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Manila Bulletin devider Business devider MIC to prioritize energy transmission investments

MIC to prioritize energy transmission investments

Published May 24, 2024 08:00 am

The Maharlika Investment Corp. (MIC), the agency that manages the sovereignty wealth fund, said it will focus its investments on energy transmission lines across regions.

MIC President and Chief Executive Officer Rafael D. Consing Jr., said that there are already many investments in generation and distribution side in energy sector.

“So Maharlika will be focused on lines, just the transmission lines. We do not see ourselves investing in the generation side or the distribution side,” Consing told reporters on Friday, May 24.

“Also if you look at where investments in the energy sector is most required, it is in the lines,” he added, “So therefore we want to be able to make a difference by focusing only on the grid, on building island grids.”

Consing said that that this will be part of the P35 billion of investments to energy projects this year.

The MIC chief, together with officials from the National Electrification Administration, and Palawan Electric Cooperative (PALECO), signed a memorandum of agreement that will improve the electrical infrastructure of PALECO.

This collaboration seeks to stabilize power supply in Palawan to keep attracting businesses and industry in the province for its economic growth.

The agreement mandates parties to mutually provide technical assistance and share relevant data to achieve this goal and direct MIC to conduct studies to assess the present electrical system of Palawan and determine ways to improve it.

The MIC will have the discretion to finance its upgrades, subject to the availability of funding and consistent with its Investment strategy and risk management frameworks.

PALECO, on the other hand, is set to extend all kinds of assistance relative to the implementation of the memorandum and will provide technical and operational expertise, including access to relevant data and information, to its collaborators.

“This project will directly enhance the quality and reliability of electricity services across Palawan, from its bustling urban centers to its remotest corners,” Consing said.

“With the province aiming to double its tourism visits to 5 million, this investment is not just an option; it is an imperative,” he added.

Related Tags

energy projects Maharlika Investment Corp. (MIC) RAFAEL CONSING JR
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