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EIG and Acwa form Plenum Power to invest in US generation and storage as data centre demand rises
What changed
EIG and Saudi-listed Acwa have signed definitive agreements for Plenum Power, a partnership targeting acquisitions and new generation and energy storage projects in the United States. They intend to launch with an initial equity commitment of about USD 4 billion, a target rather than capital already deployed. Arab News, citing Acwa's Saudi Exchange filing, reports EIG will hold 51% and Acwa 49%. Both firms cite AI data centre growth and electrification as the demand driver.
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- CategoryBESS & Energy Storage suppliers
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