Global law firm White & Case LLP has advised Saudi-listed Acwa, one of the world's largest independent power producers, on its entry into a definitive agreement with EIG, a leading institutional investor in the global energy and infrastructure sectors, to establish Plenum Power, a strategic partnership focused on investment opportunities in the United States.
The parties intend for Plenum Power to target a launch with an initial equity commitment of approximately US$4 billion.
The partnership represents Acwa's entry into the US market and combines the company'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.
The White & Case team was led by M&A partner Andrea Basham (New York) and associates Sunrita Sen (Chicago) and Nicole Johnson (New York), and included Project Development and Finance partner Mukund Dhar (London); Tax partner David Dreier (New York) and counsel Chris Ohlgart (Chicago); and Employment, Compensation & Benefits partner Robin Melman (New York).
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