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Manila Bulletin devider Business devider The Economy devider Maharlika inks renewable energy deal with Saudi wealth fund-backed ACWA Power

Maharlika inks renewable energy deal with Saudi wealth fund-backed ACWA Power

Published Aug 24, 2025 04:00 pm
Maharlika Investment Corp. and ACWA Power sign MOU to explore renewable energy projects in off-grid islands in the Philippines
Maharlika Investment Corp. and ACWA Power sign MOU to explore renewable energy projects in off-grid islands in the Philippines
Maharlika Investment Corp. (MIC) has entered into a partnership with Saudi Arabia-backed ACWA Power to develop renewable energy (RE) projects that will bring electricity to off-grid islands in the Philippines.
In a LinkedIn post on Sunday, Aug. 24, MIC President and Chief Executive Officer (PCEO) Rafael Jose D. Consing Jr. announced that the Philippines’ first sovereign wealth fund (SWF) signed a memorandum of understanding (MOU) with ACWA Power last June 30.
“For too long, many of our remote communities have been left in the dark. This partnership aims to change that, empowering Filipinos with access to clean, reliable, and affordable energy,” Consing said.
The MIC chief said that this “landmark” collaboration would help fulfill the SWF’s mandate of generating long-term value for the nation while promoting inclusive and sustainable development.
He added that teaming up with ACWA Power, which is 40-percent owned by Saudi Arabia’s Public Investment Fund (PIF), would allow MIC to leverage “world-class expertise and strategic capital” to unlock the Philippines’ RE potential.
PIF is Saudi Arabia’s SWF, which is one of the largest in the world, according to its website.
“This initiative is not just about building infrastructure; it's about building brighter futures, creating opportunities, and ensuring that our economic growth is felt in every corner of the country,” Consing said.
In its own announcement posted on its website, ACWA Power said that under their MOU, both parties will explore RE and energy storage projects across off-grid islands in the country.
The Saudi firm said that the planned “development of potential co-investments in energy solutions” with MIC “marks a significant step in aligning sovereign capital with global expertise to promote inclusive and sustainable energy.”
Under their MOU, MIC and ACWA Power will jointly conduct technical, commercial, and financial studies to evaluate RE and storage projects for off-grid islands, covering potential sites, system sizing, transmission, and offtake needs.
ACWA Power said that its collaboration with MIC aims to pave the way for large-scale RE projects that would “advance the Philippines’ energy transition” as well as “support national energy security and expand access to reliable electricity in off-grid and underserved areas.”
This partnership with ACWA Power is the latest in MIC’s string of investment initiatives since it began operations in late 2023.
Consing earlier told Manila Bulletin that MIC is positioning itself as a partner—not a competitor—of other SWFs, particularly in the extractive sector.
He had disclosed that one SWF “near Asia” is already keenly looking at the Philippines’ mining opportunities, with MIC ready to serve as its vehicle for co-investments.
Consing had said MIC is eyeing at least three more investments to bring the total to six to seven projects by year-end, which would bring its total capital commitments to as much as ₱37 billion.
So far, MIC has invested ₱19.7 billion in National Grid Corporation of the Philippines (NGCP), giving it a 20-percent stake in the state-run power grid operator. It has also sealed a strategic partnership with Thailand’s Charoen Pokphand Group Co. Ltd. for investments in agriculture and food production, digital innovation, and sustainable energy.

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Maharlika Investment Corp. (MIC) Rafael Jose D. Consing Jr.
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