MIC signs MOU with ACWA Power for renewable energy projects in off-grid islands

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

The MOU will see both parties jointly conducting technical, commercial, and financial studies to assess the feasibility of developing power generation and energy storage infrastructure in unserved regions.

MIC president Rafael Consing Jr. and ACWA Power's chief investment officer Thomas Brostrøm signed the agreement, which aims to identify potential sites, system sizing, transmission requirements, and offtake arrangements.

Consing emphasized that this collaboration could bring transformative energy initiatives to communities outside the main grid, providing clean, reliable, and cost-effective power.

Established in July 2023 through Republic Act No. 11954, MIC is tasked with managing the Philippines' first sovereign wealth fund and investing government assets for additional public revenue.

ACWA Power's Thomas Brostrøm expressed excitement about the partnership, noting its commitment to inclusive energy access and sustainable development.