Acwa and EIG target USD 4 bn in equity for a US power platform

Saudi Arabia’s Acwa and US investor EIG have signed definitive agreements to form Plenum Power, targeting an initial equity commitment of about USD 4 bn to invest in US power. Plenum will invest in conventional and renewable generation and energy storage by building new capacity, buying assets, and upgrading existing infrastructure, according to a press release. The partners didn’t say how the equity is split.

Acquisitions are the main route in, EIG President Andrew Ellenbogen said. The partners point to rising US power demand from electrification and AI data centers, and to room for consolidation in the US power industry, which Ellenbogen said Plenum will pursue through acquisitions.

REMEMBER- EIG is also a strategic partner of Abu Dhabi’s Private Department of Sheikh Mohammed bin Khalid Al Nahyan, which launched an LNG fund targeting USD 1.2 bn this week under that partnership.

Uncrewed expansion

Edge Group is taking control of a UAE maker of uncrewed offshore vessels: Strategic Development Fund (SDF), the Abu Dhabi investment firm wholly owned by Edge Group, agreed to raise its stake in UAE-based maritime technology company Marix to a majority, according to a press release.

The ownership structure: Sovereign Global Solutions will keep a minority stake in Marix, formerly Sovereign Global Solution Middle East. SDF, which invests in dual-use technologies, first took a minority stake in 2022 to back Marix’s first prototype, Marip-12, an uncrewed surface vessel. Terms weren’t disclosed.

Marix’s next vessel is built for offshore energy work. Marix has completed the design of Marip-24, an uncrewed surface vessel for subsea inspection, maintenance and repair, hydrographic and geophysical surveys, and work-class remotely operated vehicle missions, and is moving toward production in the UAE. SDF says Marix is positioned to meet growing demand for offshore services as the UAE expands its energy production. Marip-12 has operated offshore in the UAE for several years, and the vessels let missions run from shore with fewer people offshore, Marix Chairman Muaatassem Awda said.