EIG and Acwa Power have entered into definitive agreements to establish Plenum Power, a strategic partnership focused on investing in the U.S. power sector. The partnership is expected to launch with an initial equity commitment of approximately $4 billion.
Plenum Power will combine Acwa’s capabilities in developing, financing, constructing, and operating large-scale power projects with EIG’s experience in financing and scaling energy infrastructure platforms. The partnership will pursue opportunities including acquisitions, development of new power generation capacity, and investments in existing infrastructure.
Earlier, in June 2026, Acwa Power Philippines signed a lease agreement with the Bases Conversion and Development Authority to develop a utility-scale solar and battery energy storage system project in New Clark City. The project is expected to reach up to 500 MW of solar PV and battery storage capacity upon full development, subject to regulatory approvals and future expansion phases.