THE Maharlika Investment Corp. (MIC) said it signed an agreement with Saudi Arabian energy company ACWA Power to develop renewable energy (RE) projects for off-grid locations in the Philippines.
“No specific island was targeted yet. We’re doing our assessment on which to aim at first,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. told BusinessWorld via Viber.
The memorandum of understanding (MoU) signed on June 30 allows both parties to explore the development of renewable energy and energy storage projects for off-grid Philippine islands.
In a separate statement, ACWA Power said the collaboration involves joint technical, commercial, and financial studies to assess the feasibility of developing power generation and energy storage infrastructure in the islands.
“These studies will identify potential project sites, system sizing, transmission requirements, and offtake arrangements,” ACWA Power said.
ACWA Power operates as a developer, investor, and operator of renewable energy and green hydrogen projects. It is also the world’s largest private water desalination company.
“We are excited to partner with Maharlika Investment Corp. in exploring renewable energy solutions for communities in the Philippines. This MoU reflects our shared commitment to inclusive energy access and sustainable development,” ACWA Power Chief Investment and Development Officer Thomas Brostrøm said.
Ahead of the MoU signing, Meralco Powergen Corp. (MGen), the power generation subsidiary of Manila Electric Co. (Meralco) entered into a partnership with ACWA to jointly explore solar power development opportunities in the Philippines and across Southeast Asia.
The partnership was formalized on the sidelines of the ASEAN Summit in Kuala Lumpur.
MIC said it has deployed a portion of its P75 billion in funding and the balance will be invested within the year.
In January, the MIC signed a deal to acquire a 20% stake in Synergy Grid & Development Phils., Inc. for P19.7 billion or about P15 per preferred share, giving it a “foothold” in the National Grid Corp. of the Philippines. — Aubrey Rose A. Inosante