Maharlika teams up with Saudi-listed ACWA to power PH off-grid islands

Maharlika Investment Corp. (MIC) has inked a memorandum of understanding (MOU) with Saudi-listed developer ACWA Power to explore a potential collaboration on the development of renewable energy and storage projects for off-grid islands in the Philippines.

Under the MOU, the two parties are set to jointly conduct technical, commercial, and financial studies to look into the feasibility of developing power generation and energy storage infrastructure in islands that are not yet connected to the main grid.

The MOU—signed by MIC president Rafael Consing Jr. and ACWA Power chief investment and development officer Thomas Brostrøm—provides that the studies will identify potential sites, the system sizing, transmission requirements, and offtake arrangements.

“Our collaboration with ACWA Power will potentially open doors to transformative energy initiatives in unserved regions outside our main grid,” Consing said in a statement.

“Through this MOU, we aim to jointly assess the viability of delivering clean, reliable, and cost-effective energy to island communities—creating both social impact and long-term value,” he added.

The Philippines’ first sovereign wealth fund was signed into law in July 2023 through Republic Act No. 11954, establishing the Maharlika Investment Corporation (MIC)—the state-run entity tasked with managing the fund and investing government assets to generate additional public revenue.

“We are excited to partner with Maharlika Investment Corporation in exploring renewable energy solutions for communities in the Philippines,” ACWA Power chief investment officer Thomas Brostrom said.

“This MOU reflects our shared commitment to inclusive energy access and sustainable development,” he added. — Jon Viktor D. Cabuenas/BM, GMA Integrated News