed Sabry Soliman. (Boulder Police Dept. via AP, File)

FILE - A woman places a bouquet of flowers at a makeshift memorial for victims of an attack outside of the Boulder County, Colo., courthouse, June 3, 2025, in Boulder, Colo. (AP Photo/David Zalubowski, File)